4. Acquisitions

The Company closed on the following acquisitions during the year ended December 31, 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	Retail		25		48,898
June 2, 2017	Healthcare		2		13,300
June 15, 2017	Retail		2		2,700
June 30, 2017	Industrial		2		12,250
June 30, 2017	Healthcare		7		25,989
July 7, 2017	Office		1		32,210
August 4, 2017	Healthcare		3		11,732
August 31, 2017	Healthcare		3		16,700
August 31, 2017	Industrial		2		6,148
September 13, 2017	Retail		5		4,994
September 29, 2017	Industrial, Retail		7		30,012
September 29, 2017	Industrial		1		57,372
October 13, 2017	Healthcare		1		10,000	^(a)
November 1, 2017	Other		4		15,693	^{(b) (c)}
December 7, 2017	Office		2		19,295
December 7, 2017	Healthcare		1		5,095
December 7, 2017	Healthcare		1		2,678
December 8, 2017	Industrial, Office		3		74,200
December 14, 2017	Office		1		24,500
December 18, 2017	Other		1		22,585
December 22, 2017	Industrial		2		19,000
December 22, 2017	Industrial		1		21,037
December 27, 2017	Retail		1		1,446
December 28, 2017	Industrial		1		28,450
December 29, 2017	Retail		9		28,224
December 29, 2017	Retail		20		39,552
December 29, 2017	Healthcare		6		19,868
			124	$	683,644	^(d)

^(a)

In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $5,205 with a variable interest rate at 1-month LIBOR plus 3.0% and a maturity date of August 2021 (see Note 10). The Company also assumed an interest rate swap with a fixed rate of 1.02% and a maturity date of August 2021 (see Note 11).

^(b)	The acquisition was conducted with a related party and approved by the IDC. The fees required under the Asset Management Agreement (see Note 3) were waived by the Asset Manager.

^(c)	In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $6,721 with an interest rate of 3.65% and a maturity date of October 2026 (see Note 10).

^(d)	Acquisition price does not include acquisition costs of $12,349 capitalized in accordance with the adoption of ASU 2017-01 (see Note 2).

The Company closed on the following acquisitions during the year ended December 31, 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	Healthcare		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	^(e)			5,624
June 30, 2016	Retail		7		28,477
July 15, 2016	Healthcare		2		26,700
August 12, 2016	Other		3		12,399
September 14, 2016	Office		1		14,000
September 29, 2016	Retail		24		82,338
October 3, 2016	Retail		6		6,872
November 10, 2016	Office		1		10,550
November 21, 2016	Retail		2		7,597
November 29, 2016	Office		4		15,177
December 19, 2016	Industrial		1		23,050
December 23, 2016	Office		1		43,517
December 30, 2016	Office		1		15,550
December 30, 2016	Industrial		1		15,487
			88	$	518,812

^(e)	Acquisition of capital expansion on existing property.

The Company closed on the following acquisitions during the year ended December 31, 2015:

(in thousands, except number of properties)
Date	Tenant Type	Number of Properties		Real Estate Acquisition Price
January 6, 2015	Healthcare		1	$	4,400
January 9, 2015	Industrial		1		4,300
February 12, 2015	Office		2		8,796
March 9, 2015	Retail		1		3,563
March 12, 2015	Retail		5		14,542
March 24, 2015	Industrial		1		11,354
March 26, 2015	Industrial		1		21,750
March 31, 2015	Industrial		2		9,751
April 2, 2015	Industrial		1		10,764
April 2, 2015	Retail, Industrial		3		6,090
May 15, 2015	Healthcare		5		17,125
June 19, 2015	Retail		10		19,663
June 19, 2015	Retail		1		2,259
June 24, 2015	Office		2		33,300
June 26, 2015	Retail		1		1,558
June 26, 2015	Industrial		5		41,169
June 29, 2015	Office		1		15,600
July 17, 2015	Land	^(f)			702
September 15, 2015	Industrial		1		12,720
September 25, 2015	Retail		3		11,195
September 28, 2015	Industrial		2		10,193
September 30, 2015	Retail		1		4,030
October 5, 2015	Retail		36		83,032
October 23, 2015	Industrial		2		51,600
November 23, 2015	Healthcare		1		56,600
December 8, 2015	Retail		8		18,191
December 15, 2015	Industrial		1		1,500
December 17, 2015	Retail		15		62,468
December 30, 2015	Retail		3		11,913
			116	$	550,128

^(f)	Acquisition of land adjacent to existing property.

The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for acquisitions completed during the years ended December 31, 2017, 2016, and 2015.

	December 31,
(in thousands)	2017			2016			2015
Land	$	67,945		$	70,938		$	48,060
Land improvements		54,804			38,526			40,715
Buildings and other improvements		508,541			358,058			391,528
Equipment		7,671			—			—
Acquired in-place leases ^(g)		77,073			52,867			58,874
Acquired above-market leases ^(h)		14,905			19,420			15,108
Acquired below-market leases ⁽ⁱ⁾		(38,493	)		(21,541	)		(13,752	)
Direct financing investments		3,546			544			9,595
Mortgages payable, net		(11,926	)		—			—
Non-real estate liabilities		(2,777	)		(8,649	)		(13,408	)
	$	681,289		$	510,163		$	536,720

^(g)	The weighted average amortization period for acquired in-place leases is 15 years, 17 years, and 18 years for acquisitions completed during the years ended December 31, 2017, 2016, and 2015, respectively.

^(h)	The weighted average amortization period for acquired above-market leases is 17 years, 17 years, and 18 years for acquisitions completed during the years ended December 31, 2017, 2016, and 2015, respectively.

⁽ⁱ⁾	The weighted average amortization period for acquired below-market leases is 19 years, 17 years, and 18 years for acquisitions completed during the years ended December 31, 2017, 2016, and 2015, respectively.

The above acquisitions were funded using a combination of available cash on hand and proceeds from the Company’s unsecured revolving line of credit and unsecured term notes. All of the acquisitions closed during the year ended December 31, 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 years ended December 31, 2016 and 2015, expenses of $10,880 and $9,947, respectively, were incurred and included in Acquisition expenses in the accompanying Consolidated Statements of Income and Comprehensive Income.

The Company recorded the following revenues and net income, excluding the impact of one-time acquisition expenses, in the Consolidated Statements of Income and Comprehensive Income related to properties acquired and accounted for as business combinations from the date of acquisition through December 31, 2016 and 2015:

	December 31,
(in thousands)	2016		2015
Revenues	$	17,088	$	15,752
Net income		9,462		8,569

Condensed Pro Forma Financial Information (Unaudited)

The results of operations, excluding the impact of one-time acquisition costs of $10,880 and $9,947 for the years ended December 31, 2016 and 2015, respectively, of the acquisitions accounted for as business combinations, for which financial information was available, are included in the following unaudited 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 unaudited pro forma financial information is presented as if the 2016 acquisitions were completed as of January 1, 2015, and the 2015 acquisitions were completed as of January 1, 2014. 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 unaudited condensed pro forma financial information are as follows for the years ended December 31:

	December 31,
(in thousands)	2016		2015
Revenues	$	174,727	$	166,647
Net income		69,504		69,780