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Acquisitions | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Acquisitions |
5. | Acquisitions
During the nine months ended September 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 |  |  |  | — |
Hammond Springs |  | Atlanta, Georgia |  | September 2021 |  |  | 31.0 |  |  |  | — |
The fair value of the acquisitions was allocated as follows (in thousands):
|  |  |  |  | Weighted-Average Amortization Period (in Years)
Land | $ | 27,203 |  |  | N/A
Buildings |  | 48,470 |  |  | (A)
Tenant improvements |  | 1,075 |  |  | (A)
In-place leases (including lease origination costs and fair market value of leases) |  | 5,829 |  |  | 4.9
Other assets assumed |  | 37 |  |  | N/A
|  | 82,614 |  |  |
Less: Mortgage debt assumed at fair value |  | (17,944 | ) |  | N/A
Less: Below-market leases |  | (2,060 | ) |  | 13.5
Net assets acquired | $ | 62,610 |  |  |
(A) | Depreciated in accordance with the Company’s policy.
The total consideration paid included $62.6 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 nine months ended September 30, 2021, was $1.1 million and $1.6 million, respectively, in total revenues from the date of acquisition through September 30, 2021, for the three properties acquired.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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