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ACQUISITIONS
 12 Months Ended
Dec. 31, 2015
Business Combinations [Abstract]  
ACQUISITIONS
ACQUISITIONS
The Company includes the results of operations of real estate assets acquired in the consolidated statements of operations from the date of the related acquisition. The pro forma effect of these acquisitions was not material. The Company did not acquire any properties during the year ended December 31, 2014. The following is a summary of the Company's acquisitions since January 1, 2013:
Purchase Date
 
Property
 
Property
 Type
 
Location
 
Ownership
Percentage
Acquired
 
Cash
 
Debt
Assumed
 
Purchase
Price
2015 Activity:
 
 
 
 
 
 
 
 
 
 
 
 
June
 
Mayfaire Town Center and Community Center (1)
 
Mall
 
Wilmington, NC
 
100%
 
$
191,988

 
$
—

 
$
191,988

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2013 Activity:
 
 
 
 
 
 
 
 
 
 
 
 
April
 
Kirkwood Mall (2)
 
Mall
 
Bismarck, ND
 
51%
 
$
41,378

 
$
20,587

 
$
61,965

(1)
The Company acquired Mayfaire Town Center and Community Center on June 18, 2015 for $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 in income related to Mayfaire Town Center and Community Center is included in the consolidated financial statements for the year ended December 31, 2015. The Company subsequently sold Mayfaire Community Center in December 2015. See Note 4 for more information.    
(2)
The Company acquired a 49.0% joint venture interest in Kirkwood Mall in December 2012. The cash paid was based on a total value of $121,500 including a $40,368 non-recourse loan. The Company executed an agreement to acquire the remaining 51.0% interest within 90 days subject to lender approval to assume the loan, which bears interest at a fixed rate of 5.75% and matures in April 2018. As the assumed loan was at an above-market interest rate compared to similar debt instruments at the date of acquisition, the Company recorded a debt premium of $2,970, computed using an estimated market interest rate of 4.25%. In accordance with its executed agreement, the Company acquired the remaining 51.0% interest in Kirkwood Mall in April 2013. The Company consolidated this joint venture as of December 31, 2013.
The following table summarizes the final allocation of the estimated fair values of the assets acquired and liabilities assumed as of the June 2015 acquisition date for Mayfaire Town Center and Community Center:
 
2015
Land
$
39,598

Buildings and improvements
139,818

Tenant improvements
3,331

Above-market leases
393

In-place leases
22,673

  Total assets
205,813

Below-market leases
(13,825
)
  Net assets acquired
$
191,988