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Property Acquisitions | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Property Acquisitions | 4. Property Acquisitions: Acquisition/Consolidation of Operating Properties During the year ended December 31, 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. During the year ended December 31, 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 |
Big 5 Factoria Parcel |  | Bellevue, WA |  | Oct-23 |  |  | 7,817 |  |  |  | - |  |  |  | - |  |  |  | 7,817 |  |  |  | 13 |
|  |  |  |  |  | $ | 276,718 |  |  | $ | 37,187 |  |  | $ | 32,123 |  |  | $ | 346,028 |  |  |  | 1,145 |
(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 Consolidated Statements of Income. The Company previously held an ownership interest of 15.0% in these property interests. See Footnote 7 of the Notes to Consolidated Financial Statements. (2) During March 2023, the Company received a parcel as consideration resulting from the exercise of a termination option of an operating lease. Included in the Company’s Consolidated Statements of Income are $8.0 million and $20.5 million in total revenues from the date of acquisition through December 31, 2024 and 2023, respectively, for operating properties acquired during each of the respective years. Purchase Price Allocations The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired/consolidated during the years ended December 31, 2024 and 2023, are as follows (in thousands):
|  | Allocation as of December 31, 2024 |  |  | Weighted- Average Useful Life (in Years) |  |  | Allocation as of December 31, 2023 |  |  | Weighted- Average Useful Life (in Years) |
Land |  | $ | 51,669 |  |  | n/a |  |  | $ | 109,116 |  |  | n/a |
Buildings |  |  | 209,882 |  |  |  | 50.0 |  |  |  | 166,067 |  |  |  | 50.0 |
Building improvements |  |  | 14,754 |  |  |  | 45.0 |  |  |  | 23,846 |  |  |  | 45.0 |
Tenant improvements |  |  | 13,730 |  |  |  | 7.5 |  |  |  | 22,675 |  |  |  | 6.3 |
In-place leases |  |  | 43,173 |  |  |  | 6.0 |  |  |  | 47,805 |  |  |  | 5.2 |
Above-market leases |  |  | 6,807 |  |  |  | 7.5 |  |  |  | 4,981 |  |  |  | 6.7 |
Below-market leases |  |  | (15,884 | ) |  |  | 9.8 |  |  |  | (29,271 | ) |  |  | 23.7 |
Other assets |  |  | - |  |  |  | - |  |  |  | 1,777 |  |  | n/a |
Other liabilities |  |  | - |  |  |  | - |  |  |  | (968 | ) |  | n/a |
Net assets acquired/consolidated |  | $ | 324,131 |  |  |  |  |  | $ | 346,028 |  |  |  |

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- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480123/805-50-15-3 + Details
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- References No definition available. + Details
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