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Real Estate Activity (Tables) | 9 Months Ended
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Sep. 30, 2024
Real Estate Investments, Net [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | 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.
Schedule of Asset Acquisition | 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 |
Schedule of Acquired Intangible Leases | 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

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- 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
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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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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 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
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