Real Estate Investments	9 Months Ended
Sep. 30, 2019
Real Estate Investments
Real Estate Investments	Note 4 – Real Estate Investments Real Estate Portfolio As of September 30, 2019, the Company owned 789 operating properties located in 46 states, with a total gross leasable area of approximately 14.0 million square feet. Net Real Estate Investments totaled $2.1 billion as of September 30, 2019. As of December 31, 2018, the Company owned 645 operating properties located in 46 states, with a total gross leasable area of approximately 11.2 million square feet. Net Real Estate Investments totaled $1.7 billion as of December 31, 2018. Acquisitions During the three months ended September 30, 2019, the Company purchased 68 retail net lease assets for approximately $246.4 million, which includes acquisition and closing costs. These properties are located in 27 states and are leased for a weighted average lease term of approximately 12.3 years. During the nine months ended September 30, 2019, the Company purchased 147 retail net lease assets for approximately $565.0 million, which includes acquisition and closing costs. These properties are located in 37 states and are leased for a weighted average lease term of approximately 11.9 years. The aggregate acquisitions for the nine months ended September 30, 2019 were allocated $165.2 million to land, $323.1 million to buildings and improvements, and $76.7 million to lease intangibles. The acquisitions were all cash purchases and there was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during the first nine months of 2019 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized contractual base rent at September 30, 2019. Developments During the three and nine months ended September 30, 2019, the Company completed four and eight developments or Partner Capital Solutions projects, respectively. At September 30, 2019 the Company had two such projects under construction. Dispositions During the three months ended September 30, 2019, the Company sold three properties for net proceeds of $7.7 million and the Company recorded a net gain of $2.6 million. During the nine months ended September 30, 2019, the Company sold nine properties for net proceeds of $34.5 million and the Company recorded a net gain of $9.0 million. Provision for Impairment The Company reviews long-lived assets, including intangible assets, for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations. Events or changes in circumstances may include significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. The Company recognized no provisions for impairment for the three months ended September 30, 2019 and $0.5 million for the three months ended September 30, 2018, and $1.6 million and $1.7 million for the nine months ended September 30, 2019 and 2018, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during the nine months ended September 30, 2019 was $3.0 million. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions, and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.

Real Estate Investments

9 Months Ended

Sep. 30, 2019

Note 4 – Real Estate Investments

Real Estate Portfolio

As of September 30, 2019, the Company owned 789 operating properties located in 46 states, with a total gross leasable area of approximately 14.0 million square feet. Net Real Estate Investments totaled $2.1 billion as of September 30, 2019. As of December 31, 2018, the Company owned 645 operating properties located in 46 states, with a total gross leasable area of approximately 11.2 million square feet. Net Real Estate Investments totaled $1.7 billion as of December 31, 2018.

Acquisitions

During the three months ended September 30, 2019, the Company purchased 68 retail net lease assets for approximately $246.4 million, which includes acquisition and closing costs. These properties are located in 27 states and are leased for a weighted average lease term of approximately 12.3 years.

During the nine months ended September 30, 2019, the Company purchased 147 retail net lease assets for approximately $565.0 million, which includes acquisition and closing costs. These properties are located in 37 states and are leased for a weighted average lease term of approximately 11.9 years.

The aggregate acquisitions for the nine months ended September 30, 2019 were allocated $165.2 million to land, $323.1 million to buildings and improvements, and $76.7 million to lease intangibles. The acquisitions were all cash purchases and there was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during the first nine months of 2019 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized contractual base rent at September 30, 2019.

Developments

During the three and nine months ended September 30, 2019, the Company completed four and eight developments or Partner Capital Solutions projects, respectively. At September 30, 2019 the Company had two such projects under construction.

Dispositions

During the three months ended September 30, 2019, the Company sold three properties for net proceeds of $7.7 million and the Company recorded a net gain of $2.6 million.

During the nine months ended September 30, 2019, the Company sold nine properties for net proceeds of $34.5 million and the Company recorded a net gain of $9.0 million.

Provision for Impairment

The Company reviews long-lived assets, including intangible assets, for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations. Events or changes in circumstances may include significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. The Company recognized no provisions for impairment for the three months ended September 30, 2019 and $0.5 million for the three months ended September 30, 2018, and $1.6 million and $1.7 million for the nine months ended September 30, 2019 and 2018, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during the nine months ended September 30, 2019 was $3.0 million.

The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions, and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.