Related Parties

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Related Parties

Note 16.    Related Parties

Effective December 11, 2020, we acquired our partner’s 42.25% interest in the Village Plaza at Bunker Hill center and redeemed our 57.75% interest in the related unconsolidated joint venture while simultaneously disposing of our wholly-owned Overton Park Plaza center to our former partner. Management has determined that this transaction did not qualify as a business combination but an exchange of nonfinancial assets to be accounted for under ASC Subtopic 610-20: Gains and Losses from the Derecognition of Nonfinancial Assets. Accordingly, the assets and liabilities of this transaction were recorded in our Consolidated Balance Sheet using the cost accumulation model, which includes the fair value of the assets acquired plus transaction costs and the carrying value of our previously held joint venture interest as of the effective date. The result of this transaction is included in our Consolidated Statements of Operations beginning December 11, 2020 and is summarized as follows (in thousands):

	As of
	December 11, 2020
Amounts recognized for assets and liabilities for Village Plaza at Bunker Hill
Assets
Property	$	140,596
Unamortized lease costs		41,328
Other, net		1,741
Liabilities
Debt, net		(73,088)
Other, net		(4,690)
Total net assets	$	105,887
Gain on Transaction (1)	$	32,453

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(1) Amount is included in Gain on Sale Property in our Consolidated Statement of Operations.

The following table details the weighted average amortization and net accretion periods of intangible assets and liabilities arising from this acquisition (in years):

	As of
	December 11, 2020
Assets
In place leases		7.6
Above-market leases		7.2
Liabilities
Below-market leases		8.0
Above-market assumed mortgage		8.6