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Investment in Real Estate
 12 Months Ended
Dec. 31, 2022
Real Estate [Abstract]  
Investment in Real Estate Investment in Real Estate
Acquisitions
The following table summarizes our acquisition of industrial properties and land parcels for the years ended December 31, 2022, 2021 and 2020. 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, 2022, 2021 or 2020.
Year Ended December 31,
202220212020
Number of Industrial Properties Acquired11 4 8 
GLA (in millions)0.5 0.2 1.5 
Purchase Price of Industrial Properties Acquired$137,126 $38,727 $154,410 
Purchase Price of Income Producing Land Parcels Acquired (A)
56,525 — — 
Purchase Price of Land Parcels Acquired (B)
105,486 302,223 69,617 
Total Purchase Price (C)
$299,137 $340,950 $224,027 
(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, 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.
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, 2022 and 2021:
Year Ended December 31,
20222021
Land$252,158 $309,475 
Building and Improvements/Construction in Progress43,685 28,839 
Other Assets2,975 1,663 
In-Place Leases9,246 973 
Above Market Leases23 — 
Below Market Leases(8,950)— 
Total Purchase Price
$299,137 $340,950 
Sales
The following table summarizes our property and land dispositions for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
Number of Industrial Properties Sold (A)
9 29 29 
GLA (in millions)(B)
2.2 2.9 1.9 
Gross Proceeds from the Sale of Real Estate (B)
$178,340 $243,407 $153,351 
Gain on Sale of Real Estate (B)
$128,268 $150,310 $86,751 
(A) Included as one industrial property for each of the years ended December 31, 2021 and 2020 was 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 each of the years ended December 31, 2022 and 2021.