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Acquisitions: (Tables) | 12 Months Ended
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Dec. 31, 2013
Acquisition |
Schedule of pro forma total revenue and income continuing operations | The following unaudited pro forma total revenue and income from continuing operations for 2013 and 2012 assumes the 2012 and 2013 property acquisitions took place on January 1, 2012:
| Total revenue | Income from continuing operations
Supplemental pro forma for the year ended December 31, 2013(1) | $ | 1,056,075 |  | $ | 108,417 |
Supplemental pro forma for the year ended December 31, 2012(1) | $ | 1,094,559 |  | $ | 92,193 |
The following unaudited pro forma total revenue and income from continuing operations for 2013 and 2012 assumes the 2012 and 2013 property acquisitions took place on January 1, 2012:
| Total revenue | Income from continuing operations
Supplemental pro forma for the year ended December 31, 2013(1) | $ | 1,056,075 |  | $ | 108,417 |
Supplemental pro forma for the year ended December 31, 2012(1) | $ | 1,094,559 |  | $ | 92,193 |
(1) | This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the acquisitions occurred on January 1, 2012, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non‑recurring adjustments directly attributable to the acquisitions.
Desert Sky Mall |
Acquisition |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of Desert Sky Mall:
Property | $ | 46,603 |
Deferred charges | 5,474 |
Cash and cash equivalents | 6,057 |
Tenant receivables | 202 |
Other assets | 4,481 |
Total assets acquired | 62,817 |
Mortgage note payable | 51,500 |
Accounts payable | 33 |
Other accrued liabilities | 3,017 |
Total liabilities assumed | 54,550 |
Fair value of acquired net assets (at 100% ownership) | $ | 8,267 |
Summary of gain on remeasurement of existing investment | The Company determined that the purchase price represented the fair value of the additional ownership interest in Desert Sky Mall that was acquired. Accordingly, the Company also determined that the fair value of the acquired ownership interest in Desert Sky Mall equaled the fair value of the Company's existing ownership interest.
Fair value of existing ownership interest (at 50% ownership) | $ | 4,164 |
Carrying value of investment in Desert Sky Mall | (2,296 | )
Gain on remeasurement | $ | 1,868 |
Fashion Outlets of Niagara |
Acquisition |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of the Fashion Outlets of Niagara Falls USA:
Property | $ | 228,720 |
Deferred charges | 10,383 |
Restricted cash | 5,367 |
Other assets | 3,090 |
Total assets acquired | 247,560 |
Mortgage note payable | 130,006 |
Accounts payable | 231 |
Other accrued liabilities | 38,037 |
Total liabilities assumed | 168,274 |
Fair value of acquired net assets | $ | 79,286 |
500 North Michigan Avenue: |
Acquisition |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of 500 North Michigan Avenue:
Property | $ | 66,033 |
Deferred charges | 7,450 |
Other assets | 2,143 |
Total assets acquired | 75,626 |
Other accrued liabilities | 4,701 |
Total liabilities assumed | 4,701 |
Fair value of acquired net assets | $ | 70,925 |
FlatIron Crossing |
Acquisition |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of FlatIron Crossing:
Property | $ | 443,391 |
Deferred charges | 25,251 |
Cash and cash equivalents | 3,856 |
Other assets | 2,101 |
Total assets acquired | 474,599 |
Mortgage note payable | 175,720 |
Accounts payable | 366 |
Other accrued liabilities | 11,071 |
Total liabilities assumed | 187,157 |
Fair value of acquired net assets (at 100% ownership) | $ | 287,442 |
Schedule of reconciliation of the purchase price to the fair value of the acquired net assets | The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
Purchase price | $ | 310,397 |
Less debt assumed | (114,497 | )
Carrying value of investment | 33,382 |
Remeasurement gain | 84,227 |
Less prior gain deferral | (26,067 | )
Fair value of acquired net assets (at 100% ownership) | $ | 287,442 |
Summary of gain on remeasurement of existing investment | The Company determined that the purchase price represented the fair value of the additional ownership interest in FlatIron Crossing that was acquired.
Fair value of existing ownership interest (at 25% ownership) | $ | 91,542 |
Carrying value of investment | (33,382 | )
Prior gain deferral recognized | 26,067 |
Gain on remeasurement | $ | 84,227 |
Arrowhead Towne Center |
Acquisition |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of Arrowhead Towne Center:
Property | $ | 423,349 |
Deferred charges | 31,500 |
Restricted cash | 4,009 |
Tenant receivables | 926 |
Other assets | 4,234 |
Total assets acquired | 464,018 |
Mortgage note payable | 244,403 |
Accounts payable | 815 |
Other accrued liabilities | 10,449 |
Total liabilities assumed | 255,667 |
Fair value of acquired net assets (at 100% ownership) | $ | 208,351 |
Schedule of reconciliation of the purchase price to the fair value of the acquired net assets | The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
Purchase price | $ | 144,400 |
Less debt assumed | (75,375 | )
Carrying value of investment | 23,597 |
Remeasurement gain | 115,729 |
Fair value of acquired net assets (at 100% ownership) | $ | 208,351 |
Summary of gain on remeasurement of existing investment | The Company determined that the purchase price represented the fair value of the additional ownership interest in Arrowhead Towne Center that was acquired.
Fair value of existing ownership interest (at 66.7% ownership) | $ | 139,326 |
Carrying value of investment | (23,597 | )
Gain on remeasurement | $ | 115,729 |
Kings Plaza |
Acquisition |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of Kings Plaza Shopping Center:
Property | $ | 714,589 |
Deferred charges | 37,371 |
Other assets | 29,282 |
Total assets acquired | 781,242 |
Other accrued liabilities | 25,242 |
Total liabilities assumed | 25,242 |
Fair value of acquired net assets | $ | 756,000 |
Green Acres Mall |
Acquisition |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of Green Acres Mall:
Property | $ | 477,673 |
Deferred charges | 45,130 |
Other assets | 19,125 |
Total assets acquired | 541,928 |
Other accrued liabilities | 41,928 |
Total liabilities assumed | 41,928 |
Fair value of acquired net assets | $ | 500,000 |
Camelback Colonnade |
Acquisition |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of Camelback Colonnade:
Property | $ | 98,160 |
Deferred charges | 8,284 |
Cash and cash equivalents | 1,280 |
Restricted cash | 1,139 |
Tenant receivables | 615 |
Other assets | 380 |
Total assets acquired | 109,858 |
Mortgage note payable | 49,465 |
Accounts payable | 54 |
Other accrued liabilities | 4,752 |
Total liabilities assumed | 54,271 |
Fair value of acquired net assets (at 100% ownership) | $ | 55,587 |
Summary of gain on remeasurement of existing investment | The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring:
Fair value of existing ownership interest (at 73.2% ownership) | $ | 41,690 |
Carrying value of investment | (5,349 | )
Gain on remeasurement | $ | 36,341 |
SDG Properties |
Acquisition |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of the SDG Acquisition Properties:
Property | $ | 371,344 |
Deferred charges | 30,786 |
Tenant receivables | 10,048 |
Other assets | 32,826 |
Total assets acquired | 445,004 |
Mortgage note payable | 211,543 |
Accounts payable | 10,416 |
Other accrued liabilities | 18,578 |
Total liabilities assumed | 240,537 |
Fair value of acquired net assets | $ | 204,467 |
Superstition Springs Land I |
Acquisition |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of Superstition Springs Center:
Property | $ | 114,373 |
Deferred charges | 12,353 |
Cash and cash equivalents | 8,894 |
Tenant receivables | 51 |
Other assets | 11,535 |
Total assets acquired | 147,206 |
Mortgage note payable | 68,448 |
Accounts payable | 119 |
Other accrued liabilities | 7,637 |
Total liabilities assumed | 76,204 |
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 |
Summary of gain on remeasurement of existing investment | The Company determined that the purchase price represented the fair value of the additional ownership interest in Superstition Springs Center that was acquired.
Fair value of existing ownership interest (at 66.7% ownership) | $ | 47,340 |
Carrying value of investment | (32,476 | )
Gain on remeasurement | $ | 14,864 |

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