Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Industrial Property Acquisitions

The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2020, 2019 and 2018. 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, 2020, 2019 or 2018.


	Year Ended December 31,
	2020		2019		2018
Number of Industrial Properties Acquired	8		9		10
GLA (in millions)	1.5		0.5		1.0
Purchase Price (A)	$	224,027	$	147,887	$	167,546

(A) Purchase price includes the acquisition of several land parcels, which aggregates to $69,617, $81,082 and $38,976, respectively, for the years ended December 31, 2020, 2019 and 2018 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels that have been capitalized.

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, 2020 and 2019:


	Year Ended December 31,
	2020		2019
Land	$	121,353	$	101,764
Building and Improvements/Construction in Progress	97,138		43,693
Other Assets	1,790		859
In-Place Leases	5,174		5,601

Above Market Leases	134		34

Below Market Leases	(1,562)		(4,064)
Total Purchase Price	$	224,027	$	147,887

Summary of Industrial Property Dispositions

The following table summarizes our property dispositions for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020		2019		2018
Number of Industrial Properties Sold (A)	29		40		53
GLA (in millions)(B)	1.9		5.9		2.6
Gross Proceeds from the Sale of Real Estate (B)	$	153,351	$	315,768	$	192,047
Gain on Sale of Real Estate (B)	$	86,751	$	124,942	$	81,600

(A) Included as one industrial property for each of the years ended December 31, 2020 and 2019 is the sale of multiple industrial condominium units.

(B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019 and 2018. In addition, included in the above table for the year ended December 31, 2019, is 0.6 million square feet of GLA, gross proceeds of $54,521 and gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease that was recorded as a lease receivable as of December 31, 2019 and collected during 2020. See Note 10 for additional information.