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Investment in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2019
Real Estate [Abstract] |
Summary of Industrial Property 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
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, 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 |
Summary of Industrial Property Dispositions | 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.

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