XML 51 R28.htm IDEA: XBRL DOCUMENT v3.22.0.1
Investment in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2021
Real Estate [Abstract]  
Summary of Industrial Property Acquisitions
The following table summarizes our acquisition of industrial properties and land parcels for the years ended December 31, 2021, 2020 and 2019. We accounted for the properties and land parcels as asset acquisitions and therefore capitalized transaction costs to the basis of the acquired assets. 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, 2021, 2020 or 2019.
Year Ended December 31,
202120202019
Number of Industrial Properties Acquired4 8 9 
GLA (in millions)0.2 1.5 0.5 
Purchase Price of Industrial Properties Acquired$38,727 $154,410 $66,805 
Purchase Price of Land Parcels Acquired (A)
302,223 69,617 81,082 
Total Purchase Price (B)
$340,950 $224,027 $147,887 
(A) For the year ended December 31, 2021, includes $3,857, $1,434 and $183 allocated to building improvements/construction in progress, other assets and in-place leases, respectively.
(B) Purchase price excludes closing costs.
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, 2021 and 2020:
Year Ended December 31,
20212020
Land$309,475 $121,353 
Building and Improvements/Construction in Progress28,839 97,138 
Other Assets1,663 1,790 
In-Place Leases973 5,174 
Above Market Leases— 134 
Below Market Leases— (1,562)
Total Purchase Price
$340,950 $224,027 
Summary of Industrial Property Dispositions
The following table summarizes our property dispositions for the years ended December 31, 2021, 2020 and 2019:
Year Ended December 31,
202120202019
Number of Industrial Properties Sold (A)
29 29 40 
GLA (in millions)(B)
2.9 1.9 5.9 
Gross Proceeds from the Sale of Real Estate (B)
$243,407 $153,351 $315,768 
Gain on Sale of Real Estate (B)
$150,310 $86,751 $124,942 
(A) Included as one industrial property for each of the years ended December 31, 2021, 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 one land parcel for the year ended December 31, 2021 and several land parcels for the year ended December 31, 2019. 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.