Acquisitions

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Acquisitions

3. Acquisitions

In the nine months ended September 30, 2016, the Company acquired the following shopping centers (in millions):

Location	Date Acquired	Purchase Price
Phoenix, AZ	February 2016	$	60.5
Portland, OR	September 2016		86.3

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

				Weighted-Average Amortization Period (in Years)
Land	$	27,093		N/A
Buildings		99,034		(A)
Tenant improvements		4,385		(A)
In-place leases (including lease origination costs and fair market value of leases)		14,021			5.1
Tenant relations		8,810			11.1
Other assets		146		N/A
		153,489
Less: Below-market leases		(6,967	)		15.4
Less: Other liabilities assumed		(547	)	N/A
Net assets acquired	$	145,975

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

The Company’s consideration of $146.0 million was paid in cash.  The costs related to the acquisition of these assets were expensed as incurred and included in Other Income (Expense), Net in the Company’s consolidated statement of operations, at September 30, 2016.  Such amounts were considered immaterial.  Included in the Company’s consolidated statements of operations are $3.6 million and $5.8 million in total revenues from the date of acquisition through September 30, 2016 and 2015, respectively, for the properties acquired in 2016 and 2015.