During the six months ended June 30, 2019, the Company acquired controlling financial interests in 33 commercial properties for an aggregate purchase price of $200.5 million (the “2019 Acquisitions”), which includes $1.0 million of external acquisition-related expenses that were capitalized. During the six months ended June 30, 2018, the Company acquired a controlling interest in 19 commercial properties for an aggregate purchase price of $181.2 million (the “2018 Acquisitions”), which includes $1.1 million of external acquisition-related expenses that were capitalized.



	Six Months Ended June 30,
	2019		2018
Real estate investments, at cost:
Land	$	40,460	$	37,732
Buildings, fixtures and improvements	135,182		121,310
Total tangible assets	175,642		159,042
Acquired intangible assets:
In-place leases and other intangibles ⁽¹⁾	24,817		19,564
Above-market leases⁽²⁾	—		2,750
Assumed intangible liabilities:
Below-market leases⁽³⁾	—		(116		)
Total purchase price of assets acquired	$	200,459	$	181,240

As of June 30, 2019, the Company invested $16.4 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 $11.9 million, and the project is expected to be completed within the next 12 months.

During the six months ended June 30, 2019, the Company disposed of 75 properties, including the sale of six consolidated properties to two newly-formed joint ventures in which the Company owns a 20% equity interest (the “Industrial Partnership”), for an aggregate gross sales price of $809.2 million, of which our share was $796.4 million after the profit participation payments related to the disposition of 23 Red Lobster properties. The dispositions resulted in proceeds of $739.9 million after closing costs and contributions to the Industrial Partnership. The Company recorded a gain of $233.4 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 six months ended June 30, 2018, the Company disposed of 77 properties, including one property conveyed to a lender in a deed-in-lieu of foreclosure transaction, for an aggregate gross sales price of $181.6 million, of which our share was $175.5 million after the profit participation payment related to the disposition of 11 Red Lobster properties. The dispositions resulted in proceeds of $175.1 million after closing costs. The Company recorded a gain of $24.2 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 six months ended June 30, 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 June 30, 2019, there were six properties classified as held for sale with a carrying value of $22.6 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 six months ended June 30, 2019, the Company recorded a loss of $0.8 million related to held for sale properties. During the six months ended June 30, 2018, the Company recorded a loss of $1.1 million related to held for sale properties.



	Weighted-Average Useful Life	June 30, 2019		December 31, 2018
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $722,414 and $703,909, respectively	15.7	$	902,319	$	980,971
Leasing commissions, net of accumulated amortization of $4,747 and $4,048, respectively	10.0	15,364		15,660
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $104,395 and $105,936, respectively	16.3	178,460		201,875
Total intangible lease assets, net		$	1,096,143	$	1,198,506

Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $93,481 and $89,905, respectively	19.0	$	152,654	$	173,479

The aggregate amount of amortization of above‑ and below-market leases and deferred lease incentives included as a net decrease to rental revenue was $1.3 million and $2.2 million for the six months ended June 30, 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 $65.8 million and $70.1 million for the six months ended June 30, 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	$	62,166	$	116,036	$	108,821	$	95,259	$	84,774
Leasing commissions:
Total projected to be included in amortization expense	1,128		2,120		1,962		1,871		1,690
Above-market lease assets and deferred lease incentives:
Total projected to be deducted from rental revenue	10,145		19,556		19,128		18,315		17,371
Below-market lease liabilities:
Total projected to be included in rental revenue	8,661		15,815		14,674		13,832		13,110

The Company had an interest in one consolidated joint venture that owned one property as of June 30, 2019 and December 31, 2018. As of June 30, 2019 and December 31, 2018, the consolidated joint venture had total assets of $32.1 million and $32.5 million, respectively, of which $29.6 million and $29.9 million, respectively, 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 June 30, 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.

The Company’s investment in unconsolidated joint venture arrangements (the “Unconsolidated Joint Ventures”) consisted of interests in the Industrial Partnership and one joint venture as of June 30, 2019 and an interest in one joint venture as of December 31, 2018.

The Unconsolidated Joint Ventures had total aggregate debt outstanding of $269.3 million as of June 30, 2019, which is non-recourse to the Company, as discussed in Note 6 – Debt. There was no debt outstanding related to the Unconsolidated Joint Venture as of December 31, 2018.

The Company and the respective unconsolidated joint venture partners are subject to the provisions of the applicable joint venture agreement, which includes provisions for when additional contributions may be required to fund certain cash shortfalls, including the Company’s share of expansion project capital expenditures.



			Carrying Amount of Investment ⁽²⁾				Equity in Income
			Carrying Amount of Investment ⁽²⁾				Six Months Ended
Investment	Ownership % ⁽¹⁾	Number of Properties	June 30, 2019		December 31, 2018		June 30, 2019			June 30, 2018
Faison JV Bethlehem GA	90%	1	$	39,087	$	35,289	$	1,035		$	673
Industrial Partnership	20%	6	29,546		—		(30		)	—
			$	68,633	$	35,289	$	1,005		$	673

The total carrying amount of the investments was greater than the underlying equity in net assets by $4.7 million as of June 30, 2019 and December 31, 2018. This difference relates to a purchase price allocation of goodwill and a step up in fair value of the investment assets acquired in connection with mergers. The step up in fair value was allocated to the individual investment assets and is being amortized in accordance with the Company’s depreciation policy.