XML 38 R22.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Acquisitions | 12 Months Ended
--- | ---
Dec. 31, 2017
Business Combinations [Abstract] |
Acquisitions | Acquisitions: Fashion Outlets of Chicago: On October 31, 2014, the Company purchased the outside ownership interest in its consolidated joint venture in Fashion Outlets of Chicago, for $69,987. The purchase agreement included contingent consideration based on the financial performance of Fashion Outlets of Chicago. On August 19, 2016, the Company paid $23,800 in full settlement of the contingent consideration obligation. Inland Center: On February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center that it did not previously own for $51,250. The purchase price was funded by a cash payment of $26,250 and the assumption of the third party's share of the mortgage note payable on the property of $25,000. Prior to the acquisition, the Company had accounted for its investment in Inland Center under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Inland Center. The acquisition was completed in order to obtain 100% ownership and control over this asset. The following is a summary of the allocation of the fair value of Inland Center:
Property | $ | 91,871 |
Deferred charges | 9,752 |
Other assets | 5,782 |
Total assets acquired | 107,405 |
Mortgage note payable | 50,000 |
Other accrued liabilities | 4,905 |
Total liabilities assumed | 54,905 |
Fair value of acquired net assets (at 100% ownership) | $ | 52,500 |
The Company determined that the purchase price represented the fair value of the additional ownership interest in Inland Center that was acquired.
Fair value of existing ownership interest (at 50% ownership) | $ | 26,250 |
Carrying value of investment | (4,161 | )
Gain on remeasurement of assets | $ | 22,089 |
The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
Purchase price | $ | 51,250 |
Less debt assumed | (25,000 | )
Carrying value of investment | 4,161 |
Gain on remeasurement of assets | 22,089 |
Fair value of acquired net assets (at 100% ownership) | $ | 52,500 |
From the date of acquisition, the Company has included Inland Center in its consolidated financial statements.

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration