Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

In the nine months ended September 30, 2015, the Company acquired the following shopping centers (in millions):

Location	Date Acquired	Purchase Price		Face Value of Mortgage Debt Assumed
Orange County, CA^(A)	March 2015	$	49.2	$	33.0
Orlando, FL	April 2015		33.0		—
Houston, TX	June 2015		69.8		—

(A)	Acquired from joint venture partner (Note 2).

Schedule of Acquisition Cost of Shopping Centers

The fair value of the acquisitions was allocated as follows (in thousands):

				Weighted-Average Amortization Period (in Years)
Land	$	51,617		N/A
Buildings		97,702		(B)
Tenant improvements		3,834		(B)
In-place leases (including lease origination costs and fair market value of leases)^(A)		11,325		7.9
Tenant relations		5,750		11.8
Other assets		1,252		N/A
		171,480
Less: Mortgage debt assumed at fair value		(33,735	)	N/A
Less: Below-market leases		(18,191	)	17.8
Less: Other liabilities assumed		(1,144	)	N/A
Net assets acquired	$	118,410

(A)	Includes above-market leases of $0.2 million.

(B)	Depreciated in accordance with the Company’s policy.

Consideration

Consideration:
Cash (including debt repaid at closing)	$	102,730
Gain on Change in Control of Interests		14,279
Carrying value of previously held equity interest		1,401
Total consideration	$	118,410

Unaudited Supplemental to Pro Forma Operating Data

The following unaudited supplemental pro forma operating data is presented for the three months ended September 30, 2014, and the nine months ended September 30, 2015 and 2014, as if the acquisition of the interests in the properties acquired in 2015 and 2014 were completed on January 1, 2014. The Gain on Change in Control of Interests related to the acquisition from an unconsolidated joint venture was adjusted to the assumed acquisition date. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations of the Company would have been assuming the transactions had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods (in thousands, except per share amounts):

	Three Months		Nine Months
	Ended September 30,		Ended September 30,
	(Unaudited)		(Unaudited)
	2014		2015			2014
Pro forma revenues	$	257,997	$	777,417		$	772,004
Pro forma income (loss) from continuing operations	$	208	$	(255,931	)	$	57,104
Pro forma net income (loss) attributable to common shareholders	$	56,570	$	(196,148	)	$	110,257
Basic earnings per share data:
Net income (loss) attributable to common shareholders	$	0.16	$	(0.55	)	$	0.30
Diluted earnings per share data:
Net income (loss) attributable to common shareholders	$	0.16	$	(0.55	)	$	0.30