Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2016

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 nine months ended September 30, 2016 (in thousands):



	Retail Portfolio			Southgate Square			Southshore Shops			Total
Land	$	66,260		$	8,890		$	1,770		$	76,920
Site improvements	3,870			2,140			490			6,500
Building and improvements	88,820			23,810			6,019			118,649
In-place leases	20,630			5,990			1,140			27,760
Above-market leases	1,960			100			120			2,180
Below-market leases	(11,040		)	(1,400		)	(190		)	(12,630		)
Net assets acquired	$	170,500		$	39,530		$	9,349		$	219,379

Summary of consolidated results of operations on a pro forma basis

The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if the 11 asset retail portfolio acquisition had occurred on January 1, 2015 (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(Unaudited)
Rental revenues	$	25,305	$	25,918	$	73,370	$	73,247
Net income	7,946		5,493		11,639		11,814