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Real Estate Acquisitions
12 Months Ended
Dec. 31, 2014
Business Combinations [Abstract]  
Real Estate Acquisitions
REAL ESTATE ACQUISITIONS
 
For the year ended December 31, 2014, we acquired 56 grocery-anchored retail centers and one strip center adjacent to a previously acquired grocery-anchored retail center for a combined purchase price of approximately $906.5 million, including $183.5 million of assumed debt with a fair value of $189.0 million.  Additionally, we assumed an interest rate swap agreement valued as a $0.7 million liability at the time of our acquisition of Townfair Shopping Center. The following tables present certain additional information regarding our acquisitions of properties which were deemed individually immaterial when acquired, but are material in the aggregate.

For the years ended December 31, 2014 and 2013, we allocated the purchase price of acquisitions to the fair value of the assets acquired and liabilities assumed as follows (in thousands):
 
 
2014
 
2013
Land and improvements
 
$
276,615

 
$
283,277

Building and improvements
 
557,454

 
554,606

Acquired in-place leases
 
81,299

 
84,229

Acquired above-market leases
 
18,060

 
13,031

Acquired below-market leases
 
(26,978
)
 
(17,393
)
Total assets and lease liabilities acquired
 
906,450

 
917,750

Debt assumed
 
189,006

 
157,866

Assumed interest rate swap
 
714

 

Net assets acquired
 
$
716,730

 
$
759,884



The weighted-average amortization periods for acquired in-place lease, above-market lease, and below-market lease intangibles acquired during the years ended December 31, 2014 and 2013 are as follows (in years):
 
 
2014
 
2013
Acquired in-place leases
 
9
 
5
Acquired above-market leases
 
10
 
7
Acquired below-market leases
 
13
 
9


The amounts recognized for revenues, acquisition expenses and net loss, recorded during the year of acquisition, related to the operating activities of our material acquisitions are as follows (in thousands):
 
 
For the Year Ended December 31,
 
 
2014
 
2013
Revenue
 
$
52,248

 
$
37,683

Acquisition expenses
 
17,407

 
17,266

Net loss
 
11,278

 
9,170


The following unaudited information summarizes selected financial information from our combined results of operations, as if all of our acquisitions for 2013 and 2014 had been acquired on January 1, 2013 (in thousands, except per share amounts). This pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of the period, nor does it purport to represent the results of future operations.
 
 
For the Year Ended December 31,
(in thousands)
 
2014
 
2013
Pro forma revenues
 
$
228,502

 
$
223,812

Pro forma net income (loss) attributable to stockholders
 
2,547

 
(3,367
)