Investment in Real Estate

12 Months Ended

Dec. 31, 2017

REIT Acquisition

On August 15, 2017, via a share purchase agreement, we acquired a private real estate investment trust that owns one industrial property consisting of 0.2 million square feet of GLA from a third party seller in exchange for $20,962, exclusive of closing costs and credits (“REIT Acquisition”). As part of the REIT Acquisition, we acquired 100% of the common shares of beneficial interest of this private real estate investment trust.

Acquisitions

The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2017, 2016 and 2015. 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, 2017, 2016 or 2015.



	Year Ended December 31,
	2017		2016		2015
Number of Industrial Properties Acquired	8		6		8
GLA (in millions)	1.1		0.7		1.9
Purchase Price ^(A)	$	174,209	$	111,130	$	169,218

^(A) Purchase price includes the acquisition of several land parcels for the years ended December 31, 2017, 2016 and 2015 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels.

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, 2017 and 2016:



	Year Ended December 31,
	2017			2016
Land	$	92,810		$	70,380
Building and Improvements	73,028			37,031
Other Assets	1,659			781
In-Place Leases	7,905			3,253
Above Market Leases	227			214
Below Market Leases	(1,420		)	—
Assumed Mortgage Loan Premium (See Note 4)	—			(529		)
Total Purchase Price	$	174,209		$	111,130
Assumed Mortgage Loan (See Note 4)	—			(4,513		)
Total Net Assets Acquired	$	174,209		$	106,617

Sales

The following table summarizes our property dispositions for the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
	2017		2016		2015
Number of Industrial Properties Sold	60		63		66
GLA (in millions)	4.6		3.9		3.8
Gross Proceeds from the Sale of Real Estate ^(A)	$	236,059	$	169,911	$	158,429
Gain on Sale of Real Estate ^(A)	$	131,269	$	68,202	$	48,906

^(A) Gross proceeds and gain on sale of real estate includes the sale of several land parcels for the years ended December 31, 2017 and 2015.

Impairment Charge

The impairment charge of $626 recorded during the year ended December 31, 2015 was due to marketing certain industrial properties for sale and our assessment of the likelihood and timing of a potential sale transaction. The fair market values were determined using third party offers. Valuations based on third party offers include bona fide contract prices and letter of intent amounts that we believe are indicative of fair value and fall into Level 3 of the fair value hierarchy.