Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Acquisitions

3.Acquisitions

During the three months ended March 31, 2023, the Company acquired the following shopping centers (in millions):

Asset	Location	Date Acquired	Purchase Price
Parker Keystone	Denver, Colorado	January 2023	$	11.0
Foxtail Center	Baltimore, Maryland	January 2023		15.1

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

				Weighted-Average Amortization Period (in Years)
Land	$	6,860		N/A
Buildings		17,188		(A)
Tenant improvements		574		(A)
In-place leases (including lease origination costs and fair market value of leases)		2,548		6.6
		27,170
Less: Below-market leases		(600	)	10.5
Less: Other liabilities assumed		(67	)	N/A
Net assets acquired	$	26,503

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

The total consideration for these assets was paid in cash. Included in the Company’s consolidated statements of operations for the three months ended March 31, 2023, was $0.6 million in total revenues from the date of acquisition through March 31, 2023, for the properties acquired in 2023.