Asset Acquisitions and Dispositions

9 Months Ended

Sep. 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 September 30, 2020, we acquired no SFR properties. During the three months ended September 30, 2019, we acquired 28 SFR properties for an aggregate purchase price of $3.8 million.

During the nine months ended September 30, 2020 and 2019, we acquired 4 and 85 SFR properties, respectively, for an aggregate purchase price of $0.5 million and $11.1 million, respectively.

Real estate dispositions

During the three months ended September 30, 2020 and 2019, we sold 37 and 126 properties, respectively. Net proceeds of these sales were $5.0 million and $22.6 million, respectively.

During the nine months ended September 30, 2020 and 2019, we sold 149 and 862 properties, respectively. Net proceeds of these sales were $23.8 million and $175.8 million, respectively.

Mortgage loan dispositions and resolutions

On October 7, 2019, we sold the last of our remaining mortgage loans. During the three and nine months ended September 30, 2019, we resolved 5 and 18 mortgage loans, respectively, primarily through short sales, refinancing and foreclosure sales. Net proceeds of these resolutions were $0.2 million and $1.8 million, respectively.

Net gain on real estate and mortgage loans

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


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019

Conversion of mortgage loans to REO, net	$	—	$	17	$	—	$	769
Change in fair value of mortgage loans, net	—		(81)		—		211


Net realized loss on mortgage loans	—		(1,671)		—		(944)
Net realized gain on sales of real estate	176		2,089		1,546		12,937
Net gain on real estate and mortgage loans	$	176	$	354	$	1,546	$	12,973