Acquisitions

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Acquisitions

5. Acquisitions

During the nine months ended September 30, 2021, the Company acquired the following shopping centers (in millions):

Asset	Location	Date Acquired	Purchase Price		Face Value of Mortgage Debt Assumed
Shoppes at Addison Place	Delray Beach, Florida	May 2021	$	40.0	$	17.9
Emmet Street Station	Charlottesville, Virginia	May 2021		8.8		—
Hammond Springs	Atlanta, Georgia	September 2021		31.0		—

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

				Weighted-Average Amortization Period (in Years)
Land	$	27,203		N/A
Buildings		48,470		(A)
Tenant improvements		1,075		(A)
In-place leases (including lease origination costs and fair market value of leases)		5,829		4.9
Other assets assumed		37		N/A
		82,614
Less: Mortgage debt assumed at fair value		(17,944	)	N/A
Less: Below-market leases		(2,060	)	13.5
Net assets acquired	$	62,610

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

The total consideration paid included $62.6 million paid in cash and $17.9 million of assumed mortgage indebtedness.  Included in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2021, was $1.1 million and $1.6 million, respectively, in total revenues from the date of acquisition through September 30, 2021, for the three properties acquired.