Property Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

During the year ended December 31, 2023, the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests in certain operating properties held in an unconsolidated joint venture (in thousands):


			Purchase Price
Property Name	Location	Month Acquired	Cash		Debt		Other		Total		GLA
Portfolio (2 properties) (1)	Various	Jan-23	$	69,130	$	19,637	$	13,019	$	101,786		342
Crossroads Plaza Parcel	Cary, NC	Jan-23		2,173		-		-		2,173		5
Northridge Shopping Center Parcel	Arvada, CO	Jan-23		728		-		-		728		57
Stafford Marketplace Parcel (2)	Stafford, VA	Feb-23		-		-		12,527		12,527		87
Tustin Heights (1)	Tustin, CA	Mar-23		26,501		17,550		4,910		48,961		137
Marlton Plaza Parcel	Cherry Hill, NJ	Jul-23		529		-		-		529		-
Stonebridge at Potomac Town Center	Woodbridge, VA	Aug-23		169,840		-		1,667		171,507		504
Big 5 Factoria Parcel	Bellevue, WA	Oct-23		7,817		-		-		7,817		13
			$	276,718	$	37,187	$	32,123	$	346,028		1,145

(1)

Other includes the Company’s previously held equity investments in the Prudential Investment Program and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interest of $7.7 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income. The Company previously held an ownership interest of 15.0% in these property interests. See Footnote 7 of the Notes to Consolidated Financial Statements.

(2)

During March 2023, the Company received a parcel as consideration resulting from the exercise of a termination option of an operating lease.

Schedule of Purchase Price Allocation for Properties Acquired/Consolidated

The purchase price allocations for properties acquired/consolidated during the years ended December 31, 2024 and 2023, are as follows (in thousands):


	Allocation as of December 31, 2024			Weighted- Average Useful Life (in Years)		Allocation as of December 31, 2023			Weighted- Average Useful Life (in Years)
Land	$	51,669		n/a		$	109,116		n/a
Buildings		209,882			50.0		166,067			50.0
Building improvements		14,754			45.0		23,846			45.0
Tenant improvements		13,730			7.5		22,675			6.3
In-place leases		43,173			6.0		47,805			5.2
Above-market leases		6,807			7.5		4,981			6.7
Below-market leases		(15,884	)		9.8		(29,271	)		23.7
Other assets		-			-		1,777		n/a
Other liabilities		-			-		(968	)	n/a
Net assets acquired/consolidated	$	324,131				$	346,028