Asset Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2020

Real Estate And Mortgage Loans On Real Estate Acquisitions And Disposals [Abstract]

2. Asset Acquisitions and Dispositions

Real estate assets

Real estate acquisitions

During the three months ended June 30, 2020, we acquired no SFR properties. During the three months ended June 30, 2019, we acquired 43 SFR properties for an aggregate purchase price of $5.5 million.

During the six months ended June 30, 2020 and 2019, we acquired 4 and 57 SFR properties, respectively, for an aggregate purchase price of $0.5 million and $7.4 million, respectively.

Real estate dispositions

During the three months ended June 30, 2020 and 2019, we sold 30 and 160 properties, respectively. Net proceeds of these sales were $5.9 million and $27.9 million, respectively.

During the six months ended June 30, 2020 and 2019, we sold 112 and 736 properties, respectively. Net proceeds of these sales were $18.8 million and $153.2 million, respectively.

Mortgage loan dispositions and resolutions

On October 7, 2019, we sold the last of our remaining mortgage loans. During the three and six months ended June 30, 2019, we resolved 5 and 13 mortgage loans, respectively, primarily through short sales, refinancing and foreclosure sales. Net proceeds of these resolutions were $0.6 million and $1.6 million, respectively.

Net gain (loss) on real estate and mortgage loans

The following table presents the components of net gain (loss) on real estate and mortgage loans during the three and six months ended June 30, 2020 and 2019 ($ in thousands):


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019

Conversion of mortgage loans to REO, net	$	—	$	137	$	—	$	752
Change in fair value of mortgage loans, net	—		176		—		292


Net realized gain on mortgage loans	—		204		—		727
Net realized (loss) gain on sales of real estate	(163)		3,325		1,370		10,848
Net (loss) gain on real estate and mortgage loans	$	(163)	$	3,842	$	1,370	$	12,619