Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2016

The Company’s real estate investments comprised the following as of December 31, 2016 and 2015 (in thousands):



	December 31, 2016
	Income producing property		Held for development		Construction in progress		Total
Land	$	171,733	$	680	$	6,880	$	179,293
Land improvements	45,052		—		—		45,052
Buildings and improvements	677,293		—		—		677,293
Development and construction costs	—		—		6,649		6,649
Real estate investments	$	894,078	$	680	$	13,529	$	908,287



	December 31, 2015
	Income producing property		Held for development		Construction in 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

Summary of estimated fair values of assets acquired and liabilities assumed

The following table summarizes the purchase price allocation (including acquisition costs for Columbus Village II and Renaissance Square) of the assets acquired and liabilities assumed during the year ended December 31, 2016 (in thousands):



	Retail Portfolio			Southgate Square			Southshore Shops			Columbus Village II			Renaissance Square			Total
Land	$	66,260		$	8,890		$	1,770		$	14,536		$	6,730		$	98,186
Site improvements	3,870			2,140			490			939			303			7,742
Building and improvements	88,820			23,810			6,019			9,983			8,137			136,769
In-place leases	20,630			5,990			1,140			2,225			2,008			31,993
Above-market leases	1,960			100			120			—			70			2,250
Below-market leases	(11,040		)	(1,400		)	(190		)	(939		)	(10		)	(13,579		)
Net assets acquired	$	170,500		$	39,530		$	9,349		$	26,744		$	17,238		$	263,361

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

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

Summary of consolidated and combined results of operations on pro forma basis

The following table summarizes the consolidated results of operations of the Company on a pro forma basis, as if each of the 2016 acquisitions had been acquired on January 1, 2015, each of the 2015 acquisitions had been acquired on January 1, 2014 and each of the 2014 acquisitions had been acquired on January 1, 2013 (in thousands):



	Years Ended December 31,
	2016		2015		2014
Rental revenues	$	101,250	$	105,479	$	74,530
Net income	13,327		18,492		13,378