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Investment in Real Estate | 12 Months Ended
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Dec. 31, 2019
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate Acquisitions The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2019, 2018 and 2017. 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, 2019, 2018 or 2017.
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Number of Industrial Properties Acquired | 9 |  |  | 10 |  |  | 8 |
GLA (in millions) | 0.5 |  |  | 1.0 |  |  | 1.1 |
Purchase Price (A) | $ | 147,887 |  |  | $ | 167,546 |  |  | $ | 174,209 |
(A) Purchase price includes the acquisition of several land parcels for the years ended December 31, 2019, 2018 and 2017 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels that have been capitalized. 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, 2019 and 2018:
| Year Ended December 31,
| 2019 |  | 2018
Land | $ | 101,764 |  |  | $ | 79,347 |
Building and Improvements | 43,693 |  |  | 81,747 |
Other Assets | 859 |  |  | 1,225 |
In-Place Leases | 5,601 |  |  | 5,302 |
Above Market Leases | 34 |  |  | 662 |
Below Market Leases | (4,064 | ) |  | (737 | )
Total Purchase Price | $ | 147,887 |  |  | $ | 167,546 |
Assumed Mortgage Loan (See Note 4) | — |  |  | (11,654 | )
Total Net Assets Acquired | $ | 147,887 |  |  | $ | 155,892 |
Sales The following table summarizes our property dispositions for the years ended December 31, 2019, 2018 and 2017:
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Number of Industrial Properties Sold (A) | 40 |  |  | 53 |  |  | 60 |
GLA (in millions) | 5.9 |  |  | 2.6 |  |  | 4.6 |
Gross Proceeds from the Sale of Real Estate (B) | $ | 315,768 |  |  | $ | 192,047 |  |  | $ | 236,059 |
Gain on Sale of Real Estate (B) | $ | 124,942 |  |  | $ | 81,600 |  |  | $ | 131,269 |
(A) The years ended December 31, 2019 and 2018 include partial sales of 0.1 million and 0.1 million square-foot industrial properties, respectively. (B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019, 2018 and 2017. In addition, included in the above table for the year ended December 31, 2019, is 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. See Note 10 for additional information. Impairment Charges The impairment charges of $2,756 recorded during the year ended December 31, 2018 were due to marketing one industrial property and one land parcel for sale and our assessment of the likelihood and timing of a potential sale transaction. The fair market values were determined using third party offers. Valuations based on third party offers included bona fide contract prices and letter of intent amounts that we believe were indicative of fair value and fall into Level 3 of the fair value hierarchy. The property and the land parcel for which impairment was recorded were sold later during the year ended December 31, 2018.

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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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