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Acquisitions | 12 Months Ended
--- | ---
Dec. 31, 2015
Business Combinations [Abstract] |
Acquisitions |
3. | Acquisitions
In 2015 and 2014, the Company acquired the following shopping centers (in millions):
Location or Transaction |  | 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 |  |  |  | — |
Orlando, FL |  | December 2015 |  |  | 67.1 |  |  |  | — |
Colorado Springs, CO |  | April 2014 |  | $ | 29.4 |  |  | $ | 12.9 |
Roseville, CA |  | May 2014 |  |  | 89.5 |  |  |  | — |
Cincinnati, OH |  | May 2014 |  |  | 29.5 |  |  |  | — |
Chicago, IL |  | June 2014 |  |  | 98.0 |  |  |  | 35.5 |
Philadelphia, PA |  | August 2014 |  |  | 31.5 |  |  |  | — |
Blackstone II Acquisition (seven assets)(A) |  | September 2014 |  |  | 395.3 |  |  |  | 233.3 |
Erie, PA(A) |  | December 2014 |  |  | 15.6 |  |  |  | — |
(A) | Acquired from various unconsolidated joint ventures in separate transactions. See description of Blackstone II Acquisition below.
The fair value of acquisitions was allocated as follows (in thousands):
|  |  |  |  |  |  |  |  | Weighted-Average Amortization Period (in Years)
| 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014
Land | $ | 74,699 |  |  | $ | 147,559 |  |  | N/A |  |  | N/A
Buildings |  | 140,668 |  |  |  | 399,274 |  |  | (B) |  |  | (B)
Tenant improvements |  | 5,229 |  |  |  | 9,625 |  |  | (B) |  |  | (B)
Construction in progress |  | — |  |  |  | 76,214 |  |  | N/A |  |  | N/A
In-place leases (including lease origination costs and fair market value of leases)(A) |  | 19,250 |  |  |  | 59,684 |  |  |  | 7.3 |  |  | 7.1
Tenant relations |  | 9,176 |  |  |  | 35,828 |  |  |  | 10.9 |  |  | 7.7
Other assets |  | 1,252 |  |  |  | 4,402 |  |  | N/A |  |  | N/A
|  | 250,274 |  |  |  | 732,586 |  |  |  |  |  |  |
Less: Mortgage debt assumed at fair value |  | (33,735 | ) |  |  | (293,288 | ) |  | N/A |  |  | N/A
Less: Below-market leases |  | (29,885 | ) |  |  | (28,115 | ) |  |  | 18.4 |  |  | 19.1
Less: Other liabilities assumed |  | (1,169 | ) |  |  | (3,478 | ) |  | N/A |  |  | N/A
Net assets acquired | $ | 185,485 |  |  | $ | 407,705 |  |  |  |  |  |  |
(A) | Includes above-market value leases of $1.5 million and $8.8 million at December 31, 2015 and 2014, respectively.
(B) | Depreciated in accordance with the Company’s policy (Note 1).
| 2015 |  |  | 2014 |
Consideration: |  |  |  |  |  |  |
Cash (including debt repaid at closing) | $ | 169,805 |  |  | $ | 330,929 |
Gain on Change in Control of Interests |  | 14,279 |  |  |  | 4,296 |
Carrying value of previously held equity interest(A) |  | 1,401 |  |  |  | 2,449 |
Repayment of preferred equity interest and mezzanine loan |  | — |  |  |  | 51,775 |
Issuance of OP Units |  | — |  |  |  | 18,256 |
Total consideration(B) | $ | 185,485 |  |  | $ | 407,705 |
(A) | The significant inputs used to value the previously held equity interests were determined to be Level 3 for all of the applicable acquisitions. In 2014, the weighted-average discount rate applied to cash flows was approximately 7.6%; the weighted-average residual capitalization rate applied was approximately 7.0%.
(B) | Total consideration excludes $0.7 million and $2.5 million, in 2015 and 2014, respectively, of costs related to the acquisition of these assets. These transaction costs were expensed as incurred and included in Other Income (Expense), Net in the Company’s consolidated statements of operations.
Included in the Company’s consolidated statements of operations are $9.5 million, $23.1 million and $62.1 million in total revenues from the date of acquisition through December 31, 2015, 2014 and 2013, respectively, for the acquired properties. Assets Acquired from BRE DDR Joint Ventures In 2014, the Company acquired sole ownership of power centers owned through its interest in a joint venture with Blackstone (“Blackstone II Acquisition”). The Company accounted for this transaction as a step acquisition and, accordingly, recorded a Gain on Sale and Change in Control of Interests related to the difference between the Company’s carrying value and fair value of the previously held equity interest. The acquisition was completed as follows:
Terms |  | Blackstone II Acquisition Assets |
Date acquired |  | September 2014 |
Number of centers |  |  | 7 |
Transaction value at 100% |  | $395.3 million |
Mortgage debt assumed at 95% (face value) |  | $233.3 million |
Mortgage debt repaid at closing |  | $28.0 million |
DDR preferred equity interest repaid to DDR |  | $31.2 million |
Gain on Change in Control of Interests |  | $4.0 million |
Pro Forma Information The following unaudited supplemental pro forma operating data is presented for the year ended December 31, 2015, as if the acquisition of the properties acquired in 2015 were completed on January 1, 2014. The following unaudited supplemental pro forma operating data is presented for the year ended December 31, 2014, as if the acquisition of the interests in the properties acquired in 2014 were completed on January 1, 2013. The Gain on Change in Control of Interests related to the acquisitions from unconsolidated joint ventures was adjusted to the assumed acquisition date as explained above. 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).
| For the Year Ended December 31, (Unaudited) |
| 2015 |  |  | 2014 |
Pro forma revenues | $ | 1,037,503 |  |  | $ | 1,037,525 |
Pro forma (loss) income from continuing operations | $ | (250,685 | ) |  | $ | 24,128 |
Pro forma net (loss) income attributable to common shareholders | $ | (107,347 | ) |  | $ | 94,306 |
Basic and diluted earnings per share data: |  |  |  |  |  |  |
Net (loss) income attributable to common shareholders | $ | (0.30 | ) |  | $ | 0.26 |

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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 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463 Reference 3: 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=56956515&loc=d3e1392-128463 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479 Reference 5: 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=56956515&loc=d3e1486-128463 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 Reference 7: 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=56956791&loc=d3e4845-128472 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479 + Details
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