Real Estate Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2019

Real Estate [Abstract]

Schedule of real estate investments

The Company’s real estate investments comprised the following as of December 31, 2019 and 2018 (in thousands):

	December 31, 2019
	Income producing property		Held for development		Construction in progress		Total
Land	$	263,258	$	5,000	$	7,265	$	275,523
Land improvements	58,636		—		—		58,636
Buildings and improvements	1,138,829		—		—		1,138,829
Development and construction costs	—		—		133,336		133,336
Real estate investments	$	1,460,723	$	5,000	$	140,601	$	1,606,324

	December 31, 2018
	Income producing property		Held for development		Construction in progress		Total
Land	$	192,677	$	2,994	$	17,961	$	213,632
Land improvements	53,521		—		—		53,521
Buildings and improvements	791,719		—		—		791,719
Development and construction costs	—		—		117,714		117,714
Real estate investments	$	1,037,917	$	2,994	$	135,675	$	1,176,586

Schedule of the purchase price allocation

The following table summarizes the purchase price allocation (including acquisition costs) based on the relative fair value of the assets acquired and intangible liabilities assumed for the six operating properties acquired during the year ended December 31, 2019 (in thousands):

	Wendover Village additional outparcel		One City Center		1405 Point				Red Mill Commons			Marketplace at Hilltop				Thames Street Wharf
Land	$	1,633	$	2,678	$	—		(a)	$	44,252		$	2,023		(b)	$	15,861
Site improvements	50		163		298				2,558			691				150
Building and improvements	888		28,039		92,866				27,790			19,195				64,539
Furniture and fixtures	—		—		2,302				—			—				—
In-place leases	101		15,140		3,371				9,973			4,565				24,385
Above-market leases	111		—		—				1,463			599				—
Below-market leases	—		—		—				(6,221		)	(1,136		)		(3,636		)
Finance lease liabilities	—		—		(8,671		)		—			(9,200		)		—
Finance lease right-of-use assets	—		—		11,730			(a)	—			12,770			(b)	—
Net assets acquired	$	2,783	$	46,020	$	101,896			$	79,815		$	29,507			$	101,299

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(a) Land is subject to a ground lease.

(b) Portion of land is subject to a ground lease.

The following table summarizes the purchase price allocation (including acquisition costs) based on relative fair value of the assets acquired and liabilities assumed for the three operating properties purchased during the year ended December 31, 2018 (in thousands):

	Indian Lakes Crossing			Parkway Centre			Lexington Square
Land	$	10,926		$	1,372		$	3,036
Site improvements	531			696			7,396
Building and improvements	1,913			7,168			10,387
In-place leases	1,648			2,346			4,113
Above-market leases	11			—			89
Below-market leases	(175		)	(10		)	(447		)
Net assets acquired	$	14,854		$	11,572		$	24,574

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