Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Industrial Property Acquisitions

The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2019, 2018 and 2017. 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, 2019, 2018 or 2017.



	Year Ended December 31,
	2019		2018		2017
Number of Industrial Properties Acquired	9		10		8
GLA (in millions)	0.5		1.0		1.1
Purchase Price ^(A)	$	147,887	$	167,546	$	174,209

^(A) Purchase price includes the acquisition of several land parcels for the years ended December 31, 2019, 2018 and 2017 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, 2019 and 2018:



	Year Ended December 31,
	2019			2018
Land	$	101,764		$	79,347
Building and Improvements	43,693			81,747
Other Assets	859			1,225
In-Place Leases	5,601			5,302
Above Market Leases	34			662
Below Market Leases	(4,064		)	(737		)
Total Purchase Price	$	147,887		$	167,546
Assumed Mortgage Loan (See Note 4)	—			(11,654		)
Total Net Assets Acquired	$	147,887		$	155,892

Summary of Industrial Property Dispositions

The following table summarizes our property dispositions for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019		2018		2017
Number of Industrial Properties Sold ^(A)	40		53		60
GLA (in millions)	5.9		2.6		4.6
Gross Proceeds from the Sale of Real Estate ^(B)	$	315,768	$	192,047	$	236,059
Gain on Sale of Real Estate ^(B)	$	124,942	$	81,600	$	131,269

^(A) The years ended December 31, 2019 and 2018 include partial sales of 0.1 million and 0.1 million square-foot industrial properties, respectively.

^(B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019, 2018 and 2017. In addition, included in the above table for the year ended December 31, 2019, is 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. See Note 10 for additional information.