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Acquisitions
 9 Months Ended
Sep. 30, 2025
Business Combination [Abstract]  
Acquisitions

Note 6 - Acquisitions

The Company's acquisitions are accounted for as acquisitions of assets under ASC 805-50. The Company includes the results of operations of real estate assets acquired in the condensed consolidated statements of operations from the date of the related acquisition.

2025 Acquisitions

In January 2025, the Company acquired four Macy's stores for $6,156, which included land, buildings and improvements, for future redevelopment at the respective properties.

In July 2025, the Company acquired four enclosed malls. The purchase price was approximately $179,742 including acquisition costs. Additionally, the Company received a credit at closing related to a net working capital deficit of $2,727 assumed by the Company. The acquired malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. The Company funded the transaction using cash from sales of real estate assets and funds from the modification of an existing loan (see Note 9 for more information).

The Company engaged valuation experts to assist management in determining the fair value of the acquired assets and liabilities related to the acquisition of the malls. The most subjective and judgmental assumptions used include the projected cash flows, capitalization and discount rates. 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:

Land

 

$

35,489

 

Building and improvements

 

 

119,884

 

In-place leases (1)

 

 

22,545

 

Intangible lease assets and other assets:

 

 

 

Above-market leases (1)

 

 

9,416

 

Deferred lease costs (1)

 

 

6,232

 

Assumed working capital assets as of the acquisition date

 

 

2,352

 

Accounts payable and accrued liabilities:

 

 

 

Below-market leases (1)

 

 

(13,825

)

Assumed working capital liabilities as of the acquisition date

 

 

(5,078

)

Total

 

$

177,015

 
(1)
The weighted average amortization period of the acquired intangible assets and liabilities is 8.1 years for in-place leases, 4.5 years for above-market leases, 12.3 years for deferred lease costs and 16.2 years for below-market leases.