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Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2021
Business Combinations [Abstract]  
Schedule of Company Acquired Shopping Centers

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

 

 

 

—

 
Schedule of Acquisition Cost of Shopping Centers

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.