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Real Estate Acquisitions and Dispositions (Tables)
12 Months Ended
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