26 Ashland Square On December 15, 2004, the Company acquired a 19.3 acre parcel of land in Dumfries, Prince William County, Virginia for a purchase price of $6.3 million. The Company has preliminary plans to develop the parcel into a grocery anchored neighborhood shopping center. The Company accounted for the acquisition of the operating properties, Boca Valley Plaza, Countryside, Cruse MarketPlace and Briggs Chaney, using the purchase method of accounting in accordance with SFAS No. 141, “Business Combinations.” The Company allocates the purchase price to various components, such as land, buildings and intangibles related to in-place leases and customer relationships,  if applicable, as described in Note 2. Significant Accounting Policies-Real Estate Investment Properties. Of the combined $89,299,000 total cost of the acquisitions in 2004 and $26,375,000 in 2003, of which both amounts include the properties’ purchase price and closing costs, a total of $4,403,000 and $901,000, was allocated as lease intangible assets and included in lease acquisition costs at December 31, 2004 and December 31, 2003, respectively. Each year’s lease intangible assets are being amortized over the remaining periods of the leases acquired, a weighted average term of 9 and 17 years, respectively. For the 2004 and 2003 acquisitions, the value of below market leases totaled $1,094,000 and $65,000, respectively, are being amortized over a weighted average term of 14 and 3 years, respectively, and are included in deferred income. The value of above market leases totaled $497,000 and $41,000, are being amortized over a weighted average term of 5 and 6 years, for 2004 and 2003, respectively, and are included as a deferred asset in accounts receivable. The results of operations of the acquired properties are included in the consolidated statements of operations as of the acquisition date. The following unaudited  pro-forma combined condensed statements of operations set forth the consolidated results of operations for the years ended December 31, 2004 and 2003, respectively, as if the above described operating property acquisitions had occurred on January 1, 2004 and 2003, respectively. The unaudited pro-forma information does not purport to be indicative of the results that actually would have occurred if the combinations had been in effect for the years ended December 31, 2004 and 2003, respectively. As of December 31, 2004 and 2003, the gross carrying amount of lease intangible assets included in lease acquisition costs was $5,598,000 and $1,196,000, respectively, and accumulated amortization was $1,584,000 and $128,000 respectively. Total amortization of these assets was $1,456,000 and $128,000, for the years ended December 31, 2004  and 2003, respectively. As of December 31, 2004  and 2003, the gross carrying amount of below market lease intangible assets included in deferred income  was $1,159,000 and $65,000, respectively, and accumulated amortization was $148,000 and $12,000 respectively. Total amortization of these assets was $136,000 and $12,000, for the years ended December 31, 2004 and 2003, respectively. As of December 31, 2004 and 2003, the gross carrying amount of above  market lease intangible assets included in accounts receivable was $538,000 and $41,000, respectively, and accumulated amortization was $142,000 and 5,000 respectively. Total amortization of these assets was $137,000 and $5,000, for the years ended December 31, 2004 and 2003, respectively. Amortization of Intangible  Assets Related to In-place Leases ( In thousands ) Lease Above Below  acquisition market market  costs leases leases Total  2005 $ (1,134) $ (139) $ 155 $ (1,118) 2006 (870) (92) 123 (839) 2007 (609) (66) 92 (583) 2008 (397) (54) 74 (377) 2009 (227) (27) 68 (186) Thereafter (777) (18) 499 (296) Total $ (4,014) $ (396) $1,011 $ (3,399) ( In thousands, except  per share amounts, unaudited ) Year ended December 31, 2004 2003 Total revenue $ 114,540 $ 106,304 Net income available  to common shareholders $ 18,325 $ 18,947 Net income per  common share – basic $ 1.13 $ 1.22 Net income per  common share – diluted $ 1.13 $ 1.21 Pro-Forma Consolidated  Condensed Statements of Operations NOTES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS