Real Estate Activity

3 Months Ended

Mar. 31, 2020

Real Estate Investments, Net [Abstract]

4. REAL ESTATE ACTIVITY

Property Sales—The following table summarizes our real estate disposition activity (dollars in thousands):



	Three Months Ended March 31,
	2020			2019
Number of properties sold⁽¹⁾	3			3
Proceeds from sale of real estate	$	17,447		$	35,755
(Loss) gain on sale of properties, net⁽²⁾	(826		)	7,399


⁽¹⁾	We retained certain outparcels of land associated with one of our property dispositions during the three months ended March 31, 2020, and as a result, this property is still included in our total property count.


⁽²⁾	The (loss) gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in (Loss) Gain on Disposal of Property, Net on the consolidated statements of operations.

Impairment of Real Estate Assets—During the three months ended March 31, 2020, we did not recognize any impairment charges. During the three months ended March 31, 2019, we recognized impairment charges totaling $13.7 million. The impairments were associated with certain anticipated property dispositions where the net book value exceeded the estimated fair value. Our estimated fair value was based upon the contracted price to sell or the marketed price for disposition, less estimated costs to sell. We have applied reasonable estimates and judgments in determining the amount of impairment recognized.

Acquisitions—During the three months ended March 31, 2020, we acquired two parcels of land for a total of $4.3 million, both of which are either underneath or adjacent to shopping centers that we own.

There were no acquisitions during the three months ended March 31, 2019.