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Real Estate | 3 Months Ended
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Mar. 31, 2025
Real Estate [Abstract] |
Real Estate | 4. Real Estate Acquisitions During the three months ended March 31, 2025, the Company acquired the following operating properties, through direct asset acquisitions (in thousands):
|  |  |  |  |  |  |  |  | Purchase Price |  |  |  |
Property Name |  | Location |  | Month Acquired |  | Cash |  |  | Debt |  |  | Other |  |  | Total |  |  | GLA |
Markets at Town Center (1) |  | Jacksonville, FL |  | Jan-25 |  | $ | 108,238 |  |  | $ | - |  |  | $ | - |  |  | $ | 108,238 |  |  |  | 254 |
College Park Land (2) |  | Las Vegas, NV |  | Jan-25 |  |  | 12,746 |  |  |  | - |  |  |  | 1,428 |  |  |  | 14,174 |  |  |  | - |
Francisco Center Land (2) |  | Las Vegas, NV |  | Jan-25 |  |  | 11,588 |  |  |  | - |  |  |  | 593 |  |  |  | 12,181 |  |  |  | - |
|  |  |  |  |  | $ | 132,572 |  |  | $ | - |  |  | $ | 2,021 |  |  | $ | 134,593 |  |  |  | 254 |
(1) The Company had a mortgage receivable of $15.0 million related to this property, which was repaid by the seller at closing. (2) The Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of a call option for an aggregate purchase price of $24.2 million. In addition, the Company had a mortgage receivable of $3.4 million, which was repaid by the seller at closing. This transaction also resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company’s Condensed Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities (included in Other). See Footnote 9 of the Notes to Condensed Consolidated Financial Statements for further details. Included in the Company’s Consolidated Statements of Operations is $2.7 m illion in total revenues from the date of acquisition through March 31, 2025 for the operating properties acquired during the period. 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 three months ended March 31, 2025 were as follows (in thousands):
| Allocation as of March 31, 2025 |  |  | Weighted Average Useful Life (in Years) |
Land | $ | 48,844 |  |  | n/a |
Buildings |  | 68,659 |  |  |  | 50.0 |
Building improvements |  | 4,700 |  |  |  | 45.0 |
Tenant improvements |  | 5,390 |  |  |  | 6.2 |
In-place leases |  | 12,859 |  |  |  | 4.9 |
Above-market leases |  | 457 |  |  |  | 5.4 |
Below-market leases |  | (6,316 | ) |  |  | 15.8 |
Net assets acquired | $ | 134,593 |  |  |  |
During the three months ended March 31, 2024, there were no operating property acquisitions other than those acquired in connection with the RPT Merger (See Footnote 3 of the Notes to Condensed Consolidated Financial Statements for further details). Dispositions The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels for the three months ended March 31, 2025 and 2024 (dollars in millions):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Aggregate sales price/gross fair value (1) |  | $ | 1.5 |  |  | $ | 248.4 |
Gain on sale of properties (2) |  | $ | 0.9 |  |  | $ | 0.3 |
Number of operating properties sold |  |  | - |  |  |  | 10 |
Number of parcels sold |  |  | 1 |  |  |  | 5 |
(1) During the three months ended March 31, 2024, the Company provided, as a lender, seller financing totaling $175.4 million related to the sale of nine operating properties. (2) Before taxes of $0.2 million for the three months ended March 31, 2025.

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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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