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Consolidated Joint Venture and Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Summary of Allocation of Fair Value | The following is a summary of the allocation of the fair value of Fashion District Philadelphia:
Property | $ | 331,514 |
Deferred charges | 25,272 |
Cash and cash equivalents | 4,492 |
Restricted cash | 1,319 |
Tenant receivables | 8,476 |
Other assets | 30,582 |
Total assets acquired | 401,655 |
Mortgage note payable | 201,000 |
Partnership loan(1) | 100,000 |
Accounts payable | 6,673 |
Due to affiliates | 3 |
Other accrued liabilities | 55,717 |
Total liabilities assumed | 363,393 |
Fair value of acquired net assets (at 100% ownership) | $ | 38,262 |
(1)The Partnership Loan is eliminated in the Company's consolidated financial statements. The following is a summary of the allocation of the fair value of Sears South Plains:
Land | $ | 8,170 |
Building and improvements | 11,130 |
Fair value of acquired net assets (at 100% ownership) | $ | 19,300 |
Schedule of Business Acquisitions, by Acquisition | The Company recognized the following remeasurement loss on the Fashion District Philadelphia restructuring:
Fair value of acquired net assets (at 100% ownership) | $ | 38,262 |
Fair value of the noncontrolling interest | (19,131) |
Carrying value of existing investment in the joint venture | (182,429) |
Loss on remeasurement of asset | $ | (163,298) |
16. Consolidated Joint Venture and Acquisitions: (Continued)

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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