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Acquisitions and Developments in Progress (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of acquisitions

The Company closed on the following acquisition during the nine months ended September 30, 2020:

Date

Property Name

Metropolitan
Statistical Area (MSA)

Property Type

Square
Footage

Acquisition
Price

February 6, 2020

Fullerton Metrocenter

Los Angeles

Fee interest (a)

154,700

55,000

154,700

55,000

(b)

(a)The Company acquired the fee interest in an existing multi-tenant retail operating property. In connection with this acquisition, the Company also assumed the lessor position in a ground lease with a shadow anchor.

(b)Acquisition price does not include capitalized closing costs and adjustments totaling $240.

The Company closed on the following acquisitions during the nine months ended September 30, 2019:

Date

Property Name

MSA

Property Type

Square
Footage

Acquisition
Price

March 7, 2019

North Benson Center

Seattle

Multi-tenant retail

70,500

25,340

June 10, 2019

Paradise Valley Marketplace – Parcel

Phoenix

Land (a)

—

1,343

August 13, 2019

Southlake Town Square – Parcel

Dallas

Single-user parcel (b)

3,100

3,293

73,600

29,976

(c)

(a)The Company acquired a parcel adjacent to its Paradise Valley Marketplace multi-tenant retail operating property. The total number of properties in the Company’s portfolio was not affected by this transaction.

(b)The Company acquired a single-user parcel at its Southlake Town Square multi-tenant retail operating property. The total number of properties in the Company’s portfolio was not affected by this transaction.

(c)Acquisition price does not include capitalized closing costs and adjustments totaling $316.

Schedule of acquisition date fair values

The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisitions discussed above:


	Nine Months Ended September 30,
	2020		2019
Land	$	57,137	$	14,819

Building and other improvements, net	1,623		13,667
Acquired lease intangible assets (a)	2,014		2,040
Acquired lease intangible liabilities (b)	(5,534)		(234)


Net assets acquired	$	55,240	$	30,292

(a)The weighted average amortization period for acquired lease intangible assets is 17 years and six years for acquisitions completed during the nine months ended September 30, 2020 and 2019, respectively.

(b)The weighted average amortization period for acquired lease intangible liabilities is 17 years and five years for acquisitions completed during the nine months ended September 30, 2020 and 2019, respectively.

Schedule of developments in progress

The carrying amount of the Company’s developments in progress are as follows:


Property Name	MSA	September 30, 2020		December 31, 2019
Expansion and redevelopment projects
Circle East (a)	Baltimore	$	36,774	$	33,628
One Loudoun Downtown	Washington, D.C.	70,100		27,868
Carillon	Washington, D.C.	33,086		26,407
The Shoppes at Quarterfield	Baltimore	2,003		—
Pad development projects
Southlake Town Square	Dallas	952		—
		142,915		87,903
Land held for future development
One Loudoun Uptown	Washington, D.C.	25,450		25,450
Total developments in progress		$	168,365	$	113,353

(a)During the year ended December 31, 2018, the Company received net proceeds of $11,820 in connection with the sale of air rights to a third party to develop multi-family rental units at Circle East, which is shown net in the “Developments in progress” balance as of September 30, 2020 and December 31, 2019 in the accompanying condensed consolidated balance sheets.

Schedule of variable interest entities

As of September 30, 2020 and December 31, 2019, the Company recorded the following related to the consolidated joint ventures:


	September 30, 2020								December 31, 2019
	One Loudoun Downtown – Pads G & H		Carillon – Phase One Multi-family Rental		Carillon – Phase One Medical Office		Total		One Loudoun Downtown – Pads G & H		Carillon – Phase One Multi-family Rental		Carillon – Phase One Medical Office		Total
Net investment properties	$	59,678	$	—	$	—	$	59,678	$	8,830	$	2,940	$	675	$	12,445
Other assets, net	$	336	$	—	$	—	$	336	$	164	$	—	$	—	$	164
Other liabilities	$	7,361	$	—	$	—	$	7,361	$	1,546	$	32	$	129	$	1,707
Noncontrolling interests	$	4,507	$	—	$	—	$	4,507	$	1,869	$	1,454	$	273	$	3,596

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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