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Investment in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022. We accounted for the properties and land parcels as asset acquisitions and 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, 2024, 2023 or 2022.
Year Ended December 31,
202420232022
Number of Industrial Properties Acquired5 4 11 
GLA (in millions)0.3 0.2 0.5 
Purchase Price of Industrial Properties Acquired$44,765 $43,950 $137,126 
Purchase Price of Income Producing Land Parcels Acquired (A)
— — 56,525 
Purchase Price of Land Parcels Acquired (B)
25,924 80,554 105,486 
Total Purchase Price (C)
$70,689 $124,504 $299,137 
(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.
(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, 2024 and 2023:
Year Ended December 31,
20242023
Land$42,399 $110,025 
Building and Improvements/Construction in Progress24,635 10,659 
Other Assets931 785 
In-Place Leases3,209 3,091 
Above Market Leases333 1,464 
Below Market Leases(818)(1,520)
Total Purchase Price
$70,689 $124,504 
Summary of Industrial Property Dispositions
The following table summarizes our property and land dispositions for the years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
202420232022
Number of Industrial Properties Sold 22 11 9 
GLA (in millions) (A)
1.2 1.0 2.2 
Gross Proceeds from the Sale of Real Estate (A)
$162,757 $125,293 $178,340 
Gain on Sale of Real Estate (A)
$111,970 $95,650 $128,268 
(A) 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 the year ended December 31, 2022.