Investment in Real Estate
 12 Months Ended
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.