Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Table Text Block]

The following table details the components of Land, building and improvements in the Consolidated Balance Sheets:



(in thousands)	March 31, 2018		December 31, 2017
Land	$	4,240,213	4,235,032
Land improvements	596,729		556,140
Buildings	5,088,332		4,999,378
Building and tenant improvements	843,105		787,880
Total Land, building and improvements	$	10,768,379	10,578,430

Schedule of business acquisitions

The following table details the shopping centers acquired or land acquired or leased for development:



(in thousands)		Three months ended March 31, 2018
Date Purchased	Property Name	City/State	Property Type	Ownership	Purchase Price	Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
1/2/18	Ballard in Blocks I	Seattle, WA	Operating	49.9%	$54,500	—	3,668	2,350
1/2/18	Ballard in Blocks II	Seattle, WA	Development	49.9%	4,000	—	—	—
1/5/18	Metuchen	Metuchen, NJ	Operating	20%	33,830	—	3,147	1,905
1/10/18	Hewlett Crossing I & II	Hewlett, NY	Operating	100%	30,900	9,700	3,114	1,868
Total property acquisitions					$123,230	9,700	9,929	6,123


(in thousands)		Three months ended March 31, 2017
Date Purchased	Property Name	City/State	Property Type	Ownership	Purchase Price	Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
3/6/17	The Field at Commonwealth	Chantilly, VA	Development	100%	$9,500	—	—	—
3/8/17	Pinecrest Place ⁽¹⁾	Miami, FL	Development	100%	—	—	—	—
Total property acquisitions					$9,500	—	—	—
⁽¹⁾ The Company leased 10.67 acres for a ground up development.

Equity One Inc. [Member]

Business Acquisition [Line Items]

Schedule of business acquisitions

The following table provides the components that make up the total purchase price for the Equity One merger:



(in thousands, except stock price)	Purchase Price
Shares of common stock issued for merger	65,379
Closing stock price on March 1, 2017	$	68.40
Value of common stock issued for merger	$	4,471,808
Other cash payments	721,297
Total purchase price	$	5,193,105

The following table summarizes the final purchase price allocation based on the Company's valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed:



(in thousands)	Final Purchase Price Allocation
Land	$	2,865,053
Building and improvements	2,619,163
Properties in development	68,744
Properties held for sale	19,600
Investments in unconsolidated real estate partnerships	99,666
Real estate assets	5,672,226
Cash, accounts receivable and other assets	112,909
Intangible assets	458,877
Goodwill	332,384
Total assets acquired	6,576,396
Notes payable	757,399
Accounts payable, accrued expenses, and other liabilities	122,217
Lease intangible liabilities	503,675
Total liabilities assumed	1,383,291
Total purchase price	$	5,193,105

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table details the weighted average amortization and net accretion periods, in years, of the major classes of intangible assets and intangible liabilities arising from the Equity One merger:



(in years)		Weighted Average Amortization / Accretion Period
Assets:
In-place leases		10.8
Above-market leases		7.8
Below-market ground leases		55.3
Liabilities:
Below-market leases		24.9

Business Acquisition, Pro Forma Information

Pro forma Information (unaudited)

The following unaudited pro forma financial data includes the incremental revenues, operating expenses, depreciation and amortization, and costs of the Equity One acquisition as if it had occurred on January 1, 2016:



		Three months ended March 31,
(in thousands, except per share data)		2017
Total revenues		265,174
Income from operations	⁽¹⁾	67,397
Net income attributable to common stockholders	⁽¹⁾	54,809
Income per common share - basic		0.32
Income per common share - diluted		0.32
⁽¹⁾The pro forma earnings for the three months ended March 31, 2017, were adjusted to exclude $92.7 million of merger costs.

The pro forma financial data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the results of operations for future periods.