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Acquisitions
 12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Acquisitions

5.

Acquisitions

In 2018, the Company acquired Sharon Greens in Cumming, GA, Melbourne Shopping Center in Melbourne, FL, and Market Square in Douglasville, GA, from two unconsolidated joint ventures (Note 3) for an aggregate purchase price of $35.1 million.  In 2017, the Company acquired 3030 North Broadway in Chicago, IL, for a purchase price of $81.0 million.

 

The fair value of acquisitions was allocated as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Weighted-Average

Amortization Period

(in Years)

 

2018

 

 

2017

 

 

2018

2017

Land

$

9,340

 

 

$

23,588

 

 

N/A

N/A

Buildings

 

20,661

 

 

 

35,659

 

 

(A)

(A)

Tenant improvements

 

370

 

 

 

8,565

 

 

(A)

(A)

In-place leases (including lease origination costs and fair

   market value of leases)

 

4,517

 

 

 

7,051

 

 

3.7

16.0

Tenant relationships

 

1,645

 

 

 

6,934

 

 

5.3

16.3

Other assets

 

13

 

 

 

419

 

 

N/A

N/A

 

 

36,546

 

 

 

82,216

 

 

 

 

Less: Below-market leases

 

(1,333

)

 

 

(1,872

)

 

12.7

20.0

Less: Other liabilities assumed

 

(144

)

 

 

(581

)

 

N/A

N/A

Net assets acquired

$

35,069

 

 

$

79,763

 

 

 

 

(A)

Depreciated in accordance with the Company’s policy (Note 1).

The total consideration was paid in cash for these assets.  Included in the Company’s consolidated statements of operations are $7.3 million, $6.9 million and $6.8 million in total revenues from the date of acquisition through December 31, 2018, 2017 and 2016, respectively, for the acquired properties.