Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Schedule of Company Acquired Shopping Centers

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).

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	$	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

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