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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2015
Business Combinations [Abstract] |
Schedule of Business Acquisitions | In the six months ended June 30, 2015, the Company acquired the following shopping centers (in millions):
Location |  | Date Acquired |  | Purchase Price |  |  | Face Value of Mortgage Debt Assumed |
Orange County, CA(A) |  | March 2015 |  | $ | 49.2 |  |  | $ | 33.0 |
Orlando, FL |  | April 2015 |  |  | 33.0 |  |  |  | — |
Houston, TX |  | June 2015 |  |  | 69.8 |  |  |  | — |
(A) | Acquired from joint venture partner (Note 2).
Schedule of Acquisition Cost of Shopping Centers | The fair value of the acquisitions was allocated as follows (in thousands):
|  |  |  |  | Weighted-Average Amortization Period (in Years)
Land | $ | 51,617 |  |  | N/A
Buildings |  | 97,702 |  |  | (B)
Tenant improvements |  | 3,834 |  |  | (B)
In-place leases (including lease origination costs and fair market value of leases)(A) |  | 11,325 |  |  | 7.9
Tenant relations |  | 5,750 |  |  | 11.8
Other assets |  | 1,252 |  |  | N/A
|  | 171,480 |  |  |
Less: Mortgage debt assumed at fair value |  | (33,735 | ) |  | N/A
Less: Below-market leases |  | (18,191 | ) |  | 17.8
Less: Other liabilities assumed |  | (1,144 | ) |  | N/A
Net assets acquired | $ | 118,410 |  |  |
(A) | Includes above-market leases of $0.2 million.
(B) | Depreciated in accordance with the Company’s policy.
Consideration |
Consideration: |  |  |
Cash (including debt repaid at closing) | $ | 102,730 |
Gain on Change in Control of Interests |  | 14,279 |
Carrying value of previously held equity interest |  | 1,401 |
Total consideration | $ | 118,410 |
Unaudited Supplemental to Pro Forma Operating Data | The following unaudited supplemental pro forma operating data is presented for the three and six months ended June 30, 2015 and 2014, as if the acquisition of the interests in the properties acquired in 2015 and 2014 were completed on January 1, 2014. The Gain on Change in Control of Interests related to the acquisition from an unconsolidated joint venture was adjusted to the assumed acquisition date. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations of the Company would have been assuming the transactions had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods (in thousands, except per share amounts):
|  | Three Months |  |  | Six Months |
|  | Ended June 30, |  |  | Ended June 30, |
|  | (Unaudited) |  |  | (Unaudited) |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Pro forma revenues |  | $ | 258,575 |  |  | $ | 256,440 |  |  | $ | 520,282 |  |  | $ | 514,007 |
Pro forma income (loss) from continuing operations |  | $ | 7,946 |  |  | $ | 65,377 |  |  | $ | (273,961 | ) |  | $ | 56,897 |
Pro forma net income (loss) attributable to common shareholders |  | $ | 13,170 |  |  | $ | 65,114 |  |  | $ | (250,110 | ) |  | $ | 53,687 |
Basic earnings per share data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to common shareholders |  | $ | 0.04 |  |  | $ | 0.18 |  |  | $ | (0.70 | ) |  | $ | 0.15 |
Diluted earnings per share data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to common shareholders |  | $ | 0.04 |  |  | $ | 0.18 |  |  | $ | (0.70 | ) |  | $ | 0.15 |

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