Acquisitions

3 Months Ended

Mar. 31, 2022

4.	Acquisitions

During the three months ended March 31, 2022, the Company acquired the following shopping centers (in millions):

Asset	Location	Date Acquired	Purchase Price
Artesia Village	Scottsdale, Arizona	January 2022	$	14.5
Casselberry Commons^(A)	Casselberry, Florida	February 2022		35.6
Shops at Boca Center	Boca Raton, Florida	March 2022		90.0

(A)	Acquired its partner’s 80% interest from the DDRM Properties Joint Venture. The purchase price of $44.5 million at 100% (or $35.6 million at 80%) is equal to the estimated fair value of the property plus transaction costs incurred (Note 3).

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

				Weighted-Average Amortization Period (in Years)
Land	$	39,935		N/A
Buildings		92,668		(A)
Tenant improvements		1,680		(A)
In-place leases (including lease origination costs and fair market value of leases)		14,900		7.5
Other assets assumed		123		N/A
		149,306
Less: Below-market leases		(5,469	)	14.5
Less: Other liabilities assumed		(1,883	)	N/A
Net assets acquired	$	141,954

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

Consideration:
Cash	$	133,463
Gain on Change in Control of Interest		3,319
Carrying value of previously held common equity interest		5,172
Total consideration	$	141,954

Included in the Company’s consolidated statement of operations for the three months ended March 31, 2022, was $0.7 million in total revenues from the date of acquisition through March 31, 2022, for the three properties acquired.