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ACQUISITIONS | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
ACQUISITIONS | ACQUISITIONS Since the adoption of ASU 2017-01 (see Note 2) as of January 1, 2017, the Company's acquisitions of shopping center and other properties have been accounted for as acquisitions of assets. 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. 2017 Acquisitions JG Gulf Coast LLC In December 2017, the Company was assigned its partner's 50% interest in Gulf Coast Town Center - Phase III for no consideration. The unconsolidated affiliate was previously accounted for using the equity method of accounting (see Note 5). As of the December 31, 2017 assignment date, the wholly-owned joint venture is accounted for on a consolidated basis in the Company's operations. The Company recorded $2,818 of net assets at their carry-over basis, which included $4,118 related to a mortgage note payable to the Company. Sears and Macy's stores In January 2017, the Company acquired several Sears and Macy's stores, which include land, buildings and improvements, for future redevelopment at the related malls. The Company purchased five Sears department stores and two Sears Auto Centers for $72,765 in cash, which included $265 of capitalized transaction costs. Sears continues to operate the department stores under new ten-year leases for which the Company receives aggregate annual base rent of $5,075. Annual base rent will be reduced by 0.25% for the third through tenth years of the leases. Sears is responsible for paying CAM charges, taxes, insurance and utilities under the terms of the leases. The Company has the right to terminate each Sears lease at any time (except November 15 through January 15, in any given year), with six month's advance notice. With six month's advance notice, Sears has the right to terminate one lease after a four-year period and may terminate the four other leases after a two-year period. The leases on the Sears Auto Centers were subsequently terminated, in accordance with the terms of the Company's agreement with Sears. The Company also acquired four Macy's stores for $7,034 in cash, which included $34 of capitalized transaction costs. Three of these locations closed in March 2017. The Company entered into a lease with Macy's at the fourth store under which Macy's will continue to operate the store through March 2019 for annual base rent and fixed CAM charges of $19 per year, subject to certain operating covenants. If Macy's ceases to operate at this location, the Company will be reimbursed for the pro rata portion of the amount paid for the operating covenant based on the remaining lease term. 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
2016 Acquisitions The Company did not acquire any consolidated shopping center properties during the year ended December 31, 2016. 2015 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.
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 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
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