Investments in Real Estate

3 Months Ended

Mar. 31, 2017

Investments [Abstract]

Investments in Real Estate

Investments in Real Estate

For the three months ended March 31, 2017, our investments had an aggregate purchase price of $39.0 million. We incurred $0.3 million of costs attributable to these investments, which were capitalized in accordance with the adoption of ASU 2017-01 during the three months ended March 31, 2017. As part of one of our acquisitions, we issued 20,687 OP Units with a market value at the time of issuance of $0.6 million.

The following investments were determined to be individually not significant, but significant on a collective basis. The allocations for these investments are set forth below in the aggregate for the three months ended March 31, 2017 and 2016, respectively (in thousands):

	Three Months Ended March 31,
	2017			2016
Land	$	4,934		$	17,315
Building and improvements	29,762			128,945
In place leases	3,185			15,919
Below market leases	(65		)	(5,382		)
Above market leases	—			840
Below market leasehold interests	—			1,099
Above market leasehold interests	—			(50		)
Net assets acquired	37,816			158,686
Other, net	1,230			3,321
Aggregate purchase price	$	39,046		$	162,007

The acquired intangible assets and liabilities referenced above had weighted average lives of the following for the three months ended March 31, 2017 and 2016, respectively (in years):

	Three Months Ended March 31,
	2017	2016
Acquired intangible assets	11.3	10.5
Acquired intangible liabilities	10.2	8.9

Subsequent to March 31, 2017, we executed a purchase and sale agreement with a purchase price of $150.0 million consisting of approximately 592,000 square feet of GLA located within certain of our 15 to 20 key markets.