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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Company Acquired Shopping Centers

In 2023, the Company acquired the following convenience centers (in millions):


Asset	Location	Date Acquired	Purchase Price
Foxtail Center	Timonium, Maryland	January 2023	$	15.1
Parker Keystone	Denver, Colorado	January 2023		11.0
Barrett Corners	Kennesaw, Georgia	April 2023		15.6
Alpha Soda Center	Alpharetta, Georgia	May 2023		9.4
Briarcroft Center	Houston, Texas	May 2023		23.5
Towne Crossing Shops	Midlothian, Virginia	July 2023		4.2
Oaks at Slaughter	Austin, Texas	August 2023		14.1
Marketplace at 249	Houston, Texas	September 2023		9.8
Point at University	Charlotte, North Carolina	October 2023		8.9
Estero Crossing	Estero, Florida	October 2023		17.1
Presidential Plaza North	Snellville, Georgia	November 2023		7.4
Shops at Lake Pleasant	Peoria, Arizona	December 2023		29.0
			$	165.1

In 2022, the Company acquired the following convenience centers (in millions):


Asset	Location	Date Acquired	Purchase Price
Artesia Village	Scottsdale, Arizona	January 2022	$	14.5
Casselberry Commons(A)	Casselberry, Florida	February 2022		35.6
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
			$	342.5

(A)

Acquired its joint venture partner's 80% equity interest from the DDRM Joint Venture. This asset included a convenience center component. The purchase price was $44.5 million at 100% (or $35.6 million at 80%).

Schedule of Acquisition Cost of Shopping Centers

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


							Weighted-Average Amortization Period (in Years)
	2023			2022			2023	2022
Land	$	56,174		$	94,014		N/A	N/A
Buildings		94,260			227,354		(A)	(A)
Tenant improvements		5,720			4,612		(A)	(A)
In-place leases (including lease origination costs and fair market value of leases)		16,480			29,972		7.1	6.4
Other assets assumed		—			503		N/A	N/A
		172,634			356,455
Less: Below-market leases		(8,330	)		(9,907	)	16.0	13.9
Less: Other liabilities assumed		(881	)		(2,957	)	N/A	N/A
Net assets acquired	$	163,423		$	343,591

(A)

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

Consideration


	2023		2022
Consideration:
Cash (including debt repaid at closing)	$	163,423	$	335,100
Gain on Change in Control of Interests		—		3,319
Carrying value of previously held common equity interests (A)		—		5,172
Total consideration	$	163,423	$	343,591

(A)

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