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Acquisitions

3 Months Ended

Mar. 31, 2024

During the three months ended March 31, 2024, the Company acquired the following convenience centers (in thousands):


Asset	Location	Date Acquired	Gross Purchase Price
Grove at Harper's Preserve	Conroe, Texas	February 2024	$	10,650
Shops at Gilbert Crossroads	Gilbert, Arizona	March 2024		8,460
			$	19,110

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


				Weighted-Average Amortization Period (in Years)
Land	$	4,523		N/A
Buildings		11,760		(A)
Tenant improvements		573		(A)
In-place leases (including lease origination costs and fair market value of leases)		1,816		9.4
		18,672
Less: Below-market leases		(381	)	16.1
Less: Other liabilities assumed		(226	)	N/A
Net assets acquired	$	18,065

(A)

Depreciated in accordance with the Company’s policy.

The total consideration for the assets was paid in cash. Included in the Company’s consolidated statements of operations for the three months ended March 31, 2024, was $0.1 million in total revenues from the date of acquisition through March 31, 2024, for the properties acquired in 2024.