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Property Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Asset Acquisition | 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.
Schedule of Purchase Price Allocation for Properties Acquired/Consolidated | 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 Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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