Acquisition of Real Estate

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Acquisition of Real Estate

During the year ended December 31, 2020, the Company acquired the following assets, in separate transactions:

Description(1)

Location

Month Acquired

GLA

Aggregate Purchase Price(2)

Land adjacent to Shops at Palm Lakes

Miami Gardens, FL

Feb-20

N/A

2,020

Land adjacent to College Plaza

Selden, NY

Jul-20

N/A

1,405

N/A

3,425

(1)No debt was assumed related to the listed acquisitions.

(2)Aggregate purchase price includes $0.1 million of transaction costs.

During the year ended December 31, 2019, the Company acquired the following assets, in separate transactions:

Description(1)

Location

Month Acquired

GLA

Aggregate Purchase Price(2)

Land adjacent to Parmer Crossing

Austin, TX

Apr-19

N/A

2,197

Centennial Shopping Center

Englewood, CO

Apr-19

113,682

18,011

Plymouth Square Shopping Center(3)

Conshohocken, PA

May-19

235,728

56,909

Leases at Baytown Shopping Center

Baytown, TX

Jun-19

N/A

2,517

349,410

79,634

(1)No debt was assumed related to any of the listed acquisitions.

(2)Aggregate purchase price includes $1.2 million of transaction costs.

(3)GLA excludes square footage related to the anticipated relocation of the Company’s regional office. Total acquired GLA is 288,718 square feet.

The aggregate purchase price of the assets acquired during the years ended December 31, 2020 and 2019, respectively, has been allocated as follows:


	Year Ended December 31,
Assets	2020		2019
Land	$	3,425	$	25,953
Buildings	—		45,781
Building and tenant improvements	—		5,832
Above-market leases(1)	—		155
In-place leases(2)	—		6,923
Total assets	3,425		84,644

Liabilities
Below-market leases(3)	—		5,010

Total liabilities	—		5,010
Net assets acquired	$	3,425	$	79,634

(1)The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the year ended December 31, 2019 was 10.4 years.

(2)The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the year ended December 31, 2019 was 8.8 years.

(3)The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the year ended December 31, 2019 was 24.3 years.