Business Combinations

6 Months Ended

Jun. 30, 2013

Business Combinations [Abstract]

Business Combinations

Business Combinations

During 2012, we acquired four shopping centers located in California, Georgia, Maryland and Texas, and we consolidated a partner's 79.6% interest in an unconsolidated tenancy-in-common arrangement related to a property in Louisiana. The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands):

	December 31, 2012
Fair value of our equity interest before acquisition	$	3,825
Fair value of consideration transferred	218,481			(1)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	195,377
Unamortized debt and lease costs	36,787
Restricted deposits and mortgage escrows	395
Other, net	3,742
Liabilities:
Debt, net	(46,923		)	(2)
Accounts payable and accrued expenses	(2,250		)
Other, net	(5,899		)
Total net assets	$	181,229
Acquisition costs (included in operating expenses)	$	1,391
Gain on acquisition	1,869

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(1) Includes assumption of debt totaling $37.8 million.

(2) Represents the fair value of debt, which includes $6.3 million that was previously recorded.

The following table summarizes the pro forma impact of these transactions as if they had been consolidated or acquired on January 1, 2012, the earliest year presented, as follows (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	Pro Forma 2013(1)		Pro Forma 2012(1)		Pro Forma 2013(1)		Pro Forma 2012(1)
Revenues	$	131,577	$	122,698	$	258,279	$	241,636
Net income	104,178		32,495		148,995		55,011
Net income attributable to common shareholders	45,421		22,284		79,089		34,490
Earnings per share – basic	0.37		0.18		0.65		0.29
Earnings per share – diluted	0.37		0.18		0.65		0.29

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(1) There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table.