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Acquisitions
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Operating Property Acquisitions

During the nine months ended September 30, 2024, we acquired the operating property listed below from an unrelated third party:

PropertyDate of AcquisitionNumber of BuildingsRentable Square Feet
Purchase Price (in millions) (1)
12707 & 12777 High Bluff Drive (Junction at Del Mar)September 27, 20242103,731$35.0 
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(1)Excludes acquisition-related costs.

The related assets, liabilities, and results of operations of the acquired properties are included in the consolidated financial statements as of the date of acquisition. 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, net30 
Total assets acquired$35,267 
Liabilities
Acquisition-related intangible liabilities (5)
$267 
Total liabilities assumed267 
Net assets and liabilities acquired$35,000 


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(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).