The Company's acquisitions of shopping center and other properties are accounted for as acquisitions of assets. The Company includes the results of operations of real estate assets acquired in the consolidated statements of operations from the date of the related acquisition.

In December 2024, the Company closed on the acquisition of its partner's 50% joint venture interests in the CBL/T-C, LLC joint venture, which includes CoolSprings Galleria, Oak Park Mall and West County Center. The interests were acquired for a total cash consideration of $25,025, which included $2,525 to reimburse the partner for its share of net working capital. The Company assumed the partner's interest in three non-recourse loans, secured individually by each of the assets. See Note 8 for more information. For the year ended December 31, 2024, the Company recognized gain on consolidation of $26,727 related to this transaction.

The Company engaged valuation experts to assist management in determining the fair value of the acquired assets and liabilities related to CoolSprings Galleria, Oak Park Mall and West County Center. The most subjective and judgmental assumptions used include the projected cash flows, capitalization and discount rates, and market interest rates for mortgage note payable obligations. Multiple appraisal methodologies were used to value the acquired assets and liabilities, which included the cost approach, the sales comparison approach and the income capitalization approach. All estimates, assumptions, valuations and financial projections are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company’s control. Accordingly, the Company cannot assure that the estimates, assumptions, valuations or financial projections will be realized and actual results could vary materially.

The following table summarizes the amounts of identified assets acquired and liabilities assumed at the acquisition date:


Recognized amounts of identifiable assets acquired and liabilities assumed:
Land	$	57,600
Buildings and improvements		328,923
Developments in progress		587
Cash and cash equivalents		4,366
Restricted cash		30,499
Receivables		5,044
Intangible lease assets and other assets		130,261
Mortgage and other indebtedness, net		(446,355	)
Accounts payable and accrued liabilities		(59,173	)
Total identifiable net assets		51,752
Purchase price		(25,025	)
Gain on consolidation	$	26,727

Subsequent to December 31, 2024, the Company acquired four Macy's stores, which include land, buildings and improvements, for future redevelopment at the respective properties. See Note 18 for more information.

In July 2022, the Company acquired the JC Penney parcel located at CoolSprings Galleria for $5,650. As of December 31, 2024, this property is included in malls for purposes of segment reporting.