During the three months ended March 31, 2019, the Company acquired controlling financial interests in eight commercial properties for an aggregate purchase price of $81.1 million (the “2019 Acquisitions”), which includes $0.3 million of external acquisition-related expenses that were capitalized. During the three months ended March 31, 2018, the Company acquired a controlling interest in 12 commercial properties for an aggregate purchase price of $139.9 million (the “2018 Acquisitions”), which includes $0.7 million of external acquisition-related expenses that were capitalized.



	Three Months Ended March 31,
	2019		2018
Real estate investments, at cost:
Land	$	17,716	$	27,049
Buildings, fixtures and improvements	53,923		96,044
Total tangible assets	71,639		123,093
Acquired intangible assets:
In-place leases and other intangibles ⁽¹⁾	9,445		14,037
Above-market leases⁽²⁾	—		2,752
Total purchase price of assets acquired	$	81,084	$	139,882

As of March 31, 2019, the Company invested $8.0 million, including $0.5 million of external acquisition-related expenses and interest that were capitalized, in one build-to-suit development project. The Company’s estimated remaining committed investment is $20.3 million, and the project is expected to be completed within the next 12 months.

During the three months ended March 31, 2019, the Company disposed of 22 properties, for an aggregate gross sales price of $66.0 million, of which our share was $62.1 million after the profit participation payments related to the disposition of six Red Lobster properties. The dispositions resulted in proceeds of $60.5 million after closing costs. The Company recorded a gain of $10.8 million related to the dispositions which is included in gain on disposition of real estate and real estate assets held for sale, net in the accompanying consolidated statements of operations.

During the three months ended March 31, 2018, the Company disposed of 40 properties, for an aggregate gross sales price of $120.8 million, of which our share was $119.2 million after the profit participation payment related to the disposition of three Red Lobster properties. The dispositions resulted in proceeds of $116.9 million after closing costs. The Company recorded a gain of $18.2 million related to the sales which is included in gain on disposition of real estate and real estate assets held for sale, net in the accompanying consolidated statements of operations.

During the three months ended March 31, 2018, the Company also disposed of one property owned by an unconsolidated joint venture for a gross sales price of $34.1 million, of which our share was $17.1 million based on our ownership interest in the joint venture, resulting in proceeds of $5.6 million after debt repayments of $20.4 million and closing costs. The Company recorded a gain of $0.7 million related to the sale and liquidation of the joint venture, which is included in equity in income and gain on disposition of unconsolidated entities in the accompanying consolidated statements of operations.

As of March 31, 2019, there were 12 properties classified as held for sale with a carrying value of $36.0 million, included in real estate assets held for sale, net in the accompanying consolidated balance sheets, which are expected to be sold in the next 12 months as part of the Company’s portfolio management strategy. As of December 31, 2018, there were five properties classified as held for sale. During the three months ended March 31, 2019, the Company recorded a loss of less than $0.1 million related to held for sale properties. During the three months ended March 31, 2018, the Company recorded a loss of $0.9 million related to held for sale properties.



	Weighted-Average Useful Life	March 31, 2019		December 31, 2018
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $730,221 and $703,909, respectively	15.5	$	948,973	$	980,971
Leasing commissions, net of accumulated amortization of $4,566 and $4,048, respectively	10.4	16,318		15,660
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $110,100 and $105,936, respectively	16.4	193,647		201,875
Total intangible lease assets, net		$	1,158,938	$	1,198,506

Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $93,268 and $89,905, respectively	18.9	$	166,708	$	173,479

The aggregate amount of above‑ and below-market leases and deferred lease incentives amortized and included as a net decrease to rental revenue was $0.7 million and $1.5 million for the three months ended March 31, 2019 and 2018, respectively. The aggregate amount of in-place leases, leasing commissions and other lease intangibles amortized and included in depreciation and amortization expense was $33.8 million and $34.6 million for the three months ended March 31, 2019 and 2018, respectively.



	Remainder of 2019		2020		2021		2022		2023
In-place leases and other intangibles:
Total projected to be included in amortization expense	$	94,897	$	119,518	$	111,755	$	97,582	$	86,748
Leasing commissions:
Total projected to be included in amortization expense	1,607		2,018		1,857		1,780		1,584
Above-market lease assets and deferred lease incentives:
Total projected to be deducted from rental revenue	15,595		20,359		19,929		19,116		18,168
Below-market lease liabilities:
Total projected to be included in rental revenue	14,559		16,674		15,532		14,690		13,806

The Company had an interest in one consolidated joint venture that owned one property as of March 31, 2019 and December 31, 2018. As of March 31, 2019 and December 31, 2018, the consolidated joint venture had total assets of $32.9 million and $32.5 million, respectively, of which $29.9 million were real estate investments, net of accumulated depreciation and amortization at each of the respective dates. The property is secured by a mortgage note payable, which is non-recourse to the Company and had a balance of $13.9 million and $14.0 million, as of March 31, 2019 and December 31, 2018, respectively. The Company has the ability to control operating and financing policies of the consolidated joint venture. There are restrictions on the use of these assets as the Company would generally be required to obtain the approval of the joint venture partner in accordance with the joint venture agreement for any major transactions. The Company and the joint venture partner are subject to the provisions of the joint venture agreement, which includes provisions for when additional contributions may be required to fund certain cash shortfalls.

As of March 31, 2019 and December 31, 2018, the Company held an investment in an unconsolidated joint venture that owned one property with a carrying value of $35.8 million and $35.3 million, respectively. During the three months ended March 31, 2018, the Company disposed of one property owned by an unconsolidated joint venture as previously discussed in the “Property Dispositions and Real Estate Assets Held for Sale” section herein.

The Company had a 90% legal ownership interest in the unconsolidated joint venture at March 31, 2019 and December 31, 2018 and accounts for its investment using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financing policies of the investment. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in earnings and distributions from the joint venture. During the three months ended March 31, 2019 and 2018 the Company recognized $0.5 million and $0.4 million, respectively, of net income from unconsolidated joint ventures. The Company’s legal ownership interest may, at times, not equal the Company’s economic interest because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns.