	June 30, 2020			December 31, 2019
Building and building improvements	$	23,146,835		$	20,950,147
Land and land improvements		6,486,661			5,639,678
Furniture, fixtures and equipment		441,627			377,645
Right of use asset - operating leases⁽¹⁾		114,535			114,011
Right of use asset - financing leases⁽¹⁾		56,008			56,008
Total		30,245,666			27,137,489
Accumulated depreciation and amortization		(1,306,055	)		(810,621	)
Investments in real estate, net	$	28,939,611		$	26,326,868

⁽¹⁾	Refer to Note 13 for additional details on the Company’s leases.

During the six months ended June 30, 2020, the Company acquired interests in 12 real estate investments for $3.2 billion, which were comprised of 77 industrial, 32 multifamily, six retail and two self-storage properties categorized as other.

The following table provides further details of the properties acquired during the six months ended June 30, 2020 ($ in thousands):

Segments	Number of Transactions		Number of Properties		Sq. Feet (in thousands)/ Units/ Keys	Purchase Price⁽¹⁾
Multifamily properties		6		32	12,110 units	$	2,019,239
Industrial properties		4		77	11,129 sq. ft.		849,599
Retail properties		1		6	689 sq. ft.		287,392
Other properties		1		2	111 sq. ft.		13,236
		12		117		$	3,169,466

⁽¹⁾	Purchase price is inclusive of acquisition related costs.

The following table summarizes the purchase price allocation for the properties acquired during the six months ended June 30, 2020 ($ in thousands):

	Amount
Building and building improvements	$	2,127,042
Land and land improvements		843,275
Furniture, fixtures and equipment		42,364
In-place lease intangibles		169,515
Above-market lease intangibles		6,915
Below-market lease intangibles		(20,194	)
Other		549
Total purchase price		3,169,466
Assumed mortgage notes⁽¹⁾		224,123
Net purchase price	$	2,945,343

⁽¹⁾	Refer to Note 6 for additional details on the Company’s mortgage notes.

The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles of the properties acquired during the six months ended June 30, 2020 were three, seven and four years, respectively.

The Company reviews its real estate investments for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the GAAP depreciated cost basis of a real estate investment exceeds the undiscounted cash flows of such real estate investment, the investment is considered impaired and the GAAP depreciated cost basis is reduced to the fair value of the investment. During the three months ended June 30, 2020, the Company recognized a $6.1 million impairment charge on one of its hotel properties. The impairment charge was a result of updates to the undiscounted cash flow assumptions to account for a decrease in occupancy and future cash flows as a result of the COVID-19 pandemic. If the effects of the COVID-19 pandemic cause economic and market conditions to continue to deteriorate or if the Company’s expected holding period for assets change, subsequent tests for impairment could result in additional impairment charges in the future. Certain investments within the Company’s portfolio, specifically its hotel assets, are more susceptible to future impairment considerations due to the significant declines in occupancy as a result of extended closures, decreases in travel and uncertainty around future cash flows. The Company can provide no assurance that material impairment charges with respect to the Company’s investments in real estate and unconsolidated entities will not occur during the remaining quarters in 2020 or future periods. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether any additional impairment charges are warranted.

On January 30, 2020, the Company sold a 61,000 square foot industrial property. Net proceeds from the sale were $4.5 million, which resulted in a realized gain of $0.4 million recorded as Net Gains on Dispositions of Real Estate on the Company’s Condensed Consolidated Statements of Operations.

On June 6, 2019, the Company sold the parking garage attached to the Hyatt Place San Jose Downtown property to a third party. The sale included a four story, 261 space, parking structure and land parcel. The sale did not include the attached Hyatt Place San Jose Downtown hotel or the additional land parcels under the hotel. Net proceeds from the sale were $44.3 million, which resulted in a realized gain of $29.7 million recorded as Net Gains on Dispositions of Real Estate on the Company’s Condensed Consolidated Statements of Operations.

As of June 30, 2020, five multifamily properties were classified as held for sale. Such properties were sold in July 2020 for $170.0 million resulting in a net gain of $32.3 million. As of December 31, 2019, six properties were classified as held for sale. One property was sold in January 2020 as disclosed above. The held for sale assets and liabilities are components of Other Assets and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets.

The following table is a summary of the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands):

Assets:	June 30, 2020		December 31, 2019
Investments in real estate, net	$	135,296	$	141,344
Other assets		1,405		2,035
Total assets	$	136,701	$	143,379

Liabilities:
Mortgage notes	$	102,718	$	104,314
Other liabilities		2,715		4,097
Total liabilities	$	105,433	$	108,411