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Investment in Real Estate | 9 Months Ended
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Sep. 30, 2021
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate Acquisitions During the nine months ended September 30, 2021, we acquired four industrial properties comprised of approximately 0.2 million square feet of GLA and nine land parcels, one of which was acquired from Joint Venture I (see Note 5). 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 allocation of the aggregate purchase price to each major asset class for the industrial properties and land parcels acquired during the nine months ended September 30, 2021:
Land | $ | 186,160 |
Building and Improvements/Construction in Progress | 27,880 |
In-Place Leases | 789 |
Other Assets | 1,592 |
Total Purchase Price | $ | 216,421 |
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 nine months ended September 30, 2021. Real Estate Held for Sale As of September 30, 2021, we had four industrial properties comprised of approximately 0.09 million square feet of GLA held for sale. Sales During the nine months ended September 30, 2021, we sold 12 industrial properties and seven industrial condominium units comprised of approximately 1.7 million square feet of GLA and one land parcel. Gross proceeds from the sales were $118,623. The gain on sale of real estate attributable to these sales was $66,378.

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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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