Note 3 - Property Acquisitions

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3.  Property Acquisitions:

Acquisition/Consolidation of Operating Properties

During the year ended December 31, 2023, 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 in certain operating properties held in an unconsolidated joint venture (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash		Debt		Other		Total		GLA
Portfolio (2 properties) (1)	Various	Jan-23	$	69,130	$	19,637	$	13,019	$	101,786	342
Crossroads Plaza Parcel	Cary, NC	Jan-23		2,173		-		-		2,173	5
Northridge Shopping Center Parcel	Arvada, CO	Jan-23		728		-		-		728	57
Stafford Marketplace Parcel (2)	Stafford, VA	Feb-23		-		-		12,527		12,527	87
Tustin Heights (1)	Tustin, CA	Mar-23		26,501		17,550		4,910		48,961	137
Marlton Plaza Parcel	Cherry Hill, NJ	Jul-23		529		-		-		529	-
Stonebridge at Potomac Town Center	Woodbridge, VA	Aug-23		169,840		-		1,667		171,507	504
Big 5 Factoria Parcel	Bellevue, WA	Oct-23		7,817		-		-		7,817	13
			$	276,718	$	37,187	$	32,123	$	346,028	1,145

(1) Other includes the Company’s previously held equity investments in the Prudential Investment Program and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interest of $7.7 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 Operations. The Company previously held an ownership interest of 15.0% in these property interests. See Footnote 6 of the Notes to Consolidated Financial Statements.

(2) During March 2023, the Company received a parcel as consideration resulting from the exercise of a termination option of an operating lease.

During the year ended December 31, 2022, the Company acquired the following operating properties, through direct asset purchases (in thousands):

		Month	Purchase Price
Property Name	Location	Acquired	Cash		Debt		Other		Total		GLA
Rancho San Marcos Parcel	San Marcos, CA	Jan-22	$	2,407	$	-	$	-	$	2,407		6
Columbia Crossing Parcel	Columbia, MD	Feb-22		16,239		-		-		16,239		60
Oak Forest Parcel	Houston, TX	Jun-22		3,846		-		-		3,846		4
Devon Village (1)	Devon, PA	Jun-22		733		-		-		733		-
Fishtown Crossing	Philadelphia, PA	Jul-22		39,291		-		-		39,291		133
Carman’s Plaza	Massapequa, NY	Jul-22		51,423		-		-		51,423		195
Pike Center (1)	Rockville, MD	Jul-22		21,850		-		-		21,850		-
Baybrook Gateway (1)	Webster, TX	Oct-22		2,978		-		-		2,978		-
Portfolio (8 Properties) (2)	Long Island, NY	Nov-22		152,078		88,792		135,663		376,533		536
Gordon Plaza (1)	Woodbridge, VA	Nov-22		5,573		-		-		5,573		-
The Gardens at Great Neck (1)	Great Neck, NY	Dec-22		4,019		-		-		4,019		-
			$	300,437	$	88,792	$	135,663	$	524,892		934

(1) Land parcel

(2) Other consists of redeemable noncontrolling interest of $79.7 million and an embedded derivative liability associated with put and call options of $56.0 million. See Footnotes 14 and 15 of the Notes to Consolidated Financial Statements for additional discussion regarding fair value allocation to unitholders for noncontrolling interests.

Included in the Company’s Consolidated Statements of Income are $20.5 million and $9.1 million in total revenues from the date of acquisition through December 31, 2023 and 2022, 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, 2023 and 2022, are as follows (in thousands):

	Allocation as of December 31, 2023			Weighted- Average Useful Life (in Years)		Allocation as of December 31, 2022			Weighted- Average Useful Life (in Years)
Land	$	109,116			n/a	$	207,067			n/a
Buildings		166,067			50.0		271,525			50.0
Building improvements		23,846			45.0		13,273			45.0
Tenant improvements		22,675			6.3		11,689			7.9
Solar panels		-			-		2,308			20.0
In-place leases		47,805			5.2		28,405			6.9
Above-market leases		4,981			6.7		8,408			8.3
Below-market leases		(29,271	)		23.7		(24,069	)		16.1
Mortgage fair value adjustment		-			-		9,430			6.5
Other assets		1,777			n/a		-			n/a
Other liabilities		(968	)		n/a		(3,144	)		n/a
Net assets acquired/consolidated	$	346,028				$	524,892