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ACQUISITIONS
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
Asset Acquisitions
The Company closed on the following asset acquisitions during the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):
DateProperty NameMSAProperty TypeSquare
Footage		Acquisition
Price
2024
August 30, 2024Parkside West CobbAtlantaMulti-tenant retail141,627 $40,125 
2023
September 22, 2023Prestonwood PlaceDallas/Ft. WorthMulti-tenant retail155,975 $81,000 
2022
February 16, 2022Pebble MarketplaceLas VegasMulti-tenant retail85,796 $44,100 
April 13, 2022MacArthur CrossingDallas/Ft. WorthTwo-tenant building56,077 21,920 
July 15, 2022Palms PlazaMiamiMulti-tenant retail68,976 35,750 
210,849 $101,770 
The above acquisitions were funded using a combination of available cash on hand, proceeds from dispositions and borrowings on the Company’s unsecured revolving line of credit. The fair values of the real estate and other assets acquired were primarily determined using the income approach, which required us to make assumptions about market leasing rates, tenant-related costs, discount rates, and disposal rates. The estimates of fair value primarily relied upon Level 2 and Level 3 inputs, as previously defined.
The following table summarizes the fair value of assets acquired and liabilities assumed for the asset acquisitions completed during the years ended December 31, 2024, 2023 and 2022 (in thousands):
Year Ended December 31,
202420232022
Investment properties, net$38,080 $75,506 $99,096 
Tenant and other receivables, net18 — — 
Lease-related intangible assets, net(1)
4,607 6,971 5,223 
Other assets— — 11 
Total acquired assets42,705 82,477 104,330 
Accounts payable and accrued expenses664 2,823 1,140 
Deferred revenue and other liabilities2,496 1,556 2,855 
Total assumed liabilities3,160 4,379 3,995 
Fair value of net assets acquired$39,545 $78,098 $100,335 
(1)The weighted average remaining life of leases at the acquired properties is approximately 6.1 years, 6.2 years, and 6.7 years for asset acquisitions completed during the years ended December 31, 2024, 2023 and 2022, respectively.
The range of the most significant Level 3 assumptions used in determining the value of the real estate and related assets acquired through asset acquisitions are as follows:
202420232022
Net rental rate per square foot – Retail Anchors
$18.75 to $19.00
N/A
$20.50 to $40.00
Net rental rate per square foot – Small Shops
$20.00 to $45.00
$30.00 to $65.00
$24.00 to $65.00
Discount rate
8.50%
8.50%
5.75% to 7.25%
The results of operations for each of the properties acquired through asset acquisitions during the years ended December 31, 2024, 2023 and 2022 have been included in operations since their respective dates of acquisition.
Subsequent to December 31, 2024, the Company acquired Village Commons, a 170,976-square-foot, grocery-anchored, multi-tenant retail property in the Miami MSA, for a gross purchase price of $68.4 million.