Acquisitions

12 Months Ended

Dec. 31, 2021

5.	Acquisitions

In 2021 and 2020, 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

Emmett Street Station

Charlottesville, Virginia

May 2021

8.8

—

Hammond Springs

Atlanta, Georgia

September 2021

31.0

—

Belgate Shopping Center (land parcel)

Charlotte, North Carolina

November 2021

1.1

—

Emmet Street North

Charlottesville, Virginia

December 2021

3.9

—

At Home (Single Box)

Princeton, New Jersey

December 2021

15.8

—

Village Square at Golf

Boynton Beach, Florida

December 2021

(A)

Shoppes at Paradise Point

Fort Walton Beach, Florida

December 2021

(A)

Midway Plaza

Tamarac, Florida

December 2021

(A)

North Point Plaza

Tampa, Florida

December 2021

(A)

The Shoppes at New Tampa

Wesley Chapel, Florida

December 2021

(A)

Paradise Shoppes of Ellenwood

Ellenwood, Georgia

December 2021

(A)

Paradise Village Gateway

Phoenix, Arizona

December 2021

(B)

Concourse Village

Jupiter, Florida

October 2020

(C)

13.0

Millenia Crossing

Orlando, Florida

October 2020

(C)

20.7

Echelon Village Plaza

Voorhees, New Jersey

October 2020

(C)

5.4

The Hub

Hempstead, New York

October 2020

(C)

28.0

Larkins Corner

Boothwyn, Pennsylvania

October 2020

(C)

16.4

Ashbridge Square

Downingtown, Pennsylvania

October 2020

(C)

32.4

Southmont Plaza

Easton, Pennsylvania

October 2020

(C)

30.7

Midtowne Park

Anderson, South Carolina

November 2020

(D)

15.7

White Oak Village

Richmond, Virginia

November 2020

(D)

34.3

(A)

Acquired 80% interest from the DDRM Properties Joint Venture. The purchase price of $134.0 million at 100% (or $107.2 million at 80%) is equal to the estimated fair value of the properties plus transaction costs incurred. Mortgage debt of $73.9 million was repaid at closing (Note 3).

(B)

Acquired its partner’s 33% interest in a consolidated joint venture, Paradise Village Gateway. The partner’s 33% ownership was previously reflected as non-controlling interest on the Company’s balance sheet. The Company repaid the mortgage debt of $27.6 million at closing.

(C)

Acquired from the DDR BRE IV joint venture. The purchase price is equal to the estimated fair value of the properties plus transaction costs incurred.

(D)

Acquired from the DDR BRE III joint venture. The purchase price is equal to the estimated fair value of the properties plus transaction costs incurred.

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

							Weighted-Average Amortization Period (in Years)
	2021			2020			2021		2020
Land	$	75,732		$	72,991		N/A		N/A
Buildings		135,537			163,723		(A)		(A)
Tenant improvements		3,620			2,854		(A)		(A)
Construction in progress		1,109			—		N/A		N/A
In-place leases (including lease origination costs and fair market value of leases)		27,829			50,167		5.6		5.8
Other assets assumed (including cash and restricted cash)^(B)		1,005			10,711		N/A		N/A
		244,832			300,446
Less: Mortgage debt assumed at fair value		(91,833	)		(196,654	)	N/A		N/A
Less: Below-market leases		(8,504	)		(15,890	)		16.0	14.6
Less: Other liabilities assumed		(2,336	)		(1,664	)	N/A		N/A
Fair value of non-controlling interest		7,144			—		N/A		N/A
Net assets acquired	$	149,303		$	86,238

(A)	Depreciated in accordance with the Company’s policy (Note 1).

(B)	Cash and restricted cash assumed is reflected as Distributions from Unconsolidated Joint Ventures in the Company’s consolidated statements of cash flows.

	2021		2020
Consideration:
Cash (including debt repaid at closing)	$	137,714	$	—
Gain (loss) on Sale and Change in Control of Interests		7,210		(173	)
Carrying value of previously held common equity interests ^(A)		4,379		(2,698	)
Transfer and redemption of preferred equity interests		—		89,109
Total consideration	$	149,303	$	86,238

(A)

The significant inputs used to value the previously held equity interests were determined to be Level 3 for all of the applicable acquisitions. In 2021 and 2020, the weighted-average discount rate applied to cash flows was approximately 7.3% and 7.9%, respectively, and the weighted-average residual capitalization rate applied was approximately 6.8% and 8.2%, respectively.

Included in the Company’s consolidated statements of operations are $3.9 million, $7.3 million and $1.1 million in total revenues from the date of acquisition through December 31, 2021, 2020 and 2019, respectively, for properties acquired during each of the respective years.