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Real Estate Activity | 9 Months Ended
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Sep. 30, 2019
Real Estate Investments, Net [Abstract] |
Real Estate Acquisitions |
5. REAL ESTATE ACTIVITY
Acquisitions—The following table summarizes our real estate acquisitions during the nine months ended September 30, 2019 and 2018 (dollars in thousands):
Property Name |  | Location |  | Anchor Tenant |  | Acquisition Date |  | Purchase Price |  | Leased % of Rentable Square Feet at Acquisition
Murray Landing Outparcel |  | Columbia, SC |  | N/A |  | 5/16/2019 |  | $ | 295 |  |  | N/A
Naperville Crossings |  | Naperville, IL |  | ALDI |  | 4/26/2019 |  | 49,585 |  |  | 88.0%
Sierra Vista Plaza |  | Murrieta, CA |  | Stater Brothers(1) |  | 9/28/2018 |  | 22,151 |  |  | 81.0%
Shoppes of Lake Village |  | Leesburg, FL |  | Publix |  | 2/26/2018 |  | 8,423 |  |  | 71.3%
(1) | Stater Brothers occupies a space in a portion of the shopping center that we do not own.
The fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of the above acquisitions are as follows (dollars in thousands, weighted-average useful life in years):
| Nine Months Ended
| September 30, 2019 |  | September 30, 2018
| Fair Value |  | Weighted-Average Useful Life |  | Fair Value |  | Weighted-Average Useful Life
In-place lease assets | $ | 4,736 |  |  | 11 |  | $ | 2,319 |  |  | 6
Above-market lease assets | 825 |  |  | 8 |  | 200 |  |  | 5
Below-market lease liabilities | (2,097 | ) |  | 16 |  | (1,299 | ) |  | 14
Property Sales—The following table summarizes our property sales activity (dollars in thousands):
| Nine Months Ended
| September 30,
| 2019 |  | 2018
Number of properties sold | 10 |  |  | 5 |
Number of outparcels sold | 1 |  |  | — |
Proceeds from sale of real estate | $ | 86,159 |  |  | $ | 44,338 |
Gain on sale of properties, net(1) | 12,369 |  |  | 5,657 |
(1) | The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Disposal of Property, Net on the consolidated statements of operations.
Property Held for Sale—As of September 30, 2019, three properties were classified as held for sale. For additional information regarding the disposition of held for sale property, refer to Note 16. As of December 31, 2018, two properties were classified as held for sale, and both were sold in the first quarter of 2019. Properties classified as held for sale as of September 30, 2019 and December 31, 2018, were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk as of the respective reporting date. A summary of assets and liabilities for the properties held for sale as of September 30, 2019 and December 31, 2018, is below (in thousands):
| September 30, 2019 |  | December 31, 2018
ASSETS |  |  |
Total investment in real estate assets, net | $ | 79,210 |  |  | $ | 16,889 |
Other assets, net | 1,536 |  |  | 475 |
Total assets | $ | 80,746 |  |  | $ | 17,364 |
LIABILITIES |  |  |
Below-market lease liabilities, net | $ | 3,385 |  |  | $ | 208 |
Accounts payable and other liabilities | 1,494 |  |  | 388 |
Total liabilities | $ | 4,879 |  |  | $ | 596 |
Impairment of Real Estate Assets—During the three and nine months ended September 30, 2019, we recognized impairment charges totaling $35.7 million and $74.6 million, respectively. 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. Our estimated fair value was based upon the contracted price to sell or the marketed price for disposition, less costs to sell. We have applied reasonable estimates and judgments in determining the amount of impairment recognized.

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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 http://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 http://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 http://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 http://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 http://asc.fasb.org/topic&trid=2134617 + Details
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