Acquisitions

12 Months Ended

Dec. 31, 2024

In 2024, the Company acquired a land parcel and 16 shopping centers for an aggregate purchase price of $237.9 million in Arizona, California, Colorado, Florida, Georgia, Illinois, North Carolina, Ohio, Tennessee and Texas. All acquisitions, except two shopping centers and the land parcel, were included in the Curbline spin-off and are included in discontinued operations (Note 12).

In 2023, the Company acquired 12 convenience centers for an aggregate purchase price of $165.1 million in Arizona, Colorado, Florida, Georgia, Maryland, North Carolina, Texas and Virginia. All of these convenience centers are included in the discontinued operations (Note 12).

The fair value of the acquisitions not considered discontinued operations was allocated as follows (in thousands):


				Weighted-Average Amortization Period (in Years)
	2024			2024
Land	$	11,171		N/A
Buildings		6,378		(A)
Tenant improvements		241		(A)
In-place leases (including lease origination costs and fair market value of leases)		2,363		11.7
Other assets assumed		25		N/A
		20,178
Less: Below-market leases		(1,339	)	20.0
Less: Other liabilities assumed		(143	)	N/A
Net assets acquired	$	18,696

(A)

Depreciated in accordance with the Company’s policy (Note 1).


	2024
Consideration:
Cash (including debt repaid at closing)	$	15,170
Gain on Change in Control of Interests		1,067
Carrying value of previously held equity interest		2,459
Total consideration	$	18,696

Included in the Company’s consolidated statements of operations are $1.3 million, none and $3.5 million in total revenues from the date of acquisition through December 31, 2024, 2023 and 2022, respectively, for properties acquired during each of the respective years.