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Property Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2014
Business Combinations [Abstract]  
Summary of Income Producing Properties Acquired
The following table provides a summary of our acquisitions during 2014 and 2013:
 
 
 
 
 
 
 
 
 
 
Gross
Property Name
 
Location
 
GLA

 
Acreage

 
Date Acquired
 
Purchase Price

 
Debt

 
 
 
 
(In thousands)

 
 
 
 
 
(In thousands)
2014
 
 
 
 
 
 
 
 
 
 
 
 
Front Range Village
 
Fort Collins, CO
 
459

 
N/A

 
09/04/14
 
$
128,250

 
$
—

Buttermilk Towne Center
 
Crescent Springs (Cincinnati), KY
 
278

 
N/A

 
08/22/14
 
41,900

 
—

Woodbury Lakes
 
Woodbury (Minneapolis), MN
 
305

 
2.4

 
07/22/14
 
66,200

 
—

Bridgewater Falls Shopping Center
 
Hamilton (Cincinnati), OH
 
504

 
N/A

 
07/10/14
 
85,542

 
58,634

Total consolidated income producing acquisitions
 
1,546

 
2.4

 
 
 
$
321,892

 
$
58,634

 
 
 
 
 
 
 
 
 
 
 
 
 
The Shoppes at Fox River
 
Waukesha (Milwaukee), WI
 
N/A

 
9.9

 
09/08/14
 
$
1,216

 
$
—

Total consolidated land acquisitions
 
 
 
9.9

 
 
 
$
1,216

 
$
—

Total consolidated acquisitions
 
1,546

 
12.3

 
 
 
$
323,108

 
$
58,634

 
 
 
 
 
 
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
Deerfield Towne Center
 
Mason (Cincinnati), OH
 
461

 
N/A

 
12/19/13
 
$
96,500

 
$
—

Deer Creek Shopping Center
 
Maplewood (St. Louis), MO
 
208

 
N/A

 
11/15/13
 
23,878

 
—

Deer Grove Centre
 
Palatine (Chicago), IL
 
236

 
N/A

 
08/26/13
 
20,000

 
—

Mount Prospect Plaza
 
Mt. Prospect (Chicago), IL
 
301

 
N/A

 
06/20/13
 
36,100

 
—

The Shoppes at Nagawaukee
 
Delafield, WI
 
106

 
N/A

 
04/18/13
 
22,650

 
9,253

Clarion Partners Portfolio -
12 Income Producing Properties
 
FL & MI
 
2,246

 
N/A

 
03/25/13
 
367,415

 
149,514

Total consolidated acquisitions
 
3,558

 
 
 
 
 
$
566,543

 
$
158,767

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations
The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for business combinations.  At the time of acquisition, these assets and liabilities were considered Level 2 fair value measurements:
 
December 31,
 
2014
 
2013
 
2012
 
(In thousands)
Land
$
55,618

 
$
122,963

 
$
38,756

Buildings and improvements
235,322

 
406,743

 
100,216

Above market leases
4,775

 
6,977

 
1,874

Lease origination costs
23,343

 
50,577

 
2,522

Other assets
30,883

 
10,196

 
16,566

Below market leases
(18,836
)
 
(27,216
)
 
(9,974
)
Premium for above market interest rates on assumed debt
(6,830
)
 
(3,697
)
 
—

Capital lease obligation
(1,167
)
 
—

 
—

Total purchase price allocated
$
323,108

 
$
566,543

 
$
149,960

 
 
 
 
 
 
Pro Forma Revenue and Net Income
If the 2014 Acquisitions had occurred on January 1, 2013, our consolidated revenues and net income for the years ended December 31, 2014 and 2013 would have been as follows:

 
 
December 31,
 
 
2014
 
2013
 
 
Consolidated revenue
 
$
238,868

 
$
204,577

Consolidated net (loss) income available to common shareholders
 
$
(9,060
)
 
$
629
Summary of Disposition Activity
The following table provides a summary of our disposition activity during 2014 and 2013. All of the properties disposed of were unencumbered:
 
 
 
 
 
 
 
 
 
 
Gross
Property Name
 
Location
 
GLA

 
Acreage

 
Date Sold
 
Sales
Price
 
Gain (loss) on Sale
 
 
 
 
(In thousands)
 
 
 
 
 
(In thousands)
2014
 
 
 
 
 
 
 
 
 
 
 
 
Lake Orion Plaza
 
Lake Orion, MI
 
141

 
 N/A

 
11/5/2014
 
$
4,300

 
$
288

Northwest Crossing
 
Knoxville, TN
 
124

 
 N/A

 
10/21/2014
 
15,550

 
7,082

Fraser Shopping Center
 
Fraser, MI
 
68

 
 N/A

 
10/17/2014
 
3,250

 
186

The Town Center at Aquia - El Gran Charro Outparcel
 
Stafford, VA
 
6

 
 N/A

 
5/28/2014
 
1,730

 
123

Naples Town Center
 
Naples, FL
 
135

 
 N/A

 
4/17/2014
 
7,150

 
2,343

Total consolidated income producing dispositions
 
474

 
 
 
 
 
$
31,980

 
$
10,022

Harvest Junction Land - BioLife Outparcel
 
Longmont, CO
 
 N/A

 
3.0

 
12/5/2014
 
1,568

 
371

Parkway Land - Wendy's Outparcel
 
Jacksonville, FL
 
 N/A

 
1.0

 
8/27/2014
 
900

 
258

Parkway Land - Express Oil Change Outparcel
 
Jacksonville, FL
 
 N/A

 
0.7

 
6/13/2014
 
680

 
215

Hartland Land - Taco Bell Outparcel
 
Hartland Township, MI
 
 N/A

 
0.8

 
5/1/2014
 
650

 
(9
)
 Total consolidated outparcel dispositions
 
 
 
5.5

 
 
 
$
3,798

 
$
835

Total consolidated dispositions
 
474

 
5.5

 
 
 
$
35,778

 
$
10,857

 
 
 
 
 
 
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
Beacon Square
 
Grand Haven, MI
 
51

 
 N/A

 
12/6/2013
 
$
8,600

 
$
(74
)
Edgewood Towne Center
 
Lansing, MI
 
86

 
N/A

 
9/27/2013
 
5,480

 
657

Mays Crossing
 
Stockbridge, GA
 
137

 
N/A

 
4/9/2013
 
8,400

 
1,537

Total consolidated income producing dispositions
 
274

 
 
 
 
 
$
22,480

 
$
2,120

Hunter's Square - Land Parcel
 
Farmington Hills, MI
 
N/A

 
0.1

 
12/11/2013
 
$
104

 
$
72

Parkway Phase I - Moe's Southwest Grill Outparcel
 
Jacksonville, FL
 
N/A

 
1.0

 
11/21/2013
 
1,000

 
306

Jacksonville North Industrial - The Learning Experience Outparcel
 
Jacksonville, FL
 
N/A

 
1.0

 
9/26/2013
 
510

 
(13
)
Parkway Phase I - Mellow Mushroom Outparcel
 
Jacksonville, FL
 
N/A

 
1.2

 
5/22/2013
 
1,200

 
332

Roseville Towne Center - Wal-Mart parcel
 
Roseville, MI
 
N/A

 
11.6

 
2/15/2013
 
7,500

 
3,030

Parkway Phase I - BJ's Restaurant Outparcel
 
Jacksonville, FL
 
N/A

 
2.9

 
1/24/2013
 
2,600

 
552

 Total consolidated land / outparcel dispositions
 
 
 
17.8

 
 
 
$
12,914

 
$
4,279

Total consolidated dispositions
 
274

 
17.8

 
 
 
$
35,394

 
$
6,399