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Investment in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021, 2020 and 2019. 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, 2021, 2020 or 2019.
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Number of Industrial Properties Acquired | 4 |  |  | 8 |  |  | 9 |
GLA (in millions) | 0.2 |  |  | 1.5 |  |  | 0.5 |
Purchase Price of Industrial Properties Acquired | $ | 38,727 |  |  | $ | 154,410 |  |  | $ | 66,805 |
Purchase Price of Land Parcels Acquired (A) | 302,223 |  |  | 69,617 |  |  | 81,082 |
Total Purchase Price (B) | $ | 340,950 |  |  | $ | 224,027 |  |  | $ | 147,887 |
(A) 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. (B) 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, 2021 and 2020:
| Year Ended December 31,
| 2021 |  | 2020
Land | $ | 309,475 |  |  | $ | 121,353 |
Building and Improvements/Construction in Progress | 28,839 |  |  | 97,138 |
Other Assets | 1,663 |  |  | 1,790 |
In-Place Leases | 973 |  |  | 5,174 |
Above Market Leases | — |  |  | 134 |
Below Market Leases | — |  |  | (1,562) |
Total Purchase Price | $ | 340,950 |  |  | $ | 224,027 |
Summary of Industrial Property Dispositions | The following table summarizes our property dispositions for the years ended December 31, 2021, 2020 and 2019:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Number of Industrial Properties Sold (A) | 29 |  |  | 29 |  |  | 40 |
GLA (in millions)(B) | 2.9 |  |  | 1.9 |  |  | 5.9 |
Gross Proceeds from the Sale of Real Estate (B) | $ | 243,407 |  |  | $ | 153,351 |  |  | $ | 315,768 |
Gain on Sale of Real Estate (B) | $ | 150,310 |  |  | $ | 86,751 |  |  | $ | 124,942 |
(A) Included as one industrial property for each of the years ended December 31, 2021, 2020 and 2019 is the sale of multiple industrial condominium units. (B) Gross proceeds and gain on sale of real estate include the sale of one land parcel for the year ended December 31, 2021 and several land parcels for the year ended December 31, 2019. In addition, included in the above table for the year ended December 31, 2019, is 0.6 million square feet of GLA, 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 that was recorded as a lease receivable as of December 31, 2019 and collected during 2020. See Note 10 for additional information.

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