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Acquisitions
 3 Months Ended
Mar. 31, 2013
Business Combinations [Abstract]  
Acquisitions
3. ACQUISITIONS

In the three-month period ended March 31, 2013, the Company acquired the following operating shopping centers at an aggregate cash consideration of $80.6 million:

 

Location

    Date Acquired    Gross
Purchase
Price
(in  millions)		      Face Value of
Mortgage
Debt
Assumed
(in millions)		  

Oakland, CA

    February 2013    $ 41.1         N/A   

Highland Village, TX

    March 2013      40.3         N/A   

The Company accounted for these acquisitions utilizing the purchase method of accounting. The acquisition cost of the operating shopping centers was allocated as follows (in thousands):

 

           Weighted Average
Amortization Period
(in Years)		  

Land

    $ 9,907       N/A   

Buildings

      60,378       N/A   

Tenant improvements

      1,525       N/A   

In-place leases (including lease origination costs and fair market value of leases)(A)

      6,915       9.5   

Tenant relations

      3,480       9.3   
  

 

 

    
     82,205    

Less: Below-market leases

      (840 )      17.9   
  

 

 

    

Net assets acquired

    $ 81,365    
  

 

 

    

 

(A) Includes above-market value of leases of $1.9 million.

The costs related to the acquisition of these assets, which were not material, were expensed as incurred and included in other income (expense), net.