Acquisitions

12 Months Ended

Dec. 31, 2022

In 2022 and 2021, the Company acquired the following shopping centers (in millions):

Asset

Location

Date
Acquired

Purchase
Price

Face Value of
Mortgage Debt
Assumed

Artesia Village

Scottsdale, Arizona

January 2022

14.5

—

Casselberry Commons

Casselberry, Florida

February 2022

35.6

(A)

Shops at Boca Center

Boca Raton, Florida

March 2022

90.0

—

Shoppes of Crabapple

Alpharetta, Georgia

April 2022

4.4

—

La Fiesta Square

Lafayette, California

May 2022

60.8

—

Lafayette Mercantile

Lafayette, California

May 2022

43.0

—

Shops at Tanglewood

Houston, Texas

June 2022

22.2

—

Boulevard at Marketplace

Fairfax, Virginia

June 2022

10.4

—

Fairfax Marketplace

Fairfax, Virginia

June 2022

16.0

—

Fairfax Pointe

Fairfax, Virginia

June 2022

8.4

—

Parkwood Shops

Atlanta, Georgia

July 2022

8.4

—

Chandler Center

Chandler, Arizona

August 2022

5.3

—

Shops at Power and Baseline

Mesa, Arizona

August 2022

4.6

—

Northsight Plaza

Scottsdale, Arizona

August 2022

6.1

—

Broadway Center

Tempe, Arizona

August 2022

7.0

—

Shops on Montview

Denver, Colorado

November 2022

5.8

—

Shoppes at Addison Place

Delray Beach, Florida

May 2021

40.0

17.9

Emmet Street Station

Charlottesville, Virginia

May 2021

8.8

—

Hammond Springs

Atlanta, Georgia

September 2021

31.0

—

Belgate Shopping Center (land parcel)

Charlotte, North Carolina

November 2021

1.1

—

Emmet Street North

Charlottesville, Virginia

December 2021

3.9

—

At Home (Single Box)

Princeton, New Jersey

December 2021

15.8

—

Village Square at Golf

Boynton Beach, Florida

December 2021

(A)

(A)

Shoppes at Paradise Point

Fort Walton Beach, Florida

December 2021

(A)

(A)

Midway Plaza

Tamarac, Florida

December 2021

(A)

(A)

North Point Plaza

Tampa, Florida

December 2021

(A)

(A)

The Shoppes at New Tampa

Wesley Chapel, Florida

December 2021

(A)

(A)

Paradise Shoppes of Ellenwood

Ellenwood, Georgia

December 2021

(A)

(A)

Paradise Village Gateway

Phoenix, Arizona

December 2021

(B)

(B)

(A)

Acquired its joint venture partner's 80% equity interest from the DDRM Joint Venture. In 2022, the purchase price was $44.5 million at 100% (or $35.6 million at 80%). In 2021, the purchase price for the six assets was $134.0 million at 100% (or $107.2 million at 80%), and the mortgage debt of $73.9 million was repaid at closing. The purchase price was equal to the estimated fair value of the property plus transaction costs incurred (Note 3).

(B)

Acquired its joint venture partner’s 33% interest in a consolidated joint venture, Paradise Village Gateway. The partner’s 33% ownership was previously reflected as non-controlling interest on the Company’s balance sheet (Note 12). The Company repaid the mortgage debt of $27.6 million at closing.

The fair value of the acquisitions was allocated as follows (in thousands):


							Weighted-Average Amortization Period (in Years)
	2022			2021			2022	2021
Land	$	94,014		$	75,732		N/A	N/A
Buildings		227,354			135,537		(A)	(A)
Tenant improvements		4,612			3,620		(A)	(A)
Construction in progress		—			1,109		N/A	N/A
In-place leases (including lease origination costs and fair market value of leases)		29,972			27,829		6.4	5.6
Other assets assumed		503			1,005		N/A	N/A
		356,455			244,832
Less: Mortgage debt assumed at fair value		—			(91,833	)	N/A	N/A
Less: Below-market leases		(9,907	)		(8,504	)	13.9	16.0
Less: Other liabilities assumed		(2,957	)		(2,336	)	N/A	N/A
Fair value of non-controlling interest		—			7,144		N/A	N/A
Net assets acquired	$	343,591		$	149,303

(A)

Depreciated in accordance with the Company’s policy (Note 1).


	2022		2021
Consideration:
Cash (including debt repaid at closing)	$	335,100	$	137,714
Gain on Change in Control of Interests		3,319		7,210
Carrying value of previously held common equity interests (A)		5,172		4,379
Total consideration	$	343,591	$	149,303

(A)

The significant inputs used to value the previously held equity interests were determined to be Level 3 for all of the applicable acquisitions. In 2022 and 2021, the weighted-average discount rate applied to cash flows was approximately 8.0% and 7.3%, respectively, and the weighted-average residual capitalization rate applied was approximately 6.0% and 6.8%, respectively.

Included in the Company’s consolidated statements of operations are $18.4 million, $3.9 million and $7.3 million in total revenues from the date of acquisition through December 31, 2022, 2021 and 2020, respectively, for properties acquired during each of the respective years.