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Acquired Properties
12 Months Ended
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
)