Quarterly report pursuant to Section 13 or 15(d)

Acquisition of Rental Property (Notes)

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Acquisition of Rental Property (Notes)
 6 Months Ended
Jun. 30, 2011
Acquisition of Rental Property [Abstract]  
Business Combination Disclosure [Text Block]
Acquisition of Rental Property
On June 28, 2011, we purchased Prime Outlets at Jeffersonville, Ohio, a 410,000 square foot outlet center, from Ohio Factory Stores Partnership, a subsidiary of Simon Property Group, for a cash price of $134.0 million.  The acquisition was funded by amounts available under our senior, unsecured bridge loan. 

The following table summarizes the allocation of the purchase price to the identifiable assets acquired and liabilities assumed as of June 28, 2011, the date of acquisition and the weighted average amortization period by major intangible asset class:
 
 
Value
 (in thousands)
 
Weighted-Average Amortization Period (in years)
Land
 
$
2,752

 
 
Buildings, improvements and fixtures
 
109,843

 
 
Deferred lease costs and other intangibles
 
 
 
 
Above/below market lease value, net
 
1,958

 
7.2

Lease in place value
 
8,224

 
3.7

Tenant relationships
 
10,029

 
7.8

Lease and legal costs
 
1,194

 
4.9

Total deferred lease costs and other intangibles
 
21,405

 
 
Net assets acquired
 
$
134,000

 
 


There was no contingent consideration associated with this acquisition.  We incurred approximately $563,000 in third-party acquisition related costs for the Jeffersonville acquisition which were expensed as incurred.  The revenues and earnings from Jeffersonville from the acquisition date through to June 30, 2011, as well as the pro forma operating results for periods prior to the acquisition date, are not provided because the acquisition was not material to our results of operations.