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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Operating Property Acquisitions | During the nine months ended September 30, 2024, we acquired the operating property listed below from an unrelated third party:
Property |  | Date of Acquisition |  | Number of Buildings |  | Rentable Square Feet |  | Purchase Price (in millions) (1)
12707 & 12777 High Bluff Drive (Junction at Del Mar) |  | September 27, 2024 |  | 2 |  | 103,731 |  | $ | 35.0 |
________________________ (1)Excludes acquisition-related costs.
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed as of the date of acquisition, excluding acquisition-related costs:
| Total 2024 Operating Property Acquisitions (1)(2)
Assets |
Land and improvements | $ | 6,000 |
Buildings and improvements (3) | 15,703 |
Deferred leasing costs and acquisition-related intangible assets (4) | 13,534 |
Prepaid expenses and other assets, net | 30 |
Total assets acquired | $ | 35,267 |
Liabilities |
Acquisition-related intangible liabilities (5) | $ | 267 |
Total liabilities assumed | 267 |
Net assets and liabilities acquired | $ | 35,000 |
________________________ (1)As of September 30, 2024, this property was temporarily being held in a separate VIE to facilitate a potential Section 1031 Exchange. See Note 1 “Organization, Ownership, and Basis of Presentation” to our consolidated financial statements included in this report for additional information. (2)Excludes acquisition related costs of $0.2 million. (3)Represents buildings, building improvements, and tenant improvements. (4)Represents in-place leases (approximately $10.5 million with a weighted average amortization period of 4.7 years), leasing commissions (approximately $2.0 million with a weighted average amortization period of 4.9 years), and an above-market lease (approximately $1.0 million with a weighted average amortization period of 4.6 years). (5)Represents below-market leases (approximately $0.3 million with a weighted average amortization period of 4.9 years).

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- Definition Tabular disclosure of 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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- 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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