During the nine months ended September 30, 2019, the Company acquired controlling financial interests in 40 commercial properties for an aggregate purchase price of $260.7 million (the “2019 Acquisitions”), which includes $1.4 million of external acquisition-related expenses that were capitalized. During the nine months ended September 30, 2018, the Company acquired a controlling interest in 42 commercial properties for an aggregate purchase price of $280.4 million (the “2018 Acquisitions”), which includes $2.1 million related to an outstanding tenant improvement allowance and $1.6 million of external acquisition-related expenses that were capitalized.



	Nine Months Ended September 30,
	2019		2018
Real estate investments, at cost:
Land	$	47,749	$	54,732
Buildings, fixtures and improvements	181,904		181,011
Total tangible assets	229,653		235,743
Acquired intangible assets:
In-place leases and other intangibles ⁽¹⁾	31,062		42,050
Above-market leases⁽²⁾	—		2,750
Assumed intangible liabilities:
Below-market leases⁽³⁾	—		(116		)
Total purchase price of assets acquired	$	260,715	$	280,427

As of September 30, 2019, the Company invested $27.6 million, including $0.7 million of external acquisition-related expenses and interest that were capitalized, in one build-to-suit development project. The Company does not have any remaining committed investments related to the project.

During the nine months ended September 30, 2019, the Company disposed of 107 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”) and one property sold through a foreclosure as discussed in Note 6 – Debt, for an aggregate gross sales price of $926.0 million, of which our share was $905.9 million after the profit participation payments related to the disposition of 33 Red Lobster properties. The dispositions resulted in proceeds of $846.0 million after closing costs and contributions to the Industrial Partnership. The Company recorded a gain of $251.9 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 nine months ended September 30, 2018, the Company disposed of 112 properties, including one property conveyed to a lender in a deed-in-lieu of foreclosure transaction, for an aggregate gross sales price of $371.0 million, of which our share was $356.6 million after the profit participation payment related to the disposition of 22 Red Lobster properties. The dispositions resulted in proceeds of $352.8 million after closing costs. The Company recorded a gain of $70.3 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 nine months ended September 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 September 30, 2019, there were 57 properties classified as held for sale with a carrying value of $66.7 million, included in real estate assets held for sale, net, primarily comprised of land of $20.4 million and building, fixtures and improvements, net of $43.4 million, 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 nine months ended September 30, 2019 and 2018, the Company recorded losses of $0.8 million and $1.9 million, respectively, related to held for sale properties.



	Weighted-Average Useful Life	September 30, 2019		December 31, 2018
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $741,320 and $703,909, respectively	14.1	$	867,642	$	980,971
Leasing commissions, net of accumulated amortization of $5,313 and $4,048, respectively	10.2	15,058		15,660
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $108,256 and $105,936, respectively	13.6	172,343		201,875
Total intangible lease assets, net		$	1,055,043	$	1,198,506

Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $96,911 and $89,905, respectively	19.2	$	147,997	$	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 $2.0 million and $3.2 million for the nine months ended September 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 $96.9 million and $104.5 million for the nine months ended September 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	$	31,015	$	115,891	$	108,723	$	95,161	$	84,677
Leasing commissions:
Total projected to be included in amortization expense	571		2,154		1,997		1,906		1,725
Above-market lease assets and deferred lease incentives:
Total projected to be deducted from rental revenue	5,063		19,426		19,000		18,189		17,245
Below-market lease liabilities:
Total projected to be included in rental revenue	4,432		15,778		14,637		13,796		13,073

The Company had an interest in one consolidated joint venture that owned one property as of September 30, 2019 and December 31, 2018. As of September 30, 2019 and December 31, 2018, the consolidated joint venture had total assets of $32.0 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 $13.7 million and $14.0 million as of September 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 September 30, 2019 and an interest in one joint venture as of December 31, 2018.

During the nine months ended September 30, 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 Unconsolidated Joint Ventures had total aggregate debt outstanding of $269.3 million as of September 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⁾				Nine Months Ended
Investment	Ownership % ⁽¹⁾	Number of Properties	September 30, 2019		December 31, 2018		September 30, 2019		September 30, 2018
Faison JV Bethlehem GA	90%	1	$	39,633	$	35,289	$	1,583	$	993
Industrial Partnership	20%	6	29,392		—		99		—
			$	69,025	$	35,289	$	1,682	$	993

The total carrying amount of the investments was greater than the underlying equity in net assets by $4.7 million as of September 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.