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Acquisitions | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
Acquisitions |
3. | Acquisitions
In 2017 and 2016, the Company acquired the following shopping centers (in millions):
Asset |  | Location |  | Date Acquired |  | Purchase Price |
3030 North Broadway |  | Chicago, IL |  | January 2017 |  | $ | 81.0 |
Palm Valley Pavilions West |  | Phoenix, AZ |  | February 2016 |  |  | 60.5 |
Gresham Station |  | Portland, OR |  | September 2016 |  |  | 86.3 |
The fair value of acquisitions was allocated as follows (in thousands):
|  |  |  |  |  |  |  |  | Weighted-Average Amortization Period (in Years) |
| 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Land | $ | 23,588 |  |  | $ | 27,093 |  |  | N/A |  |  | N/A |
Buildings |  | 35,659 |  |  |  | 99,034 |  |  | (A) |  |  | (A) |
Tenant improvements |  | 8,565 |  |  |  | 4,385 |  |  | (A) |  |  | (A) |
In-place leases (including lease origination costs and fair market value of leases) |  | 7,051 |  |  |  | 14,021 |  |  |  | 16.0 |  |  |  | 5.1 |
Tenant relationships |  | 6,934 |  |  |  | 8,810 |  |  |  | 16.3 |  |  |  | 11.1 |
Other assets |  | 419 |  |  |  | 146 |  |  | N/A |  |  | N/A |
|  | 82,216 |  |  |  | 153,489 |  |  |  |  |  |  |  |  |
Less: Below-market leases |  | (1,872 | ) |  |  | (6,967 | ) |  |  | 20.0 |  |  |  | 15.4 |
Less: Other liabilities assumed |  | (581 | ) |  |  | (547 | ) |  | N/A |  |  | N/A |
Net assets acquired | $ | 79,763 |  |  | $ | 145,975 |  |  |  |  |  |  |  |  |
(A) | Depreciated in accordance with the Company’s policy (Note 1).
Total consideration for the acquisitions was paid in cash. The costs related to the 2017 asset acquisition were capitalized to real estate assets in connection with the new accounting standard adopted on January 1, 2017 (Note 1). Total consideration for the 2016 asset acquisitions excludes $0.4 million of related transaction costs, which were expensed as incurred and included in Other Income (Expense), net in the Company’s consolidated statement of operations. Included in the Company’s consolidated statements of operations are $6.9 million, $6.8 million and $9.5 million in total revenues from the date of acquisition through December 31, 2017, 2016 and 2015, 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 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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