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Real Estate Activity
 9 Months Ended
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,
20222021
Number of properties acquired5 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, 2022September 30, 2021
ASSETS
   Land and improvements$71,564 $35,173 
   Building and improvements144,988 52,105 
   In-place lease assets19,296 8,728 
   Above-market lease assets3,814 198 
Total assets239,662 96,204 
LIABILITIES
   Below-market lease liabilities9,767 7,250 
Total liabilities9,767 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, 2022September 30, 2021
Acquired in-place leases1110
Acquired above-market leases95
Acquired below-market leases1917
Property Dispositions—The following table summarizes our real estate disposition activity (dollars in thousands):
Nine Months Ended September 30,
20222021
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.