Acquisitions

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Acquisitions

3. Acquisitions

In February 2016, the Company acquired one power center in Phoenix, Arizona, valued at $60.5 million.  The fair value of the acquisition was allocated as follows (in thousands):

				Weighted-Average Amortization Period (in Years)
Land	$	11,859		N/A
Buildings		41,433		(A)
Tenant improvements		1,184		(A)
In-place leases (including lease origination costs and fair market value of leases)		6,125			4.5
Tenant relations		2,607			8.1
		63,208
Less: Below-market leases		(2,968	)		16.7
Less: Other liabilities assumed		(354	)	N/A
Net assets acquired	$	59,886

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

The Company’s consideration of $59.9 million was paid in cash.  The costs related to the acquisition of this asset were expensed as incurred and included in Other Income (Expense), Net in the Company’s consolidated statement of operations, at June 30, 2016.  Such amounts were considered immaterial.  Included in the Company’s consolidated statements of operations are $2.2 million and $2.1 million in total revenues from the date of acquisition through June 30, 2016 and 2015, respectively, for the acquired properties.