Operating Property Activities

Acquisitions of Operating Properties -

During the

three

months ended

March 31, 2019,

the Company acquired the following operating properties, in separate transactions, through direct asset purchases (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash*		GLA**
Bell Camino Out-parcel	Sun City, AZ	Jan-19	$	5,678		45
Gateway at Donner Pass Out-parcel	Truckee, CA	Jan-19		13,527		40
Rancho Penasquitos Out-parcel	San Diego, CA	Jan-19		12,064		40
			$	31,269		125

* The Company utilized an aggregate

$31.0

million associated with Internal Revenue Code

§1031

sales proceeds.

** Gross leasable area ("GLA")

Included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income for the

three

months ended

March 31, 2019

$0.3

million in revenue resulting from these acquisitions.

Purchase Price Allocations -

The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired during the

three

months ended

March 31, 2019,

are as follows (in thousands):

	Allocation as of March 31, 2019		Weighted-Average Amortization Period (in Years)
Land	$	8,266		n/a
Buildings		15,935		50.0
Building improvements		1,313		45.0
Tenant improvements		1,637		20.0
In-place leases		4,118		20.0
Net assets acquired	$	31,269

Dispositions

The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels (dollars in millions):

	Three Months Ended March 31 ,
	201 9		2018
Aggregate sales price/gross fair value	$	74.2	$	522.5
Gain on sale of properties/change in control of interests	$	23.6	$	57.0
Impairment charges	$	1.0	$	2.4
Number of operating properties sold/deconsolidated		5		20
Number of out-parcels sold		2		1

Impairments

During the

three

months ended

March 31, 2019,

the Company recognized aggregate impairment charges of

$4.2

million. These impairment charges consist of (i)

$3.2

million related to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold period for such properties and (ii)

$1.0

million related to the sale of certain operating properties, as discussed above. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from signed contracts or letters of intent from

third

party offers. See Footnote

to the Notes to the Company’s Condensed Consolidated Financial Statements for fair value disclosure.