Real Estate Investments	9 Months Ended
Sep. 30, 2020
Real Estate Investments
Real Estate Investments	Note 4 – Real Estate Investments Real Estate Portfolio As of September 30, 2020, the Company owned 1,027 operating properties located in 45 states, with a total gross leasable area (“GLA”) of approximately 21.0 million square feet. Net Real Estate Investments totaled $3.0 billion as of September 30, 2020. As of December 31, 2019, the Company owned 821 operating properties located in 46 states, with a total GLA of approximately 14.6 million square feet. Net Real Estate Investments totaled $2.2 billion as of December 31, 2019. Acquisitions During the three months ended September 30, 2020, the Company purchased 91 retail net lease assets for approximately $458.8 million, which includes acquisition and closing costs. These properties are located in 26 states and are leased for a weighted average lease term of approximately 11.5 years. During the nine months ended September 30, 2020, the Company purchased 217 retail net lease assets for approximately $958.3 million, which includes acquisition and closing costs. These properties are located in 35 states and are leased for a weighted average lease term of approximately 11.2 years. The aggregate acquisitions for the nine months ended September 30, 2020 were allocated $248.2 million to land, $588.6 million to buildings and improvements, $97.0 million to lease intangibles and $24.5 million to right of use assets. The acquisitions were all cash purchases and there was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during the first nine months of 2020 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized contractual base rent at September 30, 2020. Developments During the three months ended September 30, 2020, the Company completed two development or Partner Capital Solutions projects. During the nine months ended September 30, 2020, the Company completed six developments or Partner Capital Solutions projects. At September 30, 2020, the Company had four development or Partner Capital Solutions projects under construction. Dispositions During the three months ended September 30, 2020, the Company sold two properties for net proceeds of $3.4 million and the Company recorded a net gain of $1.0 million. During the nine months ended September 30, 2020, the Company sold 16 properties for net proceeds of $46.0 million and the Company recorded a net gain of $7.6 million. Provision for Impairment As a result of our review of Real Estate Investments, the Company recognized provisions for impairments of $2.9 million for the three months ended September 30, 2020 and no provisions for impairments for the three months ended September 30, 2019, and $4.0 million and $1.6 million for the nine months ended September 30, 2020 and 2019, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during the nine months ended September 30, 2020 was $4.5 million.

Real Estate Investments

9 Months Ended

Sep. 30, 2020

Note 4 – Real Estate Investments

Real Estate Portfolio

As of September 30, 2020, the Company owned 1,027 operating properties located in 45 states, with a total gross leasable area (“GLA”) of approximately 21.0 million square feet. Net Real Estate Investments totaled $3.0 billion as of September 30, 2020. As of December 31, 2019, the Company owned 821 operating properties located in 46 states, with a total GLA of approximately 14.6 million square feet. Net Real Estate Investments totaled $2.2 billion as of December 31, 2019.

Acquisitions

During the three months ended September 30, 2020, the Company purchased 91 retail net lease assets for approximately $458.8 million, which includes acquisition and closing costs. These properties are located in 26 states and are leased for a weighted average lease term of approximately 11.5 years.

During the nine months ended September 30, 2020, the Company purchased 217 retail net lease assets for approximately $958.3 million, which includes acquisition and closing costs. These properties are located in 35 states and are leased for a weighted average lease term of approximately 11.2 years.

The aggregate acquisitions for the nine months ended September 30, 2020 were allocated $248.2 million to land, $588.6 million to buildings and improvements, $97.0 million to lease intangibles and $24.5 million to right of use assets. The acquisitions were all cash purchases and there was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during the first nine months of 2020 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized contractual base rent at September 30, 2020.

Developments

During the three months ended September 30, 2020, the Company completed two development or Partner Capital Solutions projects.

During the nine months ended September 30, 2020, the Company completed six developments or Partner Capital Solutions projects. At September 30, 2020, the Company had four development or Partner Capital Solutions projects under construction.

Dispositions

During the three months ended September 30, 2020, the Company sold two properties for net proceeds of $3.4 million and the Company recorded a net gain of $1.0 million.

During the nine months ended September 30, 2020, the Company sold 16 properties for net proceeds of $46.0 million and the Company recorded a net gain of $7.6 million.

Provision for Impairment

As a result of our review of Real Estate Investments, the Company recognized provisions for impairments of $2.9 million for the three months ended September 30, 2020 and no provisions for impairments for the three months ended September 30, 2019, and $4.0 million and $1.6 million for the nine months ended September 30, 2020 and 2019, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during the nine months ended September 30, 2020 was $4.5 million.