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Acquired Properties
 6 Months Ended
Jun. 30, 2017
Business Combinations [Abstract]  
Acquired Properties
Acquired Properties
The Company records identifiable assets, liabilities and noncontrolling interests acquired at fair value. During the six months ended June 30, 2017, the Company acquired three wholly owned multi-tenant retail assets for a gross acquisition price of $289,900 and assumed mortgage debt of $41,717 on one acquisition reported as part of non-cash financing activities. Under the newly adopted ASU No. 2017-01, the Company determined these transactions should be accounted for as acquisitions of assets. Accordingly, the Company capitalized transaction costs of approximately $1,168 during the six months ended June 30, 2017.
The following table reflects the multi-tenant retail assets acquired during the six months ended June 30, 2017.
Asset
 
Location
 
Acquisition Date
 
Gross Acquisition Price
 
Square Feet
Campus Marketplace
 
San Marcos, CA
 
1/6/2017
 
$
73,350

 
144,000
Paraiso Parc and Westfork Plaza
 
Pembroke Pines, FL
 
2/1/2017
 
163,000

 
369,000
The Shops at Town Center
 
Germantown, MD
 
2/21/2017
 
53,550

 
125,000
 
 
 
 
 
 
$
289,900

 
638,000
The following table summarizes the estimated fair value of the multi-tenant retail assets acquired and liabilities assumed for the six months ended June 30, 2017, as listed above.
 
2017 Acquisitions
Land
$
75,194

Building and other improvements
181,389

Total investment properties
256,583

Intangible assets (a)
25,193

Intangible liabilities (b)
(8,516
)
Net other assets and liabilities
16,640

Total fair value of assets acquired and liabilities assumed
$
289,900


(a)
Intangible assets include in-place leases and above market leases.
(b)
Intangible liabilities include below market leases.
For assets acquired in 2017, the Company recorded income of $5,455 and $8,986, respectively, for the three and six months ended June 30, 2017. In addition, the Company recorded property net income of $3,935 and $6,672, respectively, for the three and six months ended June 30, 2017.
The following table reflects the multi-tenant retail assets acquired during the six months ended June 30, 2016.
Asset
 
Location
 
Acquisition Date
 
Gross Acquisition Price
 
Square Feet
Shops at the Galleria
 
Bee Cave, TX
 
4/1/2016
 
$
132,000

 
538,000
Renaissance Center
 
Durham, NC
 
4/1/2016
 
129,200

 
363,000
Stevenson Ranch
 
Stevenson, CA
 
4/15/2016
 
72,500

 
187,000
 
 
 
 
 
 
$
333,700

 
1,088,000
The following table summarizes the estimated fair value of the multi-tenant retail assets acquired and liabilities assumed for the six months ended June 30, 2016, as listed above. In addition, The Company assumed mortgage debt of $16,000 on one acquisition reported as part of non-cash financing activities.
 
2016 Acquisitions
Land
$
108,340

Building and other improvements
211,014

Total investment properties
319,354

Intangible assets (a)
28,944

Intangible liabilities (b)
(14,858
)
Net other assets and liabilities
260

Total fair value of assets acquired and liabilities assumed
$
333,700

(a)
Intangible assets include in-place leases, above market leases, tenant improvement allowance and leasing commissions.
(b)
Intangible liabilities include below market leases.
The acquired assets are included in the Company's results of operations based on their date of acquisition. The following unaudited pro-forma results of operations reflect these transactions as if each had occurred on January 1, 2016. The pro-forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
 
Three months ended
June 30, 2016
 
Six months ended
June 30, 2016
Revenues
$
62,993

 
$
131,723

Net income from continuing operations
$
19,697

 
$
35,282


For assets acquired during the six months ended June 30, 2016, the Company recorded income of $6,589 for the three and six months then ended June 30, 2016. In addition, the Company recorded property net income of $4,897, excluding acquisition costs expensed as general and administrative expense of $627 and $770, respectively, for the three and six months then ended June 30, 2016.