Acquired Properties

The Company records identifiable assets, liabilities and noncontrolling interests acquired at fair value. During the three months ended March 31, 2018 the Company had no acquisitions.

During the three months ended March 31, 2017, the Company acquired three retail properties for a gross acquisition price of $289,900. The Company determined these transactions represented acquisitions of assets in accordance with GAAP. Accordingly, the Company capitalized transaction costs of approximately $1,168 during the three months ended March 31, 2017.

The following table summarizes the retail properties acquired during the three months ended March 31, 2017.



Property	MSA(a)	Acquisition Date	Gross Acquisition Price		Square Feet
Campus Marketplace (b)	San Diego-Carlsbad, CA	January 6, 2017	$	73,350	144,000
Paraiso Parc and Westfork Plaza	Miami-Fort Lauderdale- West Palm Beach, FL	February 1, 2017	163,000		386,000
The Shops at Town Center	Washington-Arlington-Alexandria, DC-VA-MD-WV	February 21, 2017	53,550		125,000
			$	289,900	655,000


(a)	Metropolitan Statistical Area (MSA), as defined by the United States Office of Management and Budget.


(b)	As part of this acquisition, the Company assumed mortgage debt of $41,717 as reported within non-cash financing activities on the condensed consolidated statement of cash flows for the three months ended March 31, 2017.

The following table summarizes the estimated fair value of the retail properties' assets acquired and liabilities assumed for the three months ended March 31, 2017.



	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.