Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2015

The Company’s real estate investments comprised the following as of December 31, 2015 and 2014 (in thousands):


	December 31, 2015
	Income		Held		Construction
	producing		for		in
	property		development		progress		Total
Land	$	70,518	$	1,180	$	7,750	$	79,448
Land improvements		26,172		—		—		26,172
Buildings and improvements		482,310		—		—		482,310
Development and construction costs		—		—		45,661		45,661
Real estate investments	$	579,000	$	1,180	$	53,411	$	633,591


	December 31, 2014
	Income		Held		Construction
	producing		for		in
	property		development		progress		Total
Land	$	40,898	$	—	$	15,260	$	56,158
Land improvements		16,279		—		—		16,279
Buildings and improvements		456,741		—		—		456,741
Development and construction costs		—		—		65,822		65,822
Real estate investments	$	513,918	$	—	$	81,082	$	595,000

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the year ended December 31, 2015 (in thousands):


Land	$	29,500
Site improvements		3,290
Building and improvements		49,260
In-place leases		14,160
Above-market leases		2,260
Below-market leases		(4,420)
Indebtedness		(13,935)
Net assets acquired	$	80,115

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed during the year ended December 31, 2014 (in thousands):


Land	$	8,680
Site improvements		880
Building and improvements		35,740
In-place leases		2,220
Indebtedness		(16,966)
Above and below-market leases		(390)
Net working capital		(679)
Net assets acquired	$	29,485

Summary of Consolidated and Combined Results of Operations on Pro Forma Basis

The following table summarizes the consolidated and combined results of operations of the Company on a pro forma basis, as if each of the 2015 acquisitions had been acquired on January 1, 2014, each of the 2014 acquisitions had been acquired on January 1, 2013 and each of the 2013 acquisitions had been acquired on January 1, 2012 (in thousands):


	Years Ended December 31,
	2015		2014		2013
Rental revenues	$	85,163	$	74,530	$	61,555
Net income		32,652		13,378		5,676