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Acquisitions
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions:
On May 18, 2023, the Company acquired Seritage’s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of $46,687. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements.
The following is a summary of the allocation of the fair value of the former Sears parcels at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square:
Land$10,869 
Building and improvements39,359 
Construction in progress38,000 
Deferred charges6,821 
Other accrued liabilities (below-market lease)(1,649)
Fair value of acquired net assets (at 100% ownership)
$93,400 
On November 16, 2023, the Company acquired its joint venture partner's 49.9% ownership interest in Freehold Raceway Mall for $5,587 and assumed its joint venture partner's share of debt. The Company now owns 100% of this property. Prior to November 16, 2023, the Company accounted for its investment in Freehold Raceway Mall as part of a financing arrangement (See Note 12—Financing Arrangement).
On December 9, 2023, the Company acquired its joint venture partner's 50% interest in Fashion District Philadelphia for no consideration, and the Company now owns 100% of this property. Prior to December 9, 2023, due to the Company's joint venture partner having no substantive participation rights, the Company accounted for this joint venture as a consolidated VIE in its consolidated financial statements (See Note 2—Summary of Significant Accounting Policies).
15.   Acquisitions: (Continued)
On May 14, 2024, the Company acquired the remaining 40% ownership interest in Arrowhead Towne Center that it did not previously own for a total purchase price of $36,447 and the assumption of its joint venture partner's share of the debt on the property. Effective as of May 14, 2024, the Company now owns and has consolidated its 100% interest in Arrowhead Towne Center.
The following is a summary of the allocation of the fair value of Arrowhead Towne Center:
Property$426,097 
Deferred charges22,307 
Other assets2,973 
   Total assets acquired451,377 
Mortgage note payable383,881 
Discount on mortgage note payable(33,062)
Other accrued liabilities9,439 
   Total liabilities assumed360,258 
Fair value of acquired net assets (at 100% ownership)
$91,119 
The net assets acquired upon consolidation of Arrowhead Towne Center were initially recorded at their relative fair values as shown in the table above. The carrying value of the property was then reduced by the remaining negative basis of $58,683 from the equity method investment previously held by the Company.
On May 14, 2024, the Company acquired the remaining 40% ownership interest in South Plains Mall that it did not previously own for no cash consideration and the assumption of its joint venture partner's share of the debt on the property. Effective as of May 14, 2024, the Company now owns and has consolidated its 100% interest in South Plains Mall.
The following is a summary of the allocation of the fair value of South Plains Mall:
Property$183,434 
Deferred charges19,223 
Other assets4,114 
   Total assets acquired206,771 
Mortgage note payable200,000 
Discount on mortgage note payable(10,372)
Other accrued liabilities8,553 
   Total liabilities assumed198,181 
Fair value of acquired net assets (at 100% ownership)
$8,590 
The net assets acquired upon consolidation of South Plains Mall were initially recorded at their relative fair values as shown in the table above. The carrying value of the property was then reduced by the remaining negative basis of $72,160 from the equity method investment previously held by the Company.
On May 17, 2024, the Company acquired the former Sears parcel located at Inland Center for $5,382.