16. SUBSEQUENT EVENTS

Distributions—Distributions paid to stockholders and OP unit holders of record subsequent to September 30, 2018, were as follows (in thousands, except distribution rate):



Month	Date of Record	Distribution Rate	Date Distribution Paid	Gross Amount of Distribution Paid		Distribution Reinvested through the DRIP		Net Cash Distribution
September	9/17/2018	$0.05583344	10/1/2018	$	12,691	$	3,817	$	8,874
October	10/15/2018	$0.05583344	11/1/2018	12,701		3,787		8,914

In November 2018, our board of directors authorized distributions for December 2018, as well as January and February 2019 to the stockholders of record at the close of business on December 17, 2018, January 15, 2019, and February 15, 2019, respectively, equal to a monthly amount of $0.05583344 per share of common stock. OP unit holders will receive distributions at the same rate as common stockholders.

Acquisitions—Subsequent to September 30, 2018, we acquired the following property (dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Contractual Purchase Price

Square Footage

Leased % of Rentable Square Feet at Acquisition

Wheat Ridge Marketplace

Wheat Ridge, CO

Safeway

10/3/2018

$ 18,750⁽¹⁾

103,438

90.5


⁽¹⁾	The purchase price includes debt assumed as part of the acquisition.

Joint Ventures with Northwestern Mutual—On November 2, 2018, PECO (through our direct and indirect subsidiaries) and The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”) entered into a definitive agreement pursuant to which we will contribute or sell our ownership interests in 17 grocery-anchored shopping centers, valued at approximately $368 million, to a new joint venture. Northwestern Mutual will acquire an 85% interest in the joint venture and we will retain a 15% interest and will continue to provide asset and property management services to the joint venture. We expect to use the proceeds received from this transaction to pay down outstanding debt, fund redevelopment projects, and further expand our portfolio of grocery-anchored shopping centers. As a part of this transaction, the joint venture will also assume our $175 million loan facility due in 2026.

On November 2, 2018, PECO III and Northwestern Mutual entered into a similar definitive agreement to a new joint venture. We will continue to provide asset and property management services to this PECO III joint venture.

We expect to close both joint venture transactions during the fourth quarter of 2018.