Rental Property Acquisitions

9 Months Ended

Sep. 30, 2025

2025 Acquisitions

Cleveland, Ohio

In February 2025, we purchased Pinecrest in Cleveland, Ohio, a 640,000-square-foot open-air, grocery-anchored, mixed-use center, for $167.0 million using cash on hand and available liquidity. We accounted for the transaction as an asset acquisition and additionally capitalized approximately $905,000 in transaction costs.

Kansas City, Kansas

In September 2025, we purchased the Legends Outlets in Kansas City, Kansas, a 690,000-square-foot open-air outlet center, for $130.0 million, including the assumption of a $115.0 million, 7.57% interest-only mortgage, with an effective rate of 6.0% (see Note 7), that matures in November 2027. We accounted for the transaction as an asset acquisition and additionally capitalized approximately $1.5 million in transaction costs.

In conjunction with the loan assumption, we placed $37.2 million into interest-bearing reserve accounts primarily to meet the loan to cost ratio as defined in the loan agreement as well as certain property tax and insurance escrows. The reserves are included within restricted cash on the consolidated balance sheets. The reserves can be accessed and used for qualifying tax, insurance and capital expenditures at the property and any remaining funds can be returned to us when the loan is repaid. The cash required for this acquisition was funded with a portion of the September 2025 settlement of previously issued forward equity from the fourth quarter of 2024 (see Note 10).

The assets acquired in the above acquisitions were recorded at relative fair value as determined by management, with the assistance of third-party valuation specialists, based on information available at the acquisition dates and on current assumptions as to future operations (See Note 2). The aggregate fair value purchase price of the properties acquired during the nine months ended September 30, 2025 has been allocated as follows:


	Fair value (in thousands)		Weighted-Average Amortization Period (in years)

Land	$	32,608
Buildings, improvements and fixtures	243,573		34.9

Above market lease value	7,781		6.8
Below market lease value	(18,754)		12.2
Lease in place value	30,529		6.5
Lease and legal costs	7,451		5.3
Total deferred lease costs and other intangibles, net	27,007
Debt premium	(3,833)
Total fair value of net assets acquired	$	299,355

There was no contingent consideration associated with these acquisitions.