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Acquisitions (Tables)
9 Months Ended
Sep. 30, 2024
Business Combinations [Abstract]  
Schedule of Company Acquired Shopping Centers

During the nine months ended September 30, 2024, the Company acquired the following convenience centers and land (in thousands):

Asset

 

Location

 

Date
Acquired

 

Gross Purchase
Price

 

 

Grove at Harper's Preserve

 

Conroe, Texas

 

February 2024

 

$

10,650

 

 

Shops at Gilbert Crossroads

 

Gilbert, Arizona

 

March 2024

 

 

8,460

 

 

Collection at Brandon Boulevard-Ground Lease(A)

 

Tampa, Florida

 

April 2024

 

 

1,000

 

 

Wilmette Center

 

Wilmette, Illinois

 

May 2024

 

 

2,850

 

 

Sunrise Plaza

 

Vero Beach, Florida

 

May 2024

 

 

5,500

 

 

Meadowmont Village(B)

 

Chapel Hill, North Carolina

 

May 2024

 

 

44,250

 

 

Red Mountain Corner

 

Phoenix, Arizona

 

June 2024

 

 

2,100

 

 

Roswell Market Center

 

Roswell, Georgia

 

June 2024

 

 

17,750

 

 

Crocker Commons

 

Westlake, Ohio

 

July 2024

 

 

18,500

 

 

Maple Corner

 

Henderson, Tennessee

 

July 2024

 

 

8,250

 

 

Village Plaza

 

Houston, Texas

 

August 2024

 

 

31,000

 

 

Brookhaven Station

 

Atlanta, Georgia

 

August 2024

 

 

30,200

 

 

Loma Alta Station

 

Oceanside, California

 

September 2024

 

 

12,350

 

 

Nine Mile Corner

 

Erie, Colorado

 

September 2024

 

 

10,880

 

 

Crossroads Marketplace

 

Chino Hills, California

 

September 2024

 

 

34,150

 

 

 

 

 

 

 

 

$

237,890

 

 

(A)
Acquired the fee interest in a land parcel at this center.
(B)
Acquired from the DDRM Properties Joint Venture (Note 3). Meadowmont Village, consisting of 62,116 square feet of GLA was included in the spin-off of Curbline.
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)

Land

$

104,632

 

 

N/A

Buildings

 

113,110

 

 

(A)

Tenant improvements

 

6,392

 

 

(A)

In-place leases (including lease origination costs and fair market value of leases)

 

25,704

 

 

7.1

Other assets assumed

 

98

 

 

N/A

 

 

249,936

 

 

 

Less: Below-market leases

 

(12,912

)

 

15.7

Less: Other liabilities assumed

 

(2,130

)

 

N/A

   Net assets acquired

$

234,894

 

 

 

 

(A)
Depreciated in accordance with the Company’s policy.
Consideration

 

2024

 

 

Consideration:

 

 

 

Cash

$

226,079

 

 

Gain on Sale and Change in Control of Interests

 

2,669

 

 

Carrying value of previously held equity interest (Note 3)

 

6,146

 

 

Total consideration

$

234,894