Acquisitions

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions

3. Acquisitions

In 2016 and 2015, the Company acquired the following shopping centers (in millions):

Location	Date Acquired	Purchase Price		Face Value of Mortgage Debt Assumed
Phoenix, AZ	February 2016	$	60.5	$	—
Portland, OR	September 2016		86.3		—
Orange County, CA(A)	March 2015	$	49.2	$	33.0
Orlando, FL	April 2015		33.0		—
Houston, TX	June 2015		69.8		—
Orlando, FL	December 2015		67.1		—

(A) Acquired from an unconsolidated joint venture.  

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

							Weighted-Average Amortization Period (in Years)
	2016			2015			2016		2015
Land	$	27,093		$	74,699		N/A		N/A
Buildings		99,034			140,668		(B)		(B)
Tenant improvements		4,385			5,229		(B)		(B)
In-place leases (including lease origination costs and fair    market value of leases)(A)		14,021			19,250			5.1		7.3
Tenant relations		8,810			9,176			11.1		10.9
Other assets		146			1,252		N/A		N/A
		153,489			250,274
Less: Mortgage debt assumed at fair value		—			(33,735	)	N/A		N/A
Less: Below-market leases		(6,967	)		(29,885	)		15.4		18.4
Less: Other liabilities assumed		(547	)		(1,169	)	N/A		N/A
Net assets acquired	$	145,975		$	185,485

(A) Includes above-market value leases of $1.5 million at December 31, 2015, none in 2016.

(B) Depreciated in accordance with the Company’s policy (Note 1).  

	2016		2015
Consideration:
Cash (including debt repaid at closing)	$	145,975	$	169,805
Gain on Change in Control of Interests		—		14,279
Carrying value of previously held equity interest(A)		—		1,401
Total consideration(B)	$	145,975	$	185,485

(A) The significant inputs used to value the previously held equity interest were determined to be Level 3 for all of the applicable acquisitions.

(B) Total consideration excludes $0.4 million and $0.7 million in 2016 and 2015, respectively, of costs related to the acquisition of these assets.  These transaction costs were expensed as incurred and included in Other Income (Expense), net in the Company’s consolidated statements of operations.

Included in the Company’s consolidated statements of operations are $6.8 million, $9.5 million and $23.1 million in total revenues from the date of acquisition through December 31, 2016, 2015 and 2014, respectively, for the acquired properties.