XML 102 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2013
Business Combinations [Abstract]  
Summary of Acquired Shopping Centers

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   
Schedule of Acquisition Cost of Shopping Centers

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.