Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2017

The Company’s real estate investments comprised the following as of December 31, 2017 and 2016 (in thousands):



	December 31, 2017
	Income producing property		Held for development		Construction in progress		Total
Land	$	175,885	$	680	$	21,212	$	197,777
Land improvements	44,681		—		—		44,681
Buildings and improvements	690,120		—		—		690,120
Development and construction costs	—		—		61,859		61,859
Real estate investments	$	910,686	$	680	$	83,071	$	994,437



	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

Schedule of the purchase price allocation

The following table summarizes the purchase price allocation, including acquisition costs, for this property (in thousands):



Land	$	5,550
Site improvements	232
Building and improvements	6,977
In-place leases	1,382
Above-market leases	327
Below-market leases	(50		)
Net assets acquired	$	14,418

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 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

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 the 2017 acquisition had been acquired on January 1, 2016, each of the 2016 acquisitions had been acquired on January 1, 2015, and each of the 2015 acquisitions had been acquired on January 1, 2014 (in thousands):



	Years Ended December 31,
	2017		2016		2015
Rental revenues	$	109,472	$	102,579	$	105,479
Net income	30,354		14,060		18,492