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PELP Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | Under the terms of this transaction, the following consideration was given in exchange for the contribution of PELP’s ownership interests in 76 shopping centers, its third-party investment management business, and its captive insurance company (in thousands):
| Amount
Fair value of Operating Partnership units (“OP units”) issued | $ | 401,630 |
Debt assumed: |
Corporate debt | 432,091 |
Mortgages and notes payable | 72,649 |
Cash payments | 30,420 |
Fair value of earn-out | 38,000 |
Total consideration | 974,790 |
PELP debt repaid by the Company on the transaction date | (432,091 | )
Net consideration | $ | 542,699 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price allocation based on that report (in thousands):
| Amount
Assets: |
Land and improvements | $ | 269,140 |
Building and improvements | 574,154 |
Intangible lease assets | 93,506 |
Cash | 5,930 |
Accounts receivable and other assets | 42,426 |
Management contracts | 58,000 |
Goodwill | 29,085 |
Total assets acquired | 1,072,241 |
Liabilities: |
Accounts payable and other liabilities | 48,342 |
Acquired below-market leases | 49,109 |
Total liabilities acquired | 97,451 |
Net assets acquired | $ | 974,790 |
For the years ended December 31, 2017 and 2016, we allocated the purchase price of acquisitions unrelated to the PELP transaction, including acquisition costs for 2017, to the fair value of the assets acquired and liabilities assumed as follows (in thousands):
| 2017 |  | 2016
Land and improvements | $ | 47,556 |  |  | $ | 78,908 |
Building and improvements | 130,482 |  |  | 140,145 |
Acquired in-place leases | 17,740 |  |  | 21,506 |
Acquired above-market leases | 1,314 |  |  | 3,559 |
Acquired below-market leases | (5,736 | ) |  | (10,198 | )
Total assets and lease liabilities acquired | 191,356 |  |  | 233,920 |
Less: Fair value of assumed debt at acquisition | 30,831 |  |  | 33,326 |
Net assets acquired | $ | 160,525 |  |  | $ | 200,594 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years):
| Fair Value | Weighted-Average Useful Life
Management contracts | $ | 58,000 |  | 5
Acquired in-place leases | 83,305 |  | 9
Acquired above-market leases | 10,201 |  | 7
Acquired below-market leases | (49,109 | ) | 13
Business Combination, Results of Operations | The consolidated net assets and results of operations of PELP’s contributions are included in the consolidated financial statements from October 4, 2017, going forward and resulted in the following impact to Total Revenues and Net Loss (in thousands):
| 2017
Revenues | $ | 21,202 |
Net income | 1,297 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if the PELP transaction had occurred on January 1, 2016. These results contain certain, nonrecurring adjustments, such as the elimination of transaction expenses incurred related to the PELP transaction and the elimination of intercompany activity related to creating an internalized management structure. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the PELP transaction occurred at the beginning of the period, nor does it purport to represent the results of future operations.
| For the Year Ended December 31,
(in thousands) | 2017 |  | 2016
Pro forma revenues | $ | 402,898 |  |  | $ | 400,089 |
Pro forma net income (loss) attributable to stockholders | 1,982 |  |  | (3,956 | )

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