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Real Estate Activity | 9 Months Ended
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Sep. 30, 2022
Real Estate Investments, Net [Abstract] |
Real Estate Activity |
4. REAL ESTATE ACTIVITY
Acquisitions—The following table summarizes our real estate acquisition activity (dollars in thousands):
| Nine Months Ended September 30,
| 2022 |  | 2021
Number of properties acquired | 5 |  |  | 4 |
Number of outparcels acquired(1) | 3 |  |  | 3 |
Contract price | $ | 228,842 |  |  | $ | 88,451 |
Total price of acquisitions(2) | 229,895 |  |  | 88,954 |
(1)Outparcels acquired are adjacent to shopping centers that we own. (2)Total price of acquisitions includes closing costs and credits. The aggregate purchase price of the assets acquired during the nine months ended September 30, 2022 and 2021 were allocated as follows (in thousands):
| September 30, 2022 |  | September 30, 2021
ASSETS |  |  |
Land and improvements | $ | 71,564 |  |  | $ | 35,173 |
Building and improvements | 144,988 |  |  | 52,105 |
In-place lease assets | 19,296 |  |  | 8,728 |
Above-market lease assets | 3,814 |  |  | 198 |
Total assets | 239,662 |  |  | 96,204 |
LIABILITIES |  |  |
Below-market lease liabilities | 9,767 |  |  | 7,250 |
Total liabilities | 9,767 |  |  | 7,250 |
Net assets acquired | $ | 229,895 |  |  | $ | 88,954 |
The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the nine months ended September 30, 2022 and 2021 are as follows (in years):
| September 30, 2022 |  | September 30, 2021
Acquired in-place leases | 11 |  | 10
Acquired above-market leases | 9 |  | 5
Acquired below-market leases | 19 |  | 17
Property Dispositions—The following table summarizes our real estate disposition activity (dollars in thousands):
| Nine Months Ended September 30,
| 2022 |  | 2021
Number of properties sold(1) | 3 |  |  | 20 |
Number of outparcels sold(2)(3) | 3 |  |  | 3 |
Contract Price | $ | 28,737 |  |  | $ | 188,252 |
Proceeds from sale of real estate, net(4) | 27,286 |  |  | 180,340 |
Gain on sale of property, net(5) | 4,151 |  |  | 33,121 |
(1)We retained an outparcel for one property sold during the nine months ended September 30, 2021, and therefore the sale did not result in a reduction in our total property count. (2)During the nine months ended September 30, 2021, our outparcel sales included: (i) the only remaining portion of one of our properties, which resulted in a reduction in our total property count; and (ii) an undeveloped parcel of land, as well as an outparcel adjacent to one of our centers, neither of which resulted in a reduction in our total property count. (3)In addition to the three outparcels sold during the nine months ended September 30, 2021, a tenant at one of our properties exercised a bargain purchase option to acquire a parcel of land that we previously owned. This generated minimal proceeds for us. (4)Total proceeds from sale of real estate, net includes closing costs and credits. (5)During the nine months ended September 30, 2021, (Loss) Gain on Disposal of Property, Net on the consolidated statements of operations includes miscellaneous write-off activity, which is not included in gain on sale of property, net, presented above. Hurricane Ian - On September 28, 2022, Hurricane Ian struck the southeast United States and caused various amounts of damage to our properties located in the region. While we are still in the process of finalizing the damages sustained to the properties, we expect to collect insurance proceeds of $1.1 million (net of a deductible of $1.9 million) equal to the replacement cost of the damaged property. As of September 30, 2022, we have recorded gross cumulative accelerated depreciation of $3.0 million, which has been reduced by expected insurance recoveries, for damages sustained to the properties. We have also recognized a receivable for estimated insurance recoveries in excess of the deductible. As of September 30, 2022, we have received no insurance recoveries and have a receivable balance of $1.1 million, which is recorded in Other Assets, Net on our consolidated balance sheets.

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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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