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Acquired Properties | 12 Months Ended
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Dec. 31, 2017
Business Combination, Description [Abstract] |
Acquired Properties | Acquired Properties The Company records identifiable assets, liabilities and noncontrolling interests acquired at fair value. During the year ended December 31, 2017, the Company acquired six wholly owned and two consolidated retail properties considered Parked Assets as legal title was held at the EAT Subsidiary, for a gross acquisition price of $633,425. Under the newly adopted ASU No. 2017-01, the Company determined these transactions represented acquisitions of assets. Accordingly, the Company capitalized transaction costs of approximately $1,911 during the year ended December 31, 2017. The following table reflects the retail properties acquired during the year ended December 31, 2017.
Property |  | Location |  | Acquisition Date |  | Gross Acquisition Price |  | Square Feet
Campus Marketplace (a) |  | San Marcos, CA |  | January 6, 2017 |  | $ | 73,350 |  |  | 144,000
Paraiso Parc and Westfork Plaza |  | Pembroke Pines, FL |  | February 1, 2017 |  | 163,000 |  |  | 386,000
The Shops at Town Center |  | Germantown, MD |  | February 21, 2017 |  | 53,550 |  |  | 125,000
Cary Park Town Center |  | Cary, NC |  | August 14, 2017 |  | 25,000 |  |  | 93,000
The Parke |  | Cedar Park, TX |  | August 18, 2017 |  | 112,250 |  |  | 364,000
The Plaza Midtown |  | Atlanta, GA |  | August 18, 2017 |  | 31,800 |  |  | 70,000
River Oaks (b) |  | Santa Clarita, CA |  | September 14, 2017 |  | 115,000 |  |  | 275,000
Kyle Marketplace (b) |  | Kyle, TX |  | September 21, 2017 |  | 59,475 |  |  | 226,000
Total |  |  |  |  |  | $ | 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 year ended December 31, 2017.
(b) | These retail properties are held at the EAT subsidiary 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 retail properties acquired and liabilities assumed for the year ended December 31, 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 eight retail properties acquired during the year ended December 31, 2016 for a gross acquisition price of $465,177.
Property |  | Location |  | Acquisition Date |  | Gross Acquisition Price |  | Square Feet
Shops at the Galleria |  | Bee Cave, TX |  | April 1, 2016 |  | $ | 132,000 |  |  | 538,000
Renaissance Center (a) |  | Durham, NC |  | April 1, 2016 |  | 129,200 |  |  | 363,000
Stevenson Ranch |  | Stevenson Ranch, CA |  | April 15, 2016 |  | 72,500 |  |  | 187,000
The Pointe at Creedmoor |  | Raleigh, NC |  | July 12, 2016 |  | 16,977 |  |  | 60,000
Windward Commons |  | Alpharetta, GA |  | August 23, 2016 |  | 27,650 |  |  | 117,000
Old Grove Marketplace |  | Oceanside, CA |  | August 25, 2016 |  | 23,250 |  |  | 81,000
Northcross Commons (b) |  | Huntersville, NC |  | October 14, 2016 |  | 31,000 |  |  | 63,000
Riverwalk Market (b) |  | Flower Mound, TX |  | November 14, 2016 |  | 32,600 |  |  | 90,000
Total |  |  |  |  |  | $ | 465,177 |  |  | 1,499,000
(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 year ended December 31, 2016.
(b) | These retail properties were accounted for as asset acquisitions in accordance with ASU No. 2017-01. As a result, the Company capitalized transaction costs of approximately $220 during the year ended December 31, 2016 related to these retail properties.
The following table summarizes the estimated fair value of the retail properties acquired and liabilities assumed for the year ended December 31, 2016, as listed above.
| 2016 Acquisitions
Land | $ | 154,737 |
Building and other improvements | 284,598 |
Total investment properties | 439,335 |
Intangible assets (a) | 44,672 |
Intangible liabilities (b) | (19,088 | )
Net other assets and liabilities | 258 |
Total fair value of assets acquired and liabilities assumed | $ | 465,177 |
(a) | Intangible assets include in-place leases and above market leases.
(b) | Intangible liabilities include below market leases.
For retail properties acquired during the year ended December 31, 2016 and accounted for as business combinations, the Company recorded total income of $24,260 and property net income of $17,491, excluding acquisition costs expensed as general and administrative expense of $1,287, for the year ended December 31, 2016. The foregoing acquired retail properties 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 of the earliest year presented, except for two retail properties acquired in the fourth quarter of 2016 which were accounted for as asset acquisitions in accordance with ASU No. 2017-01. The following pro-forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
| (unaudited)
| Year ended December 31,
| 2016 |  | 2015
Total income | $ | 259,878 |  |  | $ | 288,943 |
Net income (loss) from continuing operations | $ | 89,680 |  |  | $ | (28,014 | )

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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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