5. REAL ESTATE ACTIVITY

Acquisitions—During the nine months ended September 30, 2018, we acquired two grocery-anchored shopping centers. The first quarter acquisition closed out the Internal Revenue Code (“IRC”) Section 1031 like-kind exchange outstanding at December 31, 2017. We also acquired one land parcel adjacent to a property we currently own for $0.7 million. During the nine months ended September 30, 2017, we acquired six grocery-anchored shopping centers. All of the 2017 and 2018 acquisitions were classified as asset acquisitions. As such, most acquisition-related costs were capitalized and are included in the total purchase prices shown below. Our real estate assets acquired during the nine months ended September 30, 2018, were as follows (dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Leased % of Rentable Square Feet at Acquisition

Shoppes of Lake Village

Leesburg, FL

Publix

2/26/2018

8,423

71.3

Sierra Vista Plaza

Murrieta, CA

Stater Brothers⁽¹⁾

9/28/2018

22,151

81.0


⁽¹⁾	Stater Brothers is in a portion of the shopping center that we do not own.

During the nine months ended September 30, 2017, we acquired the following real estate assets (dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Leased % of Rentable Square Feet at Acquisition

Atwater Marketplace

Atwater, CA

Save Mart

2/10/2017

15,041

94.6

Rocky Ridge Station

Roseville, CA

Sprouts

4/18/2017

37,271

⁽¹⁾

96.3

Greentree Station

Racine, WI

Pick ‘n Save

5/5/2017

12,309

90.3

Titusville Station

Titusville, FL

Publix

6/15/2017

13,817

71.7

Sierra Station

Corona, CA

Ralph’s

6/20/2017

29,137

⁽¹⁾

94.0

Hoffman Village Station

Hoffman Estates, IL

Mariano’s

9/5/2017

34,910

93.1


⁽¹⁾	The purchase price includes the fair value of debt assumed as part of the acquisition.

The fair value at acquisition and weighted-average useful life for in-place, above-market, and below-market lease intangibles acquired as part of the above transactions during the nine months ended September 30, 2018 and 2017, are as follows (dollars in thousands, weighted-average useful life in years):



	2018				2017
	Fair Value			Weighted-Average Useful Life	Fair Value			Weighted-Average Useful Life
Acquired in-place leases	$	2,319		6	$	13,647		13
Acquired above-market leases	200			5	1,012			7
Acquired below-market leases	(1,299		)	14	(3,703		)	19

Dispositions—During the nine months ended September 30, 2018, we sold five grocery-anchored shopping centers for $45.6 million resulting in a gain of $5.6 million. We had no dispositions during the nine months ended September 30, 2017.

Impairment of Real Estate Assets—During the three and nine months ended September 30, 2018, we recognized impairment charges totaling $16.8 million and $27.7 million, respectively. The impairments were associated with certain anticipated property dispositions where the net book value exceeded the estimated fair value, as well as certain properties that we determined to be impaired following the identification of potential operational impairment indicators. Our estimated fair value was based upon the contracted price to sell, the marketed price for disposition, or comparable market assets when neither of the first two inputs were available. We have applied reasonable estimates and judgments in determining the level of impairments recognized. We did not recognize any impairments in 2017.