4. Acquisitions

The Company closed on the following acquisitions during the six months ended June 30, 2017:

(in thousands, except number of properties)
Date	Tenant Type	Number of Properties		Real Estate Acquisition Price
January 18, 2017	Retail		1	$	2,520
March 1, 2017	Retail		9		87,196
April 28, 2017	Retial		25		48,898
June 2, 2017	Retail		2		13,300
June 15, 2017	Retail		2		2,700
June 30, 2017	Industrial		2		12,250
June 30, 2017	Office		7		25,989
			48	$	192,853	^(a)

^(a)	Acquisition price does not include acquisition costs of $4,150 capitalized in accordance with the adoption of ASU 2017-01 (see Note 2).

The Company closed on the following acquisitions during the six months ended June 30, 2016:

(in thousands, except number of properties)
Date	Tenant Type	Number of Properties		Real Estate Acquisition Price
January 25, 2016	Retail		3	$	13,376
February 1, 2016	Retail		1		27,000
March 24, 2016	Industrial		1		15,650
April 7, 2016	Office		2		17,115
April 25, 2016	Office		2		54,600
May 9, 2016	Retail		5		42,390
May 12, 2016	Office		1		4,500
May 20, 2016	Retail		19		36,843
May 25, 2016	Healthcare	^-(b)			5,624
June 30, 2016	Retail		7		28,477
			41	$	245,575

^(b)	Acquisition of capital expansion of existing property.

The Company allocated the purchase price of these properties to the relative fair value of the real estate assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for acquisitions completed during the six months ended June 30, 2017 and 2016, discussed above:

(in thousands)	June 30, 2017			June 30, 2016
Land	$	11,483		$	48,946
Land improvements		15,388			19,664
Buildings and other improvements		147,306			154,116
Acquired in-place leases^(c)		20,838			24,886
Acquired above-market leases^(d)		9,568			9,285
Acquired below-market leases^(e)		(11,126	)		(11,866	)
Direct financing		3,546			544
	$	197,003		$	245,575

^(c)	The weighted average amortization period for acquired in-place leases is 18 years for acquisitions completed during the six months ended June 30, 2017 and 2016.

^(d)	The weighted average amortization period for acquired above-market leases is 19 years for acquisitions completed during the six months ended June 30, 2017 and 2016.

^(e)	The weighted average amortization period for acquired below-market leases is 18 years for acquisitions completed during the six months ended June 30, 2017 and 2016.

The above acquisitions were funded using a combination of available cash on hand and proceeds from the Company’s unsecured revolving line of credit. All of the acquisitions closed during the six months ended June 30, 2017 qualified as asset acquisitions and, as such, acquisition costs were capitalized in accordance with ASU 2017-01. In conjunction with the acquisitions closed during the six months ended June 30, 2016, expenses of $4,038 and $4,959 for the three months and six months ended June 30, 2016 were incurred and included in Acquisition expenses in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss). From the date of acquisition through June 30, 2016, the Company recorded revenues of $1,796 and $3,342 for the three months and six months ended June 30, 2016, respectively, related to the properties acquired and accounted for as business combinations, and recognized net income of $2,088 and $2,549 for the three months and six months ended June 30, 2016, excluding the impact of one-time acquisition expenses from the date of acquisition through June 30, 2016.

Subsequent to June 30, 2017, the Company closed on the following acquisitions (see Note 17):

(in thousands, except number of properties)
Date	Property Type	Number of Properties	Acquisition Price
July 7, 2017	Office	1	$	31,210
August 4, 2017	Healthcare	3		11,732
		4	$	42,942

The Company has not completed the allocation of the acquisition date relative fair values for the properties acquired subsequent to June 30, 2017; however, it expects the acquisition to qualify as an asset acquisition and that the purchase price of these properties will primarily be allocated to land, land improvements, building and acquired lease intangibles.

Condensed Pro Forma Financial Information

The results of operations, excluding the impact of one-time acquisition costs, of the acquisitions accounted for as business combinations, for which financial information was available, are included in the following condensed pro forma financial information as if these acquisitions had been completed as of the beginning of the comparable prior annual period prior to the acquisition date. The following condensed pro forma financial information is presented as if the 2016 acquisitions were completed as of January 1, 2015. Pro forma financial information is not presented for the 2017 acquisitions based on their qualification as asset acquisitions in accordance with ASU 2017-01. These pro forma results are for comparative purposes only and are not necessarily indicative of what the Company’s actual results of operations would have been had the acquisitions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results.

The condensed pro forma financial information are as follows for the three months and six months ended June 30:

	For the three months ended		For the six months ended
	June 30,		June 30,
(in thousands)	2016		2016
Revenues	$	36,755	$	68,227
Net income		11,113		16,548