Real Estate (Tables)

12 Months Ended

Dec. 31, 2021

2021 Property Acquisitions

During the year ended December 31, 2021, we acquired the following properties:


Date Acquired	Property	City/State	Gross Leasable Area (GLA)	Ownership %		Gross Value
			(in square feet)			(in millions)
April 30, 2021	Chesterbrook (1)	McLean, Virginia	90,000	80	%	$	32.1	(2)
June 1, 2021	Grossmont Center (1)	La Mesa, California	933,000	60	%	$	175.0	(3)
June 14, 2021	Camelback Colonnade (1)	Phoenix, Arizona	642,000	98	%	$	162.5	(4)
June 14, 2021	Hilton Village (1)	Scottsdale, Arizona	93,000	98	%	$	37.5	(5)
September 2, 2021	Twinbrooke Shopping Centre	Fairfax, Virginia	106,000	100	%	$	33.8	(6)

(1)These acquisitions were completed through newly formed joint ventures, for which we own the controlling interest listed above, and therefore, these properties are consolidated in our financial statements.

(2)Approximately $1.9 million and $0.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $8.0 million of net assets acquired were allocated to other liabilities for "below market leases."

(3)Approximately $12.3 million and $2.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $14.7 million of net assets acquired were allocated to other liabilities for "below market leases."

(4)Approximately $11.6 million of net assets acquired were allocated to other assets for "acquired lease costs" and $28.3 million were allocated to other liabilities for "below market leases."

(5)The land is controlled under a long-term ground lease that expires on December 31, 2076, for which we have recorded a $10.4 million "operating lease right of use asset" (net of a $1.3 million above market liability) and an $11.6 million "operating lease liability." Approximately $2.7 million and $1.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $3.6 million were allocated to other liabilities for "below market leases."

(6)Approximately $1.2 million and $0.3 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $2.7 million of net assets acquired were allocated to other liabilities for "below market leases."

2020 Property Acquisitions

Date Acquired

Property

City/State

Gross Leasable Area (GLA)

Purchase Price

(in square feet)

(in millions)

January 10, 2020

Fairfax Junction

Fairfax, Virginia

49,000

22.3

(1)

February 12, 2020

Hoboken (2 mixed-use buildings)

Hoboken, New Jersey

12,000

14.3

(2)

(1) This property is adjacent to, and is operated as part of the property acquired in 2019. The purchase price was paid with a combination of cash and the issuance of 163,322 downREIT operating partnership units. Approximately $0.5 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.

(2) The purchase price includes the assumption of $8.9 million of mortgage debt, and is in addition to the 37 buildings previously acquired in 2019, and was completed through the same joint venture. Less than $0.1 million and approximately $3.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively.