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REIT II Merger (Tables) | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands):
| Amount
Fair value of PECO common stock issued(1) | $ | 1,054,745 |
Fair value of REIT II debt: |
Corporate debt | 719,181 |
Mortgages and notes payable | 102,727 |
Derecognition of REIT II management contracts, net(2) | 30,428 |
Transaction costs | 11,587 |
Total consideration and debt activity | 1,918,668 |
Less: debt assumed | 464,462 |
Total consideration | $ | 1,454,206 |
(1) | The total number of shares of common stock issued was 95.5 million.
(2) | Previously a component of Other Assets, Net.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands):
| Amount
Assets: |
Land and improvements | $ | 561,100 |
Building and improvements | 1,198,884 |
Intangible lease assets | 197,384 |
Fair value of unconsolidated joint venture | 16,470 |
Cash and cash equivalents | 354 |
Restricted cash | 5,159 |
Accounts receivable and other assets | 33,045 |
Total assets acquired | 2,012,396 |
Liabilities: |
Debt assumed | 464,462 |
Intangible lease liabilities | 60,421 |
Accounts payable and other liabilities | 33,307 |
Total liabilities assumed | 558,190 |
Net assets acquired | $ | 1,454,206 |
The following table summarizes our real estate acquisitions during the nine months ended September 30, 2019 and 2018 (dollars in thousands):
Property Name |  | Location |  | Anchor Tenant |  | Acquisition Date |  | Purchase Price |  | Leased % of Rentable Square Feet at Acquisition
Murray Landing Outparcel |  | Columbia, SC |  | N/A |  | 5/16/2019 |  | $ | 295 |  |  | N/A
Naperville Crossings |  | Naperville, IL |  | ALDI |  | 4/26/2019 |  | 49,585 |  |  | 88.0%
Sierra Vista Plaza |  | Murrieta, CA |  | Stater Brothers(1) |  | 9/28/2018 |  | 22,151 |  |  | 81.0%
Shoppes of Lake Village |  | Leesburg, FL |  | Publix |  | 2/26/2018 |  | 8,423 |  |  | 71.3%

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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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