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Acquisition and Disposition of Real Estate | 12 Months Ended
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Dec. 31, 2020
Real Estate [Abstract] |
Acquisition and Disposition of Real Estate | Acquisition and Disposition of Real Estate Acquisitions During the year ended December 31, 2020, the Company acquired 124 properties for a total purchase price of $408.6 million, inclusive of $4.7 million of capitalized acquisition costs. For the period from December 23, 2019 to December 31, 2019, the Company acquired one property for a total purchase price of $1.1 million, inclusive of less than $0.1 million of capitalized acquisition costs. For the period from January 1, 2019 to December 22, 2019, the Company acquired one property for a total purchase price of $1.2 million, inclusive of less than $0.1 million of capitalized acquisition costs. The acquisitions were all accounted for as asset acquisitions. An allocation of the purchase price and acquisition costs paid for the completed acquisitions is as follows (in thousands):
| Successor |  | Predecessor
| Year Ended December 31, |  | For the Period from December 23 to December 31, |  | For the Period from January 1 to December 22,
| 2020 |  | 2019
Land | $ | 124,998 |  |  | $ | 252 |  |  | $ | 80 |
Buildings | 205,157 |  |  | 745 |  |  | 728 |
Site improvements | 27,571 |  |  | 50 |  |  | 192 |
Tenant improvements | 7,066 |  |  | — |  |  | 78 |
In-place lease intangible assets | 53,743 |  |  | 98 |  |  | 154 |
Above-market lease intangible assets | 5,673 |  |  | — |  |  | — |
Construction-in-progress assets | 270 |  |  | — |  |  | — |
Fuel equipment | 156 |  |  | — |  |  | — |
| 424,634 |  |  | 1,145 |  |  | 1,232 |
Liabilities assumed |  |  |  |  | — |
Below-market lease intangible liabilities | (14,157) |  |  | (33) |  |  | — |
Accounts payable, accrued expense and other liabilities | (1,893) |  |  | — |  |  | — |
Purchase price (including acquisition costs) | $ | 408,584 |  |  | $ | 1,112 |  |  | $ | 1,232 |
On December 23, 2019, the Company contributed the proceeds of the Private Offering to the Operating Partnership, and the Operating Partnership acquired the Predecessor for a combination of OP Units and $256.3 million in cash. The Operating Partnership issued 8,860,760 Class A OP Units to the Company for its contribution and 4,449,019 OP Units (3,652,149 Class A and 796,870 Class B) to the Predecessor's owners for the acquisition. The acquisition was accounted for as an asset acquisition and included $0.5 million of acquisition fees incurred in connection with the acquisition. An allocation of the purchase price and acquisition costs paid for the completed acquisition is as follows (in thousands):
| December 23, 2019
Land | $ | 83,744 |
Buildings | 125,140 |
Site improvements | 8,152 |
Tenant improvements | 5,969 |
In-place lease intangible assets | 20,665 |
Above-market lease intangible assets | 7,286 |
Properties held for sale | 8,343 |
Other assets | 3,486 |
| 262,785 |
Liabilities assumed |
Below-market lease intangible liabilities | (4,649) |
Other liabilities | (1,851) |
Purchase price (including acquisition costs) | $ | 256,285 |
Dispositions During the year ended December 31, 2020, the Company sold 15 properties for a total sales price, net of disposal costs, of $48.1 million, recognizing a gain on sale of $6.2 million. For the period from December 23, 2019 to December 31, 2019, the Company had no dispositions. For the period from January 1, 2019 to December 22, 2019, the Company sold 30 properties for a total sales price, net of disposal costs, of $77.6 million, recognizing a gain on sale of $5.6 million. During 2019, the Company entered into an agreement to sell one property to a third-party and received a nonrefundable $0.3 million earnest money deposit which, upon the third-party’s failure to perform under the purchase and sale agreement in the first quarter of 2020, was recognized as a gain.

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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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