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Acquired Assets | 9 Months Ended
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Sep. 30, 2017
Business Combinations [Abstract] |
Acquired Assets | Acquired Assets The Company records identifiable assets, liabilities and noncontrolling interests acquired at fair value. During the nine months ended September 30, 2017, the Company acquired six wholly owned and two consolidated multi-tenant retail assets for a gross acquisition price of $633,425. 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 $524 and $1,692, respectively, during the three and nine months ended September 30, 2017. The following table reflects the multi-tenant retail assets acquired during the nine months ended September 30, 2017.
Asset |  | Location |  | Acquisition Date |  | Gross Acquisition Price |  | Square Feet
Campus Marketplace (a) |  | San Marcos, CA |  | 1/6/2017 |  | $ | 73,350 |  |  | 144,000
Paraiso Parc and Westfork Plaza |  | Pembroke Pines, FL |  | 2/1/2017 |  | 163,000 |  |  | 386,000
The Shops at Town Center |  | Germantown, MD |  | 2/21/2017 |  | 53,550 |  |  | 125,000
Cary Park Town Center |  | Cary, NC |  | 8/14/2017 |  | 25,000 |  |  | 93,000
The Parke |  | Cedar Park, TX |  | 8/18/2017 |  | 112,250 |  |  | 364,000
The Plaza Midtown |  | Atlanta, GA |  | 8/18/2017 |  | 31,800 |  |  | 70,000
River Oaks (b) |  | Santa Clarita, CA |  | 9/14/2017 |  | 115,000 |  |  | 275,000
Kyle Marketplace (b) |  | Kyle, TX |  | 9/21/2017 |  | 59,475 |  |  | 226,000
|  |  |  |  |  | $ | 633,425 |  |  | 1,683,000
(a) | As part of this acquisition, the Company assumed mortgage debt of $41,717 as reported within non-cash financing activities on the consolidated statements of cash flows for the nine months ended September 30, 2017.
(b) | These assets are held at a wholly owned subsidiary of the EAT as Parked Assets in anticipation of completing a Reverse 1031 Exchange in 2018 (See "Note 5. Investment in Consolidated and Unconsolidated Entities")
The following table summarizes the estimated fair value of the multi-tenant retail assets acquired and liabilities assumed for the nine months ended September 30, 2017, as listed above.
| 2017 Acquisitions
Land | $ | 125,990 |
Building and other improvements | 440,204 |
Total investment properties | 566,194 |
Intangible assets (a) | 69,306 |
Intangible liabilities (b) | (19,099 | )
Net other assets and liabilities | 17,024 |
Total fair value of assets acquired and liabilities assumed | $ | 633,425 |
(a) | Intangible assets include in-place leases and above market leases.
(b) | Intangible liabilities include below market leases.
The following table reflects the multi-tenant retail assets acquired during the nine months ended September 30, 2016 that were accounted for as business combinations.
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 (a) |  | Durham, NC |  | 4/1/2016 |  | 129,200 |  |  | 363,000
Stevenson Ranch |  | Stevenson, CA |  | 4/15/2016 |  | 72,500 |  |  | 187,000
The Pointe at Creedmoor |  | Raleigh, NC |  | 7/12/2016 |  | 16,977 |  |  | 60,000
Windward Commons |  | Alpharetta, GA |  | 8/23/2016 |  | 27,650 |  |  | 117,000
Old Grove Marketplace |  | Oceanside, CA |  | 8/25/2016 |  | 23,250 |  |  | 81,000
|  |  |  |  |  | $ | 401,577 |  |  | 1,346,000
(a) | As part of this acquisition, the Company assumed mortgage debt of $16,000 as reported within non-cash financing activities on the consolidated statements of cash flows for the nine months ended September 30, 2016.
The following table summarizes the estimated fair value of the multi-tenant retail assets acquired and liabilities assumed for the nine months ended September 30, 2016, as listed above.
| 2016 Acquisitions
Land | $ | 141,215 |
Building and other improvements | 239,149 |
Total investment properties | 380,364 |
Intangible assets (a) | 37,432 |
Intangible liabilities (b) | (16,477 | )
Net other assets and liabilities | 258 |
Total fair value of assets acquired and liabilities assumed | $ | 401,577 |
(a) | Intangible assets include in-place leases and above market leases.
(b) | Intangible liabilities include below market leases.
For assets acquired during the nine months ended September 30, 2016 and accounted for as business combinations, the Company recorded total income of $8,025 and $14,804, respectively, for the three and nine months ended September 30, 2016. In addition, the Company recorded net income of $1,464 and $2,460, respectively, excluding acquisition costs expensed as general and administrative expense of $239 and $1,009, respectively, for the three and nine months ended September 30, 2016. The assets acquired 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 September 30, 2016 |  | Nine months ended September 30, 2016
Total income | $ | 61,236 |  |  | $ | 192,581 |
Net income from continuing operations | $ | 29,818 |  |  | $ | 65,667 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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