Acquisitions: (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of recognized identified assets acquired and liabilities assumed

The following is a summary of the allocation of the fair value of Kings Plaza Shopping Center:



Property	$	714,589
Deferred charges	37,371
Other assets	29,282
Total assets acquired	781,242
Other accrued liabilities	25,242
Total liabilities assumed	25,242
Fair value of acquired net assets	$	756,000

The following is a summary of the allocation of the fair value of 500 North Michigan Avenue:



Property	$	66,033
Deferred charges	7,450
Other assets	2,143
Total assets acquired	75,626
Other accrued liabilities	4,701
Total liabilities assumed	4,701
Fair value of acquired net assets	$	70,925

The following is a summary of the allocation of the fair value of Camelback Colonnade:



Property	$	98,160
Deferred charges	8,284
Cash and cash equivalents	1,280
Restricted cash	1,139
Tenant receivables	615
Other assets	380
Total assets acquired	109,858
Mortgage note payable	49,465
Accounts payable	54
Other accrued liabilities	4,752
Total liabilities assumed	54,271
Fair value of acquired net assets (at 100% ownership)	$	55,587

The following is a summary of the allocation of the fair value of Green Acres Mall:



Property	$	477,673
Deferred charges	45,130
Other assets	19,125
Total assets acquired	541,928
Other accrued liabilities	41,928
Total liabilities assumed	41,928
Fair value of acquired net assets	$	500,000

The following is a summary of the preliminary allocation of the estimated fair value of the PPRLP Queens Portfolio:



Property	$	3,714,982
Deferred charges	152,250
Cash and cash equivalents	28,890
Restricted cash	5,113
Tenant receivables	5,438
Other assets	127,723
Total assets acquired	4,034,396
Mortgage notes payable	1,414,659
Accounts payable	5,669
Due to affiliates	2,680
Other accrued liabilities	230,210
Total liabilities assumed	1,653,218
Fair value of acquired net assets (at 100% ownership)	$	2,381,178

The following is a summary of the allocation of the fair value of Superstition Springs Center:



Property	$	114,373
Deferred charges	12,353
Cash and cash equivalents	8,894
Tenant receivables	51
Other assets	11,535
Total assets acquired	147,206
Mortgage note payable	68,448
Accounts payable	119
Other accrued liabilities	7,637
Total liabilities assumed	76,204
Fair value of acquired net assets (at 100% ownership)	$	71,002

The following is a summary of the allocation of the fair value of Cascade Mall:



Property	$	28,924
Deferred charges	6,660
Other assets	202
Total assets acquired	35,786
Other accrued liabilities	4,786
Total liabilities assumed	4,786
Fair value of acquired net assets (at 100% ownership)	$	31,000

The following is a summary of the allocation of the fair value of FlatIron Crossing:



Property	$	443,391
Deferred charges	25,251
Cash and cash equivalents	3,856
Other assets	2,101
Total assets acquired	474,599
Mortgage note payable	175,720
Accounts payable	366
Other accrued liabilities	11,071
Total liabilities assumed	187,157
Fair value of acquired net assets (at 100% ownership)	$	287,442

The following is a summary of the allocation of the fair value of Arrowhead Towne Center:



Property	$	423,349
Deferred charges	31,500
Restricted cash	4,009
Tenant receivables	926
Other assets	4,234
Total assets acquired	464,018
Mortgage note payable	244,403
Accounts payable	815
Other accrued liabilities	10,449
Total liabilities assumed	255,667
Fair value of acquired net assets (at 100% ownership)	$	208,351

Schedule of reconciliation of the purchase price to the fair value of the acquired net assets

The following is the reconciliation of the purchase price to the estimated fair value of the acquired net assets:



Purchase price	$	1,838,886
Less debt assumed	(672,109		)
Distributions in excess of investment	(208,735		)
Gain on remeasurement of assets	1,423,136
Fair value of acquired net assets (at 100% ownership)	$	2,381,178

The following is the reconciliation of the purchase price to the fair value of the acquired net assets:



Purchase price	$	46,162
Less debt assumed	(22,500		)
Carrying value of investment	32,476
Remeasurement gain	14,864
Fair value of acquired net assets (at 100% ownership)	$	71,002

The following is the reconciliation of the purchase price to the fair value of the acquired net assets:



Purchase price	$	144,400
Less debt assumed	(75,375		)
Carrying value of investment	23,597
Gain on remeasurement of assets	115,729
Fair value of acquired net assets (at 100% ownership)	$	208,351

The following is the reconciliation of the purchase price to the fair value of the acquired net assets:



Purchase price	$	310,397
Less debt assumed	(114,497		)
Carrying value of investment	33,382
Gain on remeasurement of assets	84,227
Less prior gain deferral	(26,067		)
Fair value of acquired net assets (at 100% ownership)	$	287,442

Summary of gain on remeasurement of existing investment

The following is the reconciliation of the purchase price to the fair value of the acquired net assets:



Purchase price	$	15,233
Distributions in excess of investment	15,767
Fair value of acquired net assets (at 100% ownership)	$	31,000

The Company determined that the purchase price represented the fair value of the additional ownership interest in Arrowhead Towne Center that was acquired.



Fair value of existing ownership interest (at 66.7% ownership)	$	139,326
Carrying value of investment	(23,597		)
Gain on remeasurement of assets	$	115,729

The Company determined that the purchase price represented the fair value of the additional ownership interest in Superstition Springs Center that was acquired.



Fair value of existing ownership interest (at 66.7% ownership)	$	47,340
Carrying value of investment	(32,476		)
Gain on remeasurement of assets	$	14,864

The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring:



Fair value of existing ownership interest (at 73.2% ownership)	$	41,690
Carrying value of investment	(5,349		)
Gain on remeasurement of assets	$	36,341

The Company determined that the purchase price represented the fair value of the additional ownership interest in FlatIron Crossing that was acquired.



Fair value of existing ownership interest (at 25% ownership)	$	91,542
Carrying value of investment	(33,382		)
Prior gain deferral recognized	26,067
Gain on remeasurement of assets	$	84,227

The Company determined that the purchase price represented the estimated fair value of the additional ownership interest in the PPRLP Queens Portfolio that was acquired.



Fair value of existing ownership interest (at 51% ownership)	$	1,214,401
Distributions in excess of investment	208,735
Gain on remeasurement of assets	$	1,423,136

Schedule of pro forma total revenue and income continuing operations

The following unaudited pro forma total revenue and income from continuing operations for 2014 and 2013 assumes the 2013 and 2014 property acquisitions took place on January 1, 2013 and assumes that the 2013 and 2012 property acquisitions took place on January 1, 2012:



	Total revenue		Income from continuing operations
Supplemental pro forma for the year ended December 31, 2014(1)	$	1,287,904	$	1,605,975
Supplemental pro forma for the year ended December 31, 2013(1)	$	1,311,941	$	104,123
Supplemental pro forma for the year ended December 31, 2012(1)	$	1,094,559	$	92,193

____________________________________

(1)

This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the acquisitions occurred on January 1, 2013 or 2012, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non‑recurring adjustments directly attributable to the acquisitions.