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Real Estate Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2017
Real Estate Investments, Net [Abstract] |
Allocation of Acquisition Purchase Price to Fair Value of 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 |
Weighted-average Amortization Periods of Acquired Lease Intangibles | The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the years ended December 31, 2017 and 2016, are as follows (in years):
| 2017 |  | 2016
Acquired in-place leases | 13 |  | 11
Acquired above-market leases | 6 |  | 6
Acquired below-market leases | 18 |  | 19

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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