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Allocation of Purchase Price (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2012
Unconsolidated Properties
Mar. 31, 2013
In-Place Leases
Dec. 31, 2012
In-Place Leases
Mar. 31, 2013
Promenade Corporate Center
Mar. 31, 2012
Promenade Corporate Center
Mar. 31, 2013
Tracy Pavilion
Mar. 31, 2013
Purchase Price At Acquisitions
Above Market Leases
Mar. 31, 2013
Purchase Price At Acquisitions
Below-Market Lease
Mar. 31, 2013
Purchase Price At Acquisitions
In-Place Leases
Mar. 31, 2012
EastChase Market Center
Mar. 31, 2012
La Costa Town Center
Unconsolidated Properties
Business Acquisition [Line Items]                          
Building $ 22,611 $ 64,032 $ 15,054       $ 44,465 [1] $ 22,611       $ 19,567 $ 15,054 [2]
Land 6,193 8,692 8,383       4,477 [1] 6,193       4,215 8,383 [2]
Above Market Leases 163 1,141 86       781 [1] 163       360 86 [2]
Below Market Leases (1,136) (2,045) (2,069)       (749) [1] (1,136)       (1,296) (2,069) [2]
In-Place Lease 2,907 5,083 2,046       3,279 [1] 2,907       1,804 2,046 [2]
(Premium)/ Discount                   [1]                [2]
Other                   [1]                [2]
Purchase Price $ 30,738 $ 76,903 $ 23,500     $ 52,300 $ 52,253 [1] $ 30,738       $ 24,650 $ 23,500 [2]
Remaining useful life       80 months 82 months       54 months [3] 95 months [3] 62 months [3]    
[1] The purchase price of $52.3 million reflects $13.9 million in cash paid and the issuance of 3,230,769 shares of common stock with a fair value of approximately $39.1 million based on a closing price of $12.11 per share on the date of acquisition. The purchase price noted above is net of master lease agreements between the Company and the seller in the amount of $772,000 (included in other assets on the accompanying condensed consolidated balance sheets) based on the estimated fair value of funds expected to be received from escrow in connection with the acquisition. Payments under the master lease agreements commence upon the expiration of two existing leases in June 2012 and February 2013 (with terms through May 2013 and January 2015, respectively) unless the related spaces are re-leased with base rents equaling or exceeding the master lease payments. In addition, the seller has agreed to reimburse the Company for any expenditures resulting from tenant improvements or leasing commissions related to the spaces to the extent that funds remain available pertaining to the master lease agreements. See Note 17 for a discussion of changes in the fair value of this asset after the initial acquisition.
[2] This property was originally purchased as a consolidated property. However, in September 2012 the La Costa Town Center property was contributed in exchange for proceeds of approximately $21.2 million to a newly-formed entity in which the Company holds a 20% ownership interest (see Note 13). The Company accounts for its remaining equity ownership in the property in a manner similar to the equity method of accounting, which is reflected in the accompanying condensed consolidated balance sheets as an investment in unconsolidated entities.
[3] Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition.