XML 50 R30.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investment in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021. 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, 2023, 2022 or 2021.
Year Ended December 31,
202320222021
Number of Industrial Properties Acquired4 11 4 
GLA (in millions)0.2 0.5 0.2 
Purchase Price of Industrial Properties Acquired$43,950 $137,126 $38,727 
Purchase Price of Income Producing Land Parcels Acquired (A)
— 56,525 — 
Purchase Price of Land Parcels Acquired (B)
80,554 105,486 302,223 
Total Purchase Price (C)
$124,504 $299,137 $340,950 
(A) For the year ended December 31, 2022, includes $11,676, $1,577, $3,850 and ($4,950) allocated to building improvements/construction in progress, other assets, in-place leases and below market leases, respectively.
(B) For the year ended December 31, 2023, includes $1,334 and $763 allocated to above market leases and in-place leases, respectively. 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.
(C) 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, 2023 and 2022:
Year Ended December 31,
20232022
Land$110,025 $252,158 
Building and Improvements/Construction in Progress10,659 43,685 
Other Assets785 2,975 
In-Place Leases3,091 9,246 
Above Market Leases1,464 23 
Below Market Leases(1,520)(8,950)
Total Purchase Price
$124,504 $299,137 
Summary of Industrial Property Dispositions
The following table summarizes our property and land dispositions for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
202320222021
Number of Industrial Properties Sold (A)
11 9 29 
GLA (in millions)(B)
1.0 2.2 2.9 
Gross Proceeds from the Sale of Real Estate (B)
$125,293 $178,340 $243,407 
Gain on Sale of Real Estate (B)
$95,650 $128,268 $150,310 
(A) Included as one industrial property for the year ended December 31, 2021 was the sale of multiple industrial condominium units.
(B) Gross proceeds and gain on sale of real estate include the sale of two land parcels for the year ended December 31, 2023 and one land parcel for each of the years ended December 31, 2022 and 2021.