Real Estate Activity

6 Months Ended

Jun. 30, 2020

Real Estate Investments, Net [Abstract]

4. REAL ESTATE ACTIVITY

Property Sales—The following table summarizes our real estate disposition activity (dollars in thousands):



	Six Months Ended June 30,
	2020			2019
Number of properties sold⁽¹⁾	4			6
Number of outparcels sold	—			1
Proceeds from sale of real estate	$	25,778		$	47,857
(Loss) gain on sale of properties, net⁽²⁾	(1,436		)	6,627


⁽¹⁾	We retained certain outparcels of land associated with one of our property dispositions during the six months ended June 30, 2020, and as a result, this property is still included in our total property count.


⁽²⁾	The (loss) gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in (Loss) Gain on Disposal of Property, Net on the consolidated statements of operations.

Subsequent to June 30, 2020, we sold one property for $8.5 million.

Impairment of Real Estate Assets—During the three and six months ended June 30, 2020, we did not recognize any impairment charges. During the three and six months ended June 30, 2019, we recognized impairment charges totaling $25.2 million and $38.9 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 estimated costs to sell. We applied reasonable estimates and judgments in determining the amount of impairment recognized.

Acquisitions—During the six months ended June 30, 2020, we acquired two parcels of land for a total of $4.3 million, both of which are either underneath or adjacent to shopping centers that we own. During the six months ended June 30, 2019, we acquired one property and one outparcel for a total of $49.9 million.

For the six months ended June 30, 2020, our acquisitions did not have any lease intangibles. The fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of acquisitions in the six months ended June 30, 2019 are as follows (dollars in thousands, weighted-average useful life in years):



	Six Months Ended June 30, 2019
	Fair Value			Weighted-Average Useful Life
In-place leases	$	4,736		11
Above-market leases	825			8
Below-market leases	(2,097		)	16