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Significant Acquisitions | 12 Months Ended
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Dec. 31, 2013
Significant Acquisitions |
Significant Acquisitions | 3. Significant Acquisitions During the year ended December 31, 2013, the Company acquired three properties with an aggregate of approximately 1,951,000 rentable square feet at an aggregate purchase price of approximately $558 million before deductions of closing costs and adjustments of approximately $3 million. One property is located in Atlanta, Georgia and two properties are located in Denver, Colorado. The Company expensed acquisition costs of approximately $568,000 related to these acquisitions for the year ended December 31, 2013. The purchase price of the properties were allocated to real estate investments and leases, including lease origination costs. Lease origination costs represent the value associated with acquiring an in-place lease (i.e. the market cost to execute a similar lease, including leasing commission, legal, vacancy, and other related costs). The value assigned to buildings approximates their replacement cost; the value assigned to land approximates its appraised value; and the value assigned to leases approximates their fair value. Other assets and liabilities are recorded at their historical costs, which approximates fair value. The following table summarizes the estimated fair value of the assets acquired at the date of acquisition:
(in thousands) |  |  |
Real estate assets |  | $ | 454,447 |
Value of acquired real estate leases |  | 110,039 |
Acquired unfavorable leases |  | (9,897 | )
Total |  | $ | 554,589 |
The Company assessed the fair value of the acquired real estate leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. Pro forma operating results for the Company and the acquisition are shown in the following table. The results assume that the properties were acquired on January 1, 2012. The results are not necessarily indicative of what the Company’s actual results of operations would have been for the periods indicated, nor do they purport to represent the results of operations of any future periods.
|  | For the Year Ended |
(unaudited) |  | December 31, |
(in thousands except per share amounts) |  | 2013 |  | 2012 |
Revenue |  | $ | 241,346 |  | $ | 211,289 |
Income from continuing operations |  | $ | 12,527 |  | $ | 10,668 |
Net income |  | $ | 15,060 |  | $ | (4,649 | )
Weighted average shares outstanding |  | 93,855 |  | 82,937 |
Income from continuing operations per share |  | $ | 0.13 |  | $ | 0.13 |
Net income per share |  | $ | 0.16 |  | $ | (0.06 | )
During the year ended December 31, 2013, the Company recognized approximately $29.7 million of revenues and $3.8 million of net income from operations of these acquisitions.

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