Acquisition of Real Estate

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisition of Real Estate

During the six months ended June 30, 2021, the Company acquired the following assets, in separate transactions:

Description(1)

Location

Month Acquired

GLA

Aggregate Purchase Price(2)

Land at Ellisville Square (3)

Ellisville, MO

Jan-21

N/A

2,014

Outparcel adjacent to Cobblestone Village

St. Augustine, FL

Feb-21

5,040

1,520

Land associated with Westgate Plaza

Westfield, MA

Mar-21

N/A

245

Center of Bonita Springs

Bonita Springs, FL

Apr-21

281,394

48,061

Champlin Marketplace

Champlin, MN

Jun-21

91,970

14,876

378,404

66,716

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

(2)Aggregate purchase price includes $0.5 million of transaction costs, offset by $1.4 million of closing credits.

(3)The Company terminated a ground lease and acquired a land parcel.

During the six months ended June 30, 2020, the Company acquired the following asset:

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

N/A

2,020

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

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

The aggregate purchase price of the assets acquired during the six months ended June 30, 2021 and 2020, respectively, has been allocated as follows:


		Six Months Ended June 30,
Assets		2021		2020
	Land	$	17,669	$	2,020
	Buildings	38,082		—
	Building and tenant improvements	7,128		—
	Above-market leases(1)	149		—
	In-place leases(2)	5,523		—
Total assets acquired		$	68,551	$	2,020

Liabilities
	Below-market leases(3)	$	1,835	$	—

Total liabilities		1,835		—
Net assets acquired		$	66,716	$	2,020

(1)The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the six months ended June 30, 2021 was 5.1 years.

(2)The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the six months ended June 30, 2021 was 10.3 years.

(3)The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the six months ended June 30, 2021 was 19.7 years.