Real Estate Investments

12 Months Ended

Dec. 31, 2012

Real Estate [Abstract]

Real Estate Investments

Real Estate Investments

Acquisitions

The following table provides a summary of shopping centers acquired during the year ended December 31, 2012 (in thousands):

Date Purchased	Property Name	City/State		Purchase Price	Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities	Contingent Liabilities (1)
5/31/2012	Shops at Erwin Mill (2)	Durham, NC	$	358	—	—	—	—
6/21/2012	Grand Ridge Plaza (3)	Issaquah, WA		11,761	12,810	2,346	144	—
8/31/2012	Balboa Mesa Shopping Center	San Diego, CA		59,500	—	9,711	6,977	145
12/21/2012	Sandy Springs	Sandy Springs, GA		35,250	17,657	2,761	1,386	60
12/27/2012	Uptown District	San Diego, CA		81,115	—	5,833	1,154	4,058
			$	187,984	30,467	20,651	9,661	4,263

⁽¹⁾ These balances represent environmental liability contingencies, which were measured at fair value at the acquisition date.

⁽²⁾ Shops at Erwin Mill was acquired on May 31, 2012 for a total purchase price of $5.8 million and included both an operating component and a development component. The Company completed a purchase price allocation at the date of acquisition and determined that approximately $358,000 related to the existing operating center, with the remaining balance allocated to properties in development at the time of acquisition.

⁽³⁾ Grand Ridge Plaza was acquired on June 21, 2012 for a total purchase price of $20.0 million and included both an operating component and a development component. The Company completed a purchase price allocation at the date of acquisition and determined that $11.8 million related to the existing operating center, with the remaining balance allocated to properties in development at the time of acquisition.

The following table provides a summary of shopping centers acquired during the year ended December 31, 2011 (in thousands):

Date Purchased	Property Name	City/State		Purchase Price	Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities	Contingent Liabilities
6/2/2011	Ocala Corners	Tallahassee, FL	$	11,129	5,937	1,724	2,558	—
8/18/2011	Oak Shade Town Center	Davis, CA		34,871	12,456	2,320	1,658	—
9/26/2011	Tech Ridge Center	Austin, TX		55,400	12,899	4,519	936	—
			$	101,400	31,292	8,563	5,152	—

In addition to the above shopping center acquisitions, on May 4, 2011, the Company entered into an agreement with the DESCO Group ("DESCO") to redeem its entire 16.35% interest in Macquarie CountryWide-Regency-DESCO, LLC ("MCWR-DESCO"). The agreement allowed for a distribution-in-kind ("DIK") of the assets in the co-investment partnership. The assets were distributed as 100% ownership interests to DESCO and to Regency after a selection process, as provided for by the agreement. Regency selected four assets, all in the St. Louis market. The properties which the Company received through the DIK were recorded at the carrying value of the Company's equity investment of $18.8 million. Additionally, as part of the agreement, Regency received a $5.0 million disposition fee at closing on May 4, 2011 to buyout its asset, property, and leasing management contracts, and received $1.0 million for transition services provided through 2011.

The acquisitions were accounted for as purchase business combinations, and the results are included in the consolidated financial statements from the date of acquisition. During the years ended December 31, 2012, 2011, and 2010, the Company expensed approximately $1.2 million, $707,000, and $448,000, respectively, of acquisition-related costs in connection with the Company's property acquisitions, which are included in other operating expenses in the accompanying Consolidated Statements of Operations. The actual, or pro-forma, impact of the Company's acquired properties is not considered significant to the Company's operating results for the years ended December 31, 2012, 2011, and 2010.