Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Company Acquired Shopping Centers

In 2020 and 2019, the Company acquired the following shopping centers (in millions):

Asset

Location

Date

Acquired

Purchase

Price

Face Value of

Mortgage Debt

Assumed

Concourse Village

Jupiter, FL

October 2020

(A)

13.0

Millenia Crossing

Orlando, FL

October 2020

(A)

20.7

Echelon Village Plaza

Voorhees, NJ

October 2020

(A)

5.4

The Hub

Hempstead, NY

October 2020

(A)

28.0

Larkins Corner

Boothwyn, PA

October 2020

(A)

16.4

Ashbridge Square

Downingtown, PA

October 2020

(A)

32.4

Southmont Plaza

Easton, PA

October 2020

(A)

30.7

Midtowne Park

Anderson, SC

November 2020

(B)

15.7

White Oak Village

Richmond, VA

November 2020

(B)

34.3

Vintage Plaza

Austin, TX

October 2019

12.6

—

The Blocks

Portland, OR

November 2019

50.5

—

Southtown Center

Tampa, FL

December 2019

22.0

9.1

Schedule of Acquisition Cost of Shopping Centers

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

							Weighted-Average Amortization Period (in Years)
	2020			2019			2020	2019
Land	$	72,991		$	23,589		N/A	N/A
Buildings		163,723			55,604		(A)	(A)
Tenant improvements		2,854			1,578		(A)	(A)
In-place leases (including lease origination costs and fair market value of leases)		50,167			6,543		5.8	5.1
Other assets (including cash and restricted cash)^(B)		10,711			88		N/A	N/A
		300,446			87,402
Less: Mortgage debt assumed at fair value		(196,654	)		(9,403	)	N/A	N/A
Less: Below-market leases		(15,890	)		(1,982	)	14.6	12.6
Less: Other liabilities assumed		(1,664	)		(394	)	N/A	N/A
Net assets acquired	$	86,238		$	75,623

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

(B)	Cash and restricted cash assumed is reflected as Distributions from Unconsolidated Joint Ventures in the Company’s consolidated statements of cash flows.

Consideration

	2020			2019
Consideration:
Cash	$	—		$	75,623
Loss on Change in Control of Interests		(173	)		—
Carrying value of previously held common equity interests ^(A)		(2,698	)		—
Transfer and redemption of preferred equity interests		89,109			—
Total consideration	$	86,238		$	75,623

The significant inputs used to value the previously held equity interests were determined to be Level 3 for all of the applicable acquisitions. In 2020, the weighted-average discount rate applied to cash flows was approximately 7.9% and the weighted-average residual capitalization rate applied was approximately 8.2%.