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Investment in Real Estate | 6 Months Ended
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Jun. 30, 2020
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate Acquisitions During the six months ended June 30, 2020, we acquired six industrial properties comprised of approximately 0.9 million square feet of GLA and three land parcels. We accounted for the properties and land parcels as asset acquisitions and therefore capitalized transaction costs to the basis of the acquired assets. The following table summarizes the amounts recognized for each major asset class for the industrial properties and land parcels acquired during the six months ended June 30, 2020:
Land | $ | 96,809 |
Building and Improvements/Construction in Progress | 63,941 |
In-Place Leases | 1,642 |
Above Market Leases | 134 |
Below Market Leases | (1,562) |
Other Assets (leasing commissions) | 201 |
Total Purchase Price | $ | 161,165 |
The revenue and net income associated with the acquisition of the industrial properties and land parcels, since their respective acquisition dates, are not significant to the six months ended June 30, 2020. Sales During the six months ended June 30, 2020, we sold 12 industrial properties comprised of approximately 0.4 million square feet of GLA. Gross proceeds from the sales were $41,051. The gain on sale of real estate attributable to these sales was $23,069.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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