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Real Estate Activity | 9 Months Ended
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Sep. 30, 2024
Real Estate Investments, Net [Abstract] |
Real Estate Activity |
4. REAL ESTATE ACTIVITY
Acquisitions—The following table summarizes our real estate acquisition activity (dollars in thousands):
| Nine Months Ended September 30,
| 2024 |  | 2023
Number of properties acquired | 8 |  |  | 5 |
Number of outparcels acquired(1)(2) | 4 |  |  | 1 |
Contract price | $ | 203,402 |  |  | $ | 92,060 |
Total price of acquisitions(3) | 205,002 |  |  | 83,073 |
(1)Outparcels acquired are adjacent to shopping centers that we own. (2)During the nine months ended September 30, 2024, we acquired an outparcel adjacent to a property that is owned by our unconsolidated joint venture, GRP I. Therefore, the outparcel is an addition to our total property count. (3)Total price of acquisitions includes closing costs less credits and assumed liabilities. The aggregate purchase price of the assets acquired during the nine months ended September 30, 2024 and 2023 were allocated as follows (in thousands):
| September 30, 2024 |  | September 30, 2023
ASSETS |  |  |
Land and improvements | $ | 68,403 |  |  | $ | 29,084 |
Building and improvements | 130,577 |  |  | 59,287 |
In-place lease assets | 20,413 |  |  | 7,954 |
Above-market lease assets | 1,168 |  |  | 640 |
Below-market debt | — |  |  | 444 |
Total assets | 220,561 |  |  | 97,409 |
LIABILITIES |  |  |
Debt obligations, net | — |  |  | 9,614 |
Below-market lease liabilities | 15,334 |  |  | 4,722 |
Other liabilities assumed | 225 |  |  | — |
Total liabilities | 15,559 |  |  | 14,336 |
Net assets acquired | $ | 205,002 |  |  | $ | 83,073 |
The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles and below-market debt acquired during the nine months ended September 30, 2024 and 2023 are as follows (in years):
| September 30, 2024 |  | September 30, 2023
Acquired in-place leases | 12 |  | 11
Acquired above-market leases | 8 |  | 7
Acquired below-market leases | 17 |  | 16
Assumed below-market debt | — |  | 2
Property Dispositions—We sold no properties during the nine months ended September 30, 2024, but we recognized a minimal loss on disposal of property due to miscellaneous write-off activity and expenses related to previous and future potential dispositions. During the nine months ended September 30, 2023, we sold one property and two outparcels at a contract price of $6.3 million, received $7.1 million in proceeds, and recognized a gain on disposal of property of $1.1 million which was primarily due to land acquired from us by local authorities.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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