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Real Estate Activity (Tables) | 9 Months Ended
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Sep. 30, 2019
Real Estate Investments, Net [Abstract] |
Schedule of Real Estate Acquisition | 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%
Schedule of Acquired Intangible Leases | The fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of the above acquisitions are as follows (dollars in thousands, weighted-average useful life in years):
| Nine Months Ended
| September 30, 2019 |  | September 30, 2018
| Fair Value |  | Weighted-Average Useful Life |  | Fair Value |  | Weighted-Average Useful Life
In-place lease assets | $ | 4,736 |  |  | 11 |  | $ | 2,319 |  |  | 6
Above-market lease assets | 825 |  |  | 8 |  | 200 |  |  | 5
Below-market lease liabilities | (2,097 | ) |  | 16 |  | (1,299 | ) |  | 14
Schedule of Real Estate Disposal | The following table summarizes our property sales activity (dollars in thousands):
| Nine Months Ended
| September 30,
| 2019 |  | 2018
Number of properties sold | 10 |  |  | 5 |
Number of outparcels sold | 1 |  |  | — |
Proceeds from sale of real estate | $ | 86,159 |  |  | $ | 44,338 |
Gain on sale of properties, net(1) | 12,369 |  |  | 5,657 |
(1) | The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Disposal of Property, Net on the consolidated statements of operations.
Schedule of Long Lived Assets Held-for-sale | summary of assets and liabilities for the properties held for sale as of September 30, 2019 and December 31, 2018, is below (in thousands):
| September 30, 2019 |  | December 31, 2018
ASSETS |  |  |
Total investment in real estate assets, net | $ | 79,210 |  |  | $ | 16,889 |
Other assets, net | 1,536 |  |  | 475 |
Total assets | $ | 80,746 |  |  | $ | 17,364 |
LIABILITIES |  |  |
Below-market lease liabilities, net | $ | 3,385 |  |  | $ | 208 |
Accounts payable and other liabilities | 1,494 |  |  | 388 |
Total liabilities | $ | 4,879 |  |  | $ | 596 |

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- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -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 information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + 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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