XML 56 R37.htm IDEA: XBRL DOCUMENT v3.25.0.1

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2024

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

Schedule of Asset Acquisitions

The Company closed on the following asset acquisitions during the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):

Date						Property Name						MSA						Property Type						Square Footage						Acquisition Price
2024
August 30, 2024						Parkside West Cobb						Atlanta						Multi-tenant retail						141,627						$	40,125
2023
September 22, 2023						Prestonwood Place						Dallas/Ft. Worth						Multi-tenant retail						155,975						$	81,000
2022
February 16, 2022						Pebble Marketplace						Las Vegas						Multi-tenant retail						85,796						$	44,100
April 13, 2022						MacArthur Crossing						Dallas/Ft. Worth						Two-tenant building						56,077						21,920
July 15, 2022						Palms Plaza						Miami						Multi-tenant retail						68,976						35,750
																								210,849						$	101,770

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

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,
			2024						2023						2022
Investment properties, net			$	38,080					$	75,506					$	99,096
Tenant and other receivables, net			18						—						—
Lease-related intangible assets, net(1)			4,607						6,971						5,223
Other assets			—						—						11
Total acquired assets			42,705						82,477						104,330
Accounts payable and accrued expenses			664						2,823						1,140
Deferred revenue and other liabilities			2,496						1,556						2,855
Total assumed liabilities			3,160						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.

Schedule of Level 3 Assumptions Used in Determining Value of Acquired Assets

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:

2024

2023

2022

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%

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

+ Details

Name:	us-gaap_AssetAcquisitionTableTextBlock
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://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ 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 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

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration