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Acquisitions
 6 Months Ended
Jun. 30, 2021
Business Combinations [Abstract]  
Acquisitions

5.

Acquisitions

 

During the six months ended June 30, 2021, the Company acquired the following shopping centers (in millions):

 

Asset

 

Location

 

Date

Acquired

 

Purchase

Price

 

 

Face Value of

Mortgage Debt

Assumed

 

Shoppes at Addison Place

 

Delray Beach, Florida

 

May 2021

 

$

40.0

 

 

$

17.9

 

Emmet Street Station

 

Charlottesville, Virginia

 

May 2021

 

 

8.8

 

 

 

—

 

 

 

The fair value of the acquisitions was allocated as follows (in thousands):

 

 

 

 

 

 

Weighted-Average

Amortization Period

(in Years)

Land

$

14,845

 

 

N/A

Buildings

 

31,941

 

 

(A)

Tenant improvements

 

512

 

 

(A)

In-place leases (including lease origination costs and fair market value of leases)

 

3,361

 

 

5.4

Other assets assumed

 

37

 

 

N/A

 

 

50,696

 

 

 

 

 

 

 

 

 

Less: Mortgage debt assumed at fair value

 

(17,944

)

 

N/A

Less: Below-market leases

 

(1,279

)

 

14.9

   Net assets acquired

$

31,473

 

 

 

 

(A)

Depreciated in accordance with the Company’s policy.

 

The total consideration paid included $31.5 million paid in cash and $17.9 million of assumed mortgage indebtedness.  Included in the Company’s consolidated statements of operations for the three and six months ended June 30, 2021, was $0.5 million in total revenues from the date of acquisition through June 30, 2021, for the two properties acquired.