| Acquisitions Closed |
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 |
|
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 |
|
|
| Purchase Price Allocation for Acquisitions |
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. |
|
| Condensed Pro Forma Financial Information |
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 |
|
|