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Real Estate Investments | 9 Months Ended
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Sep. 30, 2022
Real Estate Investments |
Real Estate Investments | Note 4 – Real Estate Investments Real Estate Portfolio As of September 30, 2022, the Company owned 1,707 properties, with a total gross leasable area (“GLA”) of approximately 35.8 million square feet. Net Real Estate Investments totaled $5.4 billion as of September 30, 2022. As of December 31, 2021, the Company owned 1,404 properties, with a total GLA of approximately 29.1 million square feet. Net Real Estate Investments totaled $4.4 billion as of December 31, 2021. Acquisitions During the three months ended September 30, 2022, the Company purchased 98 retail net lease assets for approximately $361.5 million, which includes acquisition costs and closing costs. These properties are located in 29 states and are leased for a weighted average lease term of approximately 11.1 years. During the nine months ended September 30, 2022, the Company purchased 303 retail net lease assets for approximately $1.20 billion, which includes acquisition costs, closing costs and the assumption of a $42.3 million mortgage note. These properties are located in 42 states and are leased for a weighted average lease term of approximately 10.1 years. The aggregate acquisitions for the nine months ended September 30, 2022 were allocated $289.4 million to land, $755.8 million to buildings and improvements, $147.4 million to lease intangibles, net and $2.5 million to assumed mortgage debt discount. The acquisitions were primarily funded as cash purchases and the assumption of a mortgage note payable with a principal balance of $42.3 million. There was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during the first nine months of 2022 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, 2022. Developments During the three months ended September 30, 2022, the Company commenced two development or Partner Capital Solutions projects. At September 30, 2022, the Company had 20 development or Partner Capital Solutions projects under construction. ​ During the nine months ended September 30, 2022, the Company commenced 22 development or Partner Capital Solutions projects. ​ Dispositions During the three months ended September 30, 2022, the Company sold one property for net proceeds of $20.0 million and recorded a net gain of $3.0 million. During the nine months ended September 30, 2022, the Company sold six properties for net proceeds of $43.9 million and recorded a net gain of $5.3 million. Assets Held for Sale The Company did not classify any operating properties as real estate held for sale at September 30, 2022 and classified one operating property as real estate held for sale as of December 31, 2021, the assets for which are separately presented in the Condensed Consolidated Balance Sheets. Real estate held for sale consisted of the following as of September 30, 2022 and December 31, 2021 (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2022 |  | December 31, 2021
Land | ​ | $ | — | ​ | $ | 4,485
Lease intangibles - asset | ​ | ​ | — | ​ | ​ | 1,213
​ | ​ |  | — | ​ |  | 5,698
Accumulated depreciation and amortization, net | ​ |  | — | ​ |  | (22)
Total Real Estate Held for Sale, net | ​ | $ | — | ​ | $ | 5,676
​ Provisions for Impairment As a result of the Company’s review of real estate investments, it recognized no provisions for impairment for each of the three months ended September 30, 2022 and 2021 and $1.0 million for the nine months ended September 30, 2022 and no impairment for the nine months ended September 30, 2021. The estimated fair value of the impaired real estate assets at their time of impairment during 2022 was $1.8 million.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI https://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI https://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI https://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI https://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI https://asc.fasb.org/topic&trid=2134617 + Details
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