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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
Schedule of Business Acquisitions | The following is a summary of the Company's acquisitions during 2015:
Purchase Date |  | Property |  | Property Type |  | Location |  | Ownership Percentage Acquired |  | Cash |  | Purchase Price
June 2015 |  | Mayfaire Town Center and Community Center (1) |  | Mall |  | Wilmington, NC |  | 100% |  | $ | 191,988 |  |  | $ | 191,988 |
(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 were 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.
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the respective acquisition dates:
|  | Sears Stores |  | Macy's Stores |  | Total
Land |  | $ | 45,028 |  |  | $ | 4,635 |  |  | $ | 49,663 |
Building and improvements |  | 14,814 |  |  | 1,965 |  |  | 16,779 |
Tenant improvements |  | 4,234 |  |  | 377 |  |  | 4,611 |
Above-market leases |  | 681 |  |  | — |  |  | 681 |
In-place leases |  | 8,364 |  |  | 579 |  |  | 8,943 |
Total assets |  | 73,121 |  |  | 7,556 |  |  | 80,677 |
Below-market leases |  | (356 | ) |  | (522 | ) |  | (878 | )
Net assets acquired |  | $ | 72,765 |  |  | $ | 7,034 |  |  | $ | 79,799 |
The intangible assets and liabilities acquired with the acquisition of the Sears and Macy's stores have weighted-average amortization periods as of the respective acquisition dates as follows (in years):
|  | Sears Stores |  | Macy's Stores
Above-market leases |  | 2.0 |  | N/A
In-place leases |  | 2.2 |  | 2.2
Below-market leases |  | 5.4 |  | 2.2
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 |

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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://www.xbrl.org/2003/role/presentationRef -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://www.xbrl.org/2003/role/presentationRef -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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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