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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Schedule of Business 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

 

 
Schedule of Acquisition Cost of Shopping Centers

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).