The following table summarizes our consolidated investments in real estate properties and excludes properties classified as held for sale. Refer to “Note 3” for detail relating to our real estate properties held for sale.

During the six months ended June 30, 2022, we acquired 100% of the following properties, all of which were determined to be asset acquisitions:

(1)	Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2022 acquisitions.

During the six months ended June 30, 2022, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows:


	For the Six Months Ended
($ in thousands)	June 30, 2022
Land	$	152,767
Building		999,305
Intangible lease assets		41,439
Above-market lease assets		696
Below-market lease liabilities		(6,174)
Total purchase price (1)	$	1,188,033

(1)	There was no debt assumed in connection with the 2022 acquisitions.

The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the six months ended June 30, 2022, as of the respective date of each acquisition, was 5.2 years.

Dispositions

During the six months ended June 30, 2022, we sold five retail properties, one office property and one retail land parcel for net proceeds of approximately $251.8 million. We recorded a net gain on sale of approximately $83.5 million.

During the six months ended June 30, 2021, we sold one retail property and one industrial property for net proceeds of approximately $49.0 million. We recorded a net gain on sale of approximately $27.3 million.

Intangible Lease Assets and Liabilities

Intangible lease assets and liabilities, excluding properties classified as held for sale, as of June 30, 2022 and December 31, 2021 include the following:


	As of June 30, 2022						As of December 31, 2021
			Accumulated						Accumulated
(in thousands)	Gross		Amortization		Net		Gross		Amortization		Net
Intangible lease assets	$	294,941	$	(198,710)	$	96,231	$	261,401	$	(186,820)	$	74,581
Above-market lease assets		22,899		(19,337)		3,562		22,727		(19,507)		3,220
Below-market lease liabilities		(78,286)		31,681		(46,605)		(80,206)		32,707		(47,499)

Rental Revenue Adjustments and Depreciation and Amortization Expense

The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Increase (decrease) to rental revenue:
Straight-line rent adjustments	$	1,240	$	693	$	1,966	$	1,869
Above-market lease amortization		(185)		(87)		(354)		(189)
Below-market lease amortization		1,210		746		2,406		1,497
Real estate-related depreciation and amortization:
Depreciation expense	$	25,349	$	14,054	$	45,547	$	27,408
Intangible lease asset amortization		11,554		3,120		18,807		6,499

Real Estate Property Impairment

During the six months ended June 30, 2021, we recorded non-cash impairment charges of $0.8 million related to a retail property located in the Greater Boston market, which was disposed of in March 2021. Prior to the disposition, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment.