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Acquisitions | 6 Months Ended
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Jun. 30, 2017
Business Combinations [Abstract] |
Acquisitions |
3. | Acquisitions
In January 2017, the Company acquired one shopping center in Chicago, Illinois, for $81.0 million. This acquisition was accounted for as an asset acquisition and the fair value was allocated as follows (in thousands):
|  |  |  |  | Weighted-Average Amortization Period (in Years) |
Land | $ | 23,588 |  |  | N/A |
Buildings |  | 35,659 |  |  | (A) |
Tenant improvements |  | 8,565 |  |  | (A) |
In-place leases (including lease origination costs and fair market value of leases) |  | 7,051 |  |  |  | 16.0 |
Tenant relations |  | 6,934 |  |  |  | 16.3 |
Other assets |  | 419 |  |  | N/A |
|  | 82,216 |  |  |  |  |
Less: Below-market leases |  | (1,872 | ) |  |  | 20.0 |
Less: Other liabilities assumed |  | (581 | ) |  | N/A |
Net assets acquired | $ | 79,763 |  |  |  |  |
(A) | Depreciated in accordance with the Company’s policy.
Total consideration for the acquisition was paid in cash. The costs related to the acquisition of this asset were capitalized to real estate assets (Note 1). Included in the Company’s consolidated statements of operations are $3.0 million in total revenues from the date of acquisition through June 30, 2017, for the acquired property.

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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 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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