Acquisitions

3 Months Ended

Mar. 31, 2012

Acquisitions [Abstract]

ACQUISITIONS

3. ACQUISITIONS

In March 2012, the Company acquired a shopping center in Chicago, Illinois, aggregating 0.3 million square feet of Company-owned gross leasable area (“GLA”) (all references to GLA or square feet are unaudited) for a total purchase price of $47.4 million.

The Company accounted for the acquisition utilizing the purchase method of accounting. The acquisition of the shopping center was allocated as follows (in thousands):

Land	$	9,120
Buildings		36,176
Tenant improvements		1,320
Intangible assets		4,067
		50,683
Less: Below-market leases ( A )		(3,283	)
Net assets acquired	$	47,400

(A) Below-market leases will be amortized over a weighted-average life of 20.0 years.

The costs related to the acquisition of this asset were expensed as incurred and included in other income (expense), net.

Intangible assets recorded in connection with the above acquisition included the following (in thousands) (Note 5):

			Weighted Average Amortization Period (in Years)
In-place leases (including lease origination costs and fair market value of leases) ( A )	$	2,820		5.4
Tenant relations		1,247		10.6
Total intangible assets acquired	$	4,067

(A) Includes above-market leases valued at $1.3 million.