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Real Estate Acquisitions and Dispositions | 12 Months Ended
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Dec. 31, 2017
Real Estate Investments, Net [Abstract] |
Real Estate Acquisitions and Dispositions |
4. REAL ESTATE ACQUISITIONS AND DISPOSITIONS
During the year ended December 31, 2017, we acquired 84 shopping centers, including 76 shopping centers through the PELP transaction (see Note 3 for more detail) and eight grocery-anchored shopping centers outside of the PELP transaction. Our first quarter acquisition closed out the IRC reverse Section 1031 like-kind exchange outstanding as of December 31, 2016. For the year ended December 31, 2016, we acquired seven grocery-anchored shopping centers and additional real estate adjacent to previously acquired centers. 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 |
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
Dispositions—In October 2017, we sold a property for $6.5 million and recognized a gain of $1.8 million. For tax-purposes, we deferred the gain through an IRC Section 1031 like-kind exchange, which was completed with our subsequent acquisition of Shoppes of Lake Village in February 2018 (see Note 20). We also sold a property in December 2016 and recognized a gain of $4.7 million. Gains on property dispositions are recorded in Other Income, Net on the consolidated statements of operations.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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