XML 21 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Property Acquisitions and Dispositions
 9 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Property Acquisitions and Dispositions Property Acquisitions and Dispositions
Acquisitions

The following table provides a summary of our acquisition activity for the nine months ended September 30, 2021:
Gross
Property NameLocationGLADate Acquired
Contract Price (1)
Purchase PriceAssumed Debt
(in thousands)(In thousands)
Northborough CrossingNorthborough, MA646 6/18/21$104,000 $97,182 $— 
Bellevue PlazaNashville, TN77 7/7/2110,430 10,651 — 
Woodstock SquareWoodstock, GA219 7/14/2137,670 37,585 — 
Newnan PavilionNewnan, GA467 8/5/2141,550 42,034 — 
Total income producing acquisitions1,409 $193,650 $187,452 $— 
Total acquisitions1,409 $193,650 $187,452 $— 
(1)Contract price does not include purchase price adjustments made at closing and capitalized closing costs.

The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements:
As of Acquisition Date
(In thousands)
Land$43,305 
Buildings and improvements97,635 
Above market leases26,288 
Lease origination costs26,666 
Below market leases(6,442)
Net assets acquired$187,452 

Total revenue and net income for the 2021 acquisitions included in our condensed consolidated statement of operations for the three and nine months ended September 30, 2021 were as follows:
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
(in thousands)
Consolidated revenue$4,167 $4,532 
Consolidated net income available to common shareholders766 1,054 

In addition, refer to Note 13 for acquisition activity occurring subsequent to September 30, 2021.
Dispositions

The following table provides a summary of our disposition activity for the nine months ended September 30, 2021:
    Gross
Property Name (1)
LocationProperty/ Parcel CountGLA Date SoldSales PriceGain on Sale
 (in thousands)(In thousands)
Buttermilk Towne Center - Land parcelsCrescent Springs, KY2107 3/5/21$9,785 $3,809 
Deer Grove - OutparcelPalatine, IL18 3/5/212,500 1,456 
Front Range Village - Land parcelFort Collins, CO15 3/5/212,750 1,709 
Front Range Village - OutparcelFort Collins, CO14 3/5/212,475 1,197 
Merchants' Square - OutparcelsCarmel, IN119 3/5/213,977 2,133 
Promenade at Pleasant Hill - Land parcelDuluth, GA14 3/5/211,250 467 
River City Marketplace - Land parcelsJacksonville, FL25 3/5/212,895 1,938 
Rivertowne Square - Land parcelDeerfield Beach, FL13 3/5/213,270 2,272 
Shoppes of Lakeland - Land parcelLakeland, FL13 3/5/211,332 800 
Shoppes of Lakeland - OutparcelLakeland, FL17 3/5/211,200 289 
West Broward - Land parcelPlantation, FL14 3/5/214,762 2,933 
Tel-Twelve - Land parcelsSouthfield, MI2329 5/21/2139,334 34,216 
Marketplace of Delray - Land parcels
Delray Beach, FL312 8/27/217,960 6,700 
Marketplace of Delray - Outparcels
Delray Beach, FL417 8/27/218,046 5,192 
Parkway Shops - Land parcelJacksonville, FL126 8/27/212,622 930 
Peachtree Hill - OutparcelDuluth, GA166 8/27/218,275 2,103 
Promenade at Pleasant Hill - OutparcelDuluth, GA13 8/27/21844 443 
West Broward Shopping Center - OutparcelPlantation, FL115 8/27/215,954 4,964 
West Oaks II Shopping Center - Outparcel Novi, MI14 8/27/21746 455 
Winchester Center - Land parcelRochester Hills, MI14 8/27/211,657 1,409 
Newnan Pavilion - Land parcelNewnan, GA16 9/16/211,543 — 
Total income producing dispositions29 651  $113,177 $75,415 
Total dispositions651 $113,177 $75,415 
(1)We contributed net lease retail assets that were subdivided from wholly-owned shopping centers to our newly formed RGMZ Venture REIT LLC joint venture. The properties contributed included both income producing properties in which we owned the depreciable real estate, as well as income producing properties which are subject to a ground lease. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information.