Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Summary of Industrial Property Acquisitions

The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2018, 2017 and 2016. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2018, 2017 or 2016.

	Year Ended December 31,
	2018		2017		2016
Number of Industrial Properties Acquired	10		8		6
GLA (in millions)	1.0		1.1		0.7
Purchase Price (A)	$	167,546	$	174,209	$	111,130

^(A) Purchase price includes the acquisition of several land parcels for the years ended December 31, 2018, 2017 and 2016 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels.

Summary of Acquisition Purchase Price Allocation

The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 2018 and 2017:

	Year Ended December 31,
	2018			2017
Land	$	79,347		$	92,810
Building and Improvements	81,747			73,028
Other Assets	1,225			1,659
In-Place Leases	5,302			7,905
Above Market Leases	662			227
Below Market Leases	(737		)	(1,420		)
Total Purchase Price	$	167,546		$	174,209
Assumed Mortgage Loan (See Note 4)	(11,654		)	—
Total Net Assets Acquired	$	155,892		$	174,209

Summary of Industrial Property Dispositions

The following table summarizes our property dispositions for the years ended December 31, 2018, 2017 and 2016:

	Year Ended December 31,
	2018		2017		2016
Number of Industrial Properties Sold (A)	53		60		63
GLA (in millions)	2.6		4.6		3.9
Gross Proceeds from the Sale of Real Estate (B)	$	192,047	$	236,059	$	169,911
Gain on Sale of Real Estate (B)	$	81,600	$	131,269	$	68,202

^(A) The year ended December 31, 2018 includes a partial sale of a 0.1 million square-foot industrial property.

^(B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2018, 2017 and 2016.