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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Acquisitions

During the year ended December 31, 2024, we acquired the operating property listed below from an unrelated third party. We did not acquire any operating properties during the year ended December 31, 2023.

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 the 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 December 31, 2024, this property was temporarily being held in a separate VIE to facilitate a potential future Section 1031 Exchange. See Note 2 “Basis of Presentation and Significant Accounting Policies” 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).

X

- 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

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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

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-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
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