XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.22.2.2

ACQUISITIONS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Conversion of Acquired Shares | The number of RPAI common stock outstanding as of October 21, 2021 converted to shares of the Company’s common stock was determined as follows:
RPAI common stock outstanding as of October 21, 2021 | 214,797,869 |
Exchange ratio | 0.623 |
Company common shares issued for outstanding RPAI common stock | 133,814,066 |
Company common shares issued for RPAI restricted stock units | 1,117,399 |
Total Company common shares issued | 134,931,465 |
Schedule of Purchase Price and Total Value of Equity Consideration Paid | The following table presents the purchase price and total value of equity consideration paid by the Company at the close of the Merger:
(in thousands, except share price) | Price of Company common shares |  | Equity Consideration Given (Company common shares issued) |  | Total Value of Stock Consideration(1)
As of October 21, 2021 | $ | 21.18 |  |  | 134,931 |  |  | $ | 2,847,369 |
(1)The total value of stock consideration is the total of the common shares issued multiplied by the closing price of the Company’s common stock on October 21, 2021 excluding the value of certain RPAI restricted stock that vested at the closing of the Merger and share awards assumed by the Company at the closing of the Merger.
Level 3 Assumptions Utilized in Determining Value of Acquired Assets | The range of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets acquired through the Merger with RPAI are as follows:
| Range of Assumptions
Net rental rate per square foot – Anchors | $4.00 to $45.00
Net rental rate per square foot – Small Shops | $7.00 to $140.00
Capitalization rate | 5.50% to 12.00%
Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the final purchase price allocation, including the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed:
($ in thousands) | Purchase Price Allocation
Investment properties | $ | 4,425,254 |
Acquired lease intangible assets | 535,465 |
Cash, accounts receivable and other assets | 84,632 |
Total assets acquired | 5,045,351 |
Mortgage and other indebtedness, net | (1,848,476) |
Accounts payable, other liabilities, tenant security deposits and prepaid rent | (176,391) |
In-place lease liabilities | (168,652) |
Noncontrolling interests | (4,463) |
Total liabilities assumed | (2,197,982) |
Total purchase price | $ | 2,847,369 |
The following table details the weighted average amortization periods, in years, of the purchase price allocated to real estate and related intangible assets and liabilities acquired arising from the Merger:
| Weighted Average Amortization Period (in years)
Land | 10.2
Building | 18.8
Tenant improvements | 6.7
In-place lease intangibles | 5.5
Above-market leases | 5.7
Below-market leases (including below-market option periods) | 20.5
Fair market value of debt adjustments | 6.8
Business Acquisition, Pro Forma Information | The pro forma financial information set forth below is based upon the Company’s historical consolidated statements of operations for the three and nine months ended September 30, 2021, adjusted to give effect for the properties assumed through the Merger as if they were acquired as of January 1, 2021. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods.
($ in thousands) | Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021
Rental income | $ | 190,908 |  |  | $ | 560,423 |
Net loss | $ | (38,786) |  |  | $ | (87,551) |
Net loss attributable to common shareholders | $ | (38,358) |  |  | $ | (86,571) |
Net loss attributable to common shareholders per common share: |  |  |
Basic | $ | (0.17) |  |  | $ | (0.39) |
Diluted | $ | (0.17) |  |  | $ | (0.39) |
Schedule of Asset Acquisitions | The Company closed on the following asset acquisitions during the nine months ended September 30, 2022:
Date |  | Property Name |  | Metropolitan Statistical Area (MSA) |  | Property Type |  | Square Footage |  | Acquisition Price
February 16, 2022 |  | Pebble Marketplace |  | Las Vegas |  | Multi-tenant retail |  | 85,796 |  |  | $ | 44,100 |
April 13, 2022 |  | MacArthur Crossing |  | Dallas |  | Two-tenant building |  | 56,077 |  |  | 21,920 |
July 15, 2022 |  | Palms Plaza |  | Miami |  | Multi-tenant retail |  | 68,976 |  |  | 35,750 |
|  |  |  |  |  |  |  | 210,849 |  |  | $ | 101,770 |

X
- Definition Tabular disclosure of asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 50 -Section 15 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492 + Details
Name: | us-gaap_AssetAcquisitionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the equity interest issued or issuable in a business acquisition (or series of individually immaterial business acquisitions) planned, initiated, or completed during the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b)(4) -URI https://asc.fasb.org/extlink&oid=126975305&loc=d3e6927-128479 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionEquityInterestIssuedOrIssuableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration