Real Estate Portfolio	12 Months Ended
Dec. 31, 2019
Real Estate Portfolio
Real Estate Portfolio	Note 4 – Real Estate Portfolio Real Estate Portfolio As of December 31, 2019, the Company owned 821 properties, with a total gross leasable area (“GLA”) of approximately 14.6 million square feet. Net Real Estate Investments totaled $2.2 billion as of December 31, 2019. As of December 31, 2018, the Company owned 645 properties, with a total gross leasable area of approximately 11.2 million square feet. Net Real Estate Investments totaled $1.7 billion as of December 31, 2018. Acquisitions During 2019, the Company purchased 186 retail net lease assets for approximately $702.9 million, which includes acquisition and closing costs. These properties are located in 40 states and had a weighted average lease term of approximately 11.7 years. The aggregate 2019 acquisitions were allocated approximately $195.8 million to land, $415.1 million to buildings and improvements, and $92.0 million to lease intangibles. During 2018, the Company purchased 225 retail net lease assets for approximately $608.3 million, including acquisition and closing costs. These properties are located in 37 states and are leased for a weighted average lease term of approximately 12.4 years. The aggregate 2018 acquisitions were allocated approximately $164.7 million to land, $325.0 million to buildings and improvements, and $118.6 million to lease intangibles and other assets. The 2019 and 2018 acquisitions were substantially all cash purchases and there was no contingent consideration associated with these acquisitions. None of the Company’s investments during 2019 or 2018 caused any new or existing tenant to comprise 10% or more of the Company’s total assets or generate 10% or more of the Company’s total annualized contractual base rent at December 31, 2019 or 2018. Developments During 2019, the Company completed eight development or Partner Capital Solutions projects. During 2018, eight such projects were completed. Dispositions During 2019, the Company sold real estate properties for net proceeds of $65.5 million and a recorded net gain of $13.3 million. During 2018, the Company sold real estate properties for net proceeds of $65.8 million and a recorded net gain of $11.2 million. During 2017, the Company sold real estate properties for net proceeds of $44.3 million and a recorded net gain of $14.2 million. Provisions for Impairment As a result of our review of Real Estate Investments we recognized real estate impairment charges of $1.6 million, $2.3 million and $0.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during 2019 and 2018 was $3.0 million and $17.3 million, respectively. During 2020, events and circumstances related to a property suggest its carrying value might be impaired. However, the Company’s estimates of undiscounted cash flows based on conditions existing as of the December 31, 2019 balance sheet date indicated that the carrying amount was expected to be recovered. Nonetheless, it is reasonably possible the recoverability may change in the near term.

Real Estate Portfolio

12 Months Ended

Dec. 31, 2019

Note 4 – Real Estate Portfolio

Real Estate Portfolio

As of December 31, 2019, the Company owned 821 properties, with a total gross leasable area (“GLA”) of approximately 14.6 million square feet. Net Real Estate Investments totaled $2.2 billion as of December 31, 2019. As of December 31, 2018, the Company owned 645 properties, with a total gross leasable area of approximately 11.2 million square feet. Net Real Estate Investments totaled $1.7 billion as of December 31, 2018.

Acquisitions

During 2019, the Company purchased 186 retail net lease assets for approximately $702.9 million, which includes acquisition and closing costs. These properties are located in 40 states and had a weighted average lease term of approximately 11.7 years.

The aggregate 2019 acquisitions were allocated approximately $195.8 million to land, $415.1 million to buildings and improvements, and $92.0 million to lease intangibles.

During 2018, the Company purchased 225 retail net lease assets for approximately $608.3 million, including acquisition and closing costs. These properties are located in 37 states and are leased for a weighted average lease term of approximately 12.4 years. The aggregate 2018 acquisitions were allocated approximately $164.7 million to land, $325.0 million to buildings and improvements, and $118.6 million to lease intangibles and other assets.

The 2019 and 2018 acquisitions were substantially all cash purchases and there was no contingent consideration associated with these acquisitions.

None of the Company’s investments during 2019 or 2018 caused any new or existing tenant to comprise 10% or more of the Company’s total assets or generate 10% or more of the Company’s total annualized contractual base rent at December 31, 2019 or 2018.

Developments

During 2019, the Company completed eight development or Partner Capital Solutions projects. During 2018, eight such projects were completed.

Dispositions

During 2019, the Company sold real estate properties for net proceeds of $65.5 million and a recorded net gain of $13.3 million.

During 2018, the Company sold real estate properties for net proceeds of $65.8 million and a recorded net gain of $11.2 million.

During 2017, the Company sold real estate properties for net proceeds of $44.3 million and a recorded net gain of $14.2 million.

Provisions for Impairment

As a result of our review of Real Estate Investments we recognized real estate impairment charges of $1.6 million, $2.3 million and $0.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during 2019 and 2018 was $3.0 million and $17.3 million, respectively. During 2020, events and circumstances related to a property suggest its carrying value might be

impaired. However, the Company’s estimates of undiscounted cash flows based on conditions existing as of the December 31, 2019 balance sheet date indicated that the carrying amount was expected to be recovered. Nonetheless, it is reasonably possible the recoverability may change in the near term.