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Acquisitions | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
Acquisitions |
3. | Acquisitions
In 2016 and 2015, the Company acquired the following shopping centers (in millions):
Location |  | Date Acquired |  | Purchase Price |  |  | Face Value of Mortgage Debt Assumed |
Phoenix, AZ |  | February 2016 |  | $ | 60.5 |  |  | $ | — |
Portland, OR |  | September 2016 |  |  | 86.3 |  |  |  | — |
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 |  |  |  | — |
(A) | Acquired from an unconsolidated joint venture.
The fair value of acquisitions was allocated as follows (in thousands):
|  |  |  |  |  |  |  |  | Weighted-Average Amortization Period (in Years) |
| 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Land | $ | 27,093 |  |  | $ | 74,699 |  |  | N/A |  |  | N/A |
Buildings |  | 99,034 |  |  |  | 140,668 |  |  | (B) |  |  | (B) |
Tenant improvements |  | 4,385 |  |  |  | 5,229 |  |  | (B) |  |  | (B) |
In-place leases (including lease origination costs and fair market value of leases)(A) |  | 14,021 |  |  |  | 19,250 |  |  |  | 5.1 |  |  |  | 7.3 |
Tenant relations |  | 8,810 |  |  |  | 9,176 |  |  |  | 11.1 |  |  |  | 10.9 |
Other assets |  | 146 |  |  |  | 1,252 |  |  | N/A |  |  | N/A |
|  | 153,489 |  |  |  | 250,274 |  |  |  |  |  |  |  |  |
Less: Mortgage debt assumed at fair value |  | — |  |  |  | (33,735 | ) |  | N/A |  |  | N/A |
Less: Below-market leases |  | (6,967 | ) |  |  | (29,885 | ) |  |  | 15.4 |  |  |  | 18.4 |
Less: Other liabilities assumed |  | (547 | ) |  |  | (1,169 | ) |  | N/A |  |  | N/A |
Net assets acquired | $ | 145,975 |  |  | $ | 185,485 |  |  |  |  |  |  |  |  |
(A) | Includes above-market value leases of $1.5 million at December 31, 2015, none in 2016.
(B) | Depreciated in accordance with the Company’s policy (Note 1).
| 2016 |  |  | 2015 |
Consideration: |  |  |  |  |  |  |
Cash (including debt repaid at closing) | $ | 145,975 |  |  | $ | 169,805 |
Gain on Change in Control of Interests |  | — |  |  |  | 14,279 |
Carrying value of previously held equity interest(A) |  | — |  |  |  | 1,401 |
Total consideration(B) | $ | 145,975 |  |  | $ | 185,485 |
(A) | The significant inputs used to value the previously held equity interest were determined to be Level 3 for all of the applicable acquisitions.
(B) | Total consideration excludes $0.4 million and $0.7 million in 2016 and 2015, 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 $6.8 million, $9.5 million and $23.1 million in total revenues from the date of acquisition through December 31, 2016, 2015 and 2014, respectively, for the acquired properties.

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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=65885119&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=65885119&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=65885119&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=65885119&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=73530397&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 7 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1524-128463 Reference 9: 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 10: 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=73530397&loc=d3e4922-128472 Reference 11: 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=73530397&loc=d3e4934-128472 Reference 12: 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=73530397&loc=d3e4926-128472 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472 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=65885119&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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