Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Schedule of Company Acquired Shopping Centers

During the six months ended June 30, 2024, the Company acquired the following convenience centers and land (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
Collection at Brandon Boulevard-Ground Lease(A)	Tampa, Florida	April 2024		1,000
Wilmette Center	Wilmette, Illinois	May 2024		2,850
Sunrise Plaza	Vero Beach, Florida	May 2024		5,500
Meadowmont Village(B)	Chapel Hill, North Carolina	May 2024		44,250
Red Mountain Corner	Phoenix, Arizona	June 2024		2,100
Roswell Market Center	Roswell, Georgia	June 2024		17,750
			$	92,560

(A)Acquired the fee interest in a land parcel at this center.

(B)Acquired from the DDRM Properties Joint Venture (Note 3). It is intended that 62,116 square feet of GLA will be included in the anticipated spin-off of Curbline Properties Corp.

Schedule of Acquisition Cost of Shopping Centers

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

				Weighted-Average Amortization Period (in Years)
Land	$	37,066		N/A
Buildings		45,354		(A)
Tenant improvements		2,865		(A)
In-place leases (including lease origination costs and fair market value of leases)		10,118		8.5
Other assets assumed		56		N/A
		95,459
Less: Below-market leases		(3,616	)	17.1
Less: Other liabilities assumed		(881	)	N/A
Net assets acquired	$	90,962

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

Consideration

	2024
Consideration:
Cash	$	82,147
Gain on Sale and Change in Control of Interests		2,669
Carrying value of previously held equity interest (Note 3)		6,146
Total consideration	$	90,962