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Real Estate | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Real Estate | 4. Real Estate Acquisitions During the nine months ended September 30, 2024, there were no operating property acquisitions other than those acquired in connection with the RPT Merger. During the nine months ended September 30, 2023, the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests in certain operating properties held in an unconsolidated joint venture (in thousands):
|  |  |  |  |  |  |  |  | Purchase Price |  |  |  |
Property Name |  | Location |  | Month Acquired |  | Cash |  |  | Debt |  |  | Other |  |  | Total |  |  | GLA |
Portfolio (2 properties) (1) |  | Various |  | Jan-23 |  | $ | 69,130 |  |  | $ | 19,637 |  |  | $ | 13,019 |  |  | $ | 101,786 |  |  |  | 342 |
Crossroads Plaza Parcel |  | Cary, NC |  | Jan-23 |  |  | 2,173 |  |  |  | - |  |  |  | - |  |  |  | 2,173 |  |  |  | 5 |
Northridge Shopping Center Parcel |  | Arvada, CO |  | Jan-23 |  |  | 728 |  |  |  | - |  |  |  | - |  |  |  | 728 |  |  |  | 57 |
Stafford Marketplace Parcel (2) |  | Stafford, VA |  | Feb-23 |  |  | - |  |  |  | - |  |  |  | 12,527 |  |  |  | 12,527 |  |  |  | 87 |
Tustin Heights (1) |  | Tustin, CA |  | Mar-23 |  |  | 26,501 |  |  |  | 17,550 |  |  |  | 4,910 |  |  |  | 48,961 |  |  |  | 137 |
Marlton Plaza Parcel |  | Cherry Hill, NJ |  | Jul-23 |  |  | 529 |  |  |  | - |  |  |  | - |  |  |  | 529 |  |  |  | - |
Stonebridge at Potomac Town Center |  | Woodbridge, VA |  | Aug-23 |  |  | 169,840 |  |  |  | - |  |  |  | 1,667 |  |  |  | 171,507 |  |  |  | 504 |
|  |  |  |  |  | $ | 268,901 |  |  | $ | 37,187 |  |  | $ | 32,123 |  |  | $ | 338,211 |  |  |  | 1,132 |
(1) Other includes the Company’s previously held equity investments in the Prudential Investment Program and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interest of $7.7 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements o f Income. The Company previously held an ownership interest of 15.0% in these property interests. See Footnot e 5 of the Notes to Condensed Consolidated Financial Statements. (2) During March 2023, the Company received a land parcel as consideration resulting from the exercise of a termination option of an operating lease. The purchase price for these acquisitions was allocated to real estate and related intangible assets and liabilities acquired, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocation for properties acquired/consolidated during the nine months ended September 30, 2023, were as follows (in thousands):
|  | Allocation as of September 30, 2023 |  |  | Weighted Average Useful Life (in Years) |
Land |  | $ | 103,836 |  |  | n/a |
Building |  |  | 161,667 |  |  |  | 50.0 |
Building improvements |  |  | 22,282 |  |  |  | 45.0 |
Tenant improvements |  |  | 22,475 |  |  |  | 6.4 |
In-place leases |  |  | 47,290 |  |  |  | 5.3 |
Above-market leases |  |  | 4,981 |  |  |  | 6.7 |
Below-market leases |  |  | (25,129 | ) |  |  | 21.6 |
Other assets |  |  | 1,777 |  |  | n/a |
Other liabilities |  |  | (968 | ) |  | n/a |
Net assets acquired |  | $ | 338,211 |  |  |  |
In October 2024, the Company acquired Waterford Lakes Town Center, which was comprised of 701,941 square feet of GLA, located in Orlando, Florida, for a purchase price of $322.0 million, including the assumption of a $164.6 million mortgage loan. Dispositions The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels for the nine months ended September 30, 2024 and 2023 (dollars in millions):
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
Aggregate sales price/gross fair value (1) (2) (3) |  | $ | 254.1 |  |  | $ | 175.0 |
Gain on sale of properties (4) |  | $ | 0.9 |  |  | $ | 52.4 |
Number of properties sold |  |  | 11 |  |  |  | 4 |
Number of parcels sold/deconsolidated (2) |  |  | 7 |  |  |  | 11 |
(1) During 2024, the Company provided, as a lender, seller financing totaling $175.4 million related to the sale of nine operating properties. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements for mortgage receivable loan disclosure. (2) During 2023, the Company contributed a land parcel and related entitlements, located in Ardmore, PA, into a preferred equity investment with a gross value of $19.6 million. As a result, the Company no longer consolidates this land parcel and has a non-controlling interest in this investment. See Footnot e 6 of the Notes to Condensed Consolidated Financial Statements for preferred equity investment disclosure. (3) During 2023, the Company provided, as a lender, seller financing of $25.0 million related to the sale of an operating property located in Gresham, OR. (4) Before noncontrolling interests of $1.6 million and taxes of $1.5 million for the nine months ended September 30, 2023. Impairments During the nine months ended September 30, 2024, the Company recognized aggregate impairment charges related to adjustments to property carrying values o f $4.3 million, for which the Company’s estimated fair values were primarily based upon signed contracts or letters of intent from third party offers. These adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions. See Footnote 15 of the Notes to Condensed Consolidated Financial Statements for fair value disclosure.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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