Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Schedule of Company Acquired Shopping Centers

In 2021 and 2020, 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
Emmett Street Station	Charlottesville, Virginia	May 2021		8.8		—
Hammond Springs	Atlanta, Georgia	September 2021		31.0		—
Belgate Shopping Center (land parcel)	Charlotte, North Carolina	November 2021		1.1		—
Emmet Street North	Charlottesville, Virginia	December 2021		3.9		—
At Home (Single Box)	Princeton, New Jersey	December 2021		15.8		—
Village Square at Golf	Boynton Beach, Florida	December 2021	(A)		(A)
Shoppes at Paradise Point	Fort Walton Beach, Florida	December 2021	(A)		(A)
Midway Plaza	Tamarac, Florida	December 2021	(A)		(A)
North Point Plaza	Tampa, Florida	December 2021	(A)		(A)
The Shoppes at New Tampa	Wesley Chapel, Florida	December 2021	(A)		(A)
Paradise Shoppes of Ellenwood	Ellenwood, Georgia	December 2021	(A)		(A)
Paradise Village Gateway	Phoenix, Arizona	December 2021	(B)		(B)
Concourse Village	Jupiter, Florida	October 2020	(C)			13.0
Millenia Crossing	Orlando, Florida	October 2020	(C)			20.7
Echelon Village Plaza	Voorhees, New Jersey	October 2020	(C)			5.4
The Hub	Hempstead, New York	October 2020	(C)			28.0
Larkins Corner	Boothwyn, Pennsylvania	October 2020	(C)			16.4
Ashbridge Square	Downingtown, Pennsylvania	October 2020	(C)			32.4
Southmont Plaza	Easton, Pennsylvania	October 2020	(C)			30.7
Midtowne Park	Anderson, South Carolina	November 2020	(D)			15.7
White Oak Village	Richmond, Virginia	November 2020	(D)			34.3

Schedule of Acquisition Cost of Shopping Centers

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

							Weighted-Average Amortization Period (in Years)
	2021			2020			2021		2020
Land	$	75,732		$	72,991		N/A		N/A
Buildings		135,537			163,723		(A)		(A)
Tenant improvements		3,620			2,854		(A)		(A)
Construction in progress		1,109			—		N/A		N/A
In-place leases (including lease origination costs and fair    market value of leases)		27,829			50,167		5.6		5.8
Other assets assumed (including cash and restricted cash)(B)		1,005			10,711		N/A		N/A
		244,832			300,446
Less: Mortgage debt assumed at fair value		(91,833	)		(196,654	)	N/A		N/A
Less: Below-market leases		(8,504	)		(15,890	)		16.0	14.6
Less: Other liabilities assumed		(2,336	)		(1,664	)	N/A		N/A
Fair value of non-controlling interest		7,144			—		N/A		N/A
Net assets acquired	$	149,303		$	86,238

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

(B) Cash and restricted cash assumed is reflected as Distributions from Unconsolidated Joint Ventures in the Company’s consolidated statements of cash flows.

Consideration

	2021		2020
Consideration:
Cash (including debt repaid at closing)	$	137,714	$	—
Gain (loss) on Sale and Change in Control of Interests		7,210		(173	)
Carrying value of previously held common equity interests (A)		4,379		(2,698	)
Transfer and redemption of preferred equity interests		—		89,109
Total consideration	$	149,303	$	86,238

The significant inputs used to value the previously held equity interests were determined to be Level 3 for all of the applicable acquisitions.  In 2021 and 2020, the weighted-average discount rate applied to cash flows was approximately 7.3% and 7.9%, respectively, and the weighted-average residual capitalization rate applied was approximately 6.8% and 8.2%, respectively.