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Real Estate Activity (Tables)

9 Months Ended

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

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

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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
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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

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