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Note 4 - Property Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination Disclosure [Text Block]

4. Property Acquisitions:

Acquisition/Consolidation of Operating Properties

During the year ended December 31, 2021, in addition to the properties acquired in the Merger (see Footnote 2 of the Notes to Consolidated Financial Statements), the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests or obtaining control through the modification of a joint venture investment (in thousands):

			Purchase Price
Property Name	Location	Month Acquired/ Consolidated	Cash		Debt		Other		Total		GLA*
Distribution Center #1 (1)	Lancaster, CA	Jan-21	$	58,723	$	-	$	11,277	$	70,000		927
Distribution Center #2 (1)	Woodland, CA	Jan-21		27,589		-		6,411		34,000		508
Jamestown Portfolio (6 properties) (2)	Various	Oct-21		172,899		170,000		87,094		429,993		1,226
KimPru Portfolio (2 properties) (2)	Various	Oct-21		61,705		64,169		15,212		141,086		478
Columbia Crossing Parcel	Columbia, MD	Oct-21		12,600		-		-		12,600		45
Centro Arlington (2)	Arlington, VA	Nov-21		24,178		-		184,850		209,028		72
			$	357,694	$	234,169	$	304,844	$	896,707		3,256

* Gross leasable area ("GLA")

(1)

Other consists of the fair value of the assets acquired which exceeded the purchase price upon closing. The transaction was a sale-leaseback with the seller which resulted in the recognition of a prepayment of rent of $17.7 million in accordance with ASC 842, Leases at closing. The prepayment of rent was amortized over the initial term of the lease through Revenues from rental properties, net on the Company's Consolidated Statements of Operations. See Footnote 16 of the Company’s Consolidated Financial Statements for additional discussion regarding fair value allocation of partnership interest for noncontrolling interests.

(2)

Other includes the Company’s previously held equity investments and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized net gains on change in control of interests of $5.0 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income. The Company previously held an ownership interest of 30.0% in Jamestown Portfolio, 15.0% in KimPru Portfolio and 90.0% in Centro Arlington.

During the year ended December 31, 2020, the Company acquired the following operating property, through a direct asset purchase (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash		GLA
North Valley Parcel	Peoria, AZ	Feb-20	$	7,073		9

Included in the Company’s Consolidated Statements of Income are $10.3 million and $0.4 million in total revenues from the date of acquisition through December 31, 2021 and 2020, respectively, for operating properties acquired during each of the respective years.

Purchase Price Allocations

The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired/consolidated during the years ended December 31, 2021 and 2020, are as follows (in thousands):

	Allocation as of December 31, 2021			Weighted- Average Useful Life (in Years)		Allocation as of December 31, 2020		Weighted- Average Useful Life (in Years)
Land	$	154,320			n/a	$	935		n/a
Buildings		679,646			50.0		4,610		50.0
Building improvements		18,476			45.0		221		45.0
Tenant improvements		16,391			8.5		382		19.4
In-place leases		48,648			9.1		925		19.4
Above-market leases		6,581			6.5		-		-
Below-market leases		(39,712	)		38.9		-		-
Other assets		21,331			n/a		-		n/a
Other liabilities		(8,974	)		n/a		-		n/a
Net assets acquired/consolidated	$	896,707				$	7,073