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.