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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2022
Business Combinations [Abstract] |
Schedule of Company Acquired Shopping Centers | During the three months ended March 31, 2022, the Company acquired the following shopping centers (in millions):
Asset |  | Location |  | Date Acquired |  | Purchase Price |
Artesia Village |  | Scottsdale, Arizona |  | January 2022 |  | $ | 14.5 |
Casselberry Commons(A) |  | Casselberry, Florida |  | February 2022 |  |  | 35.6 |
Shops at Boca Center |  | Boca Raton, Florida |  | March 2022 |  |  | 90.0 |
(A) | Acquired its partner’s 80% interest from the DDRM Properties Joint Venture. The purchase price of $44.5 million at 100% (or $35.6 million at 80%) is equal to the estimated fair value of the property plus transaction costs incurred (Note 3).
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 | $ | 39,935 |  |  | N/A
Buildings |  | 92,668 |  |  | (A)
Tenant improvements |  | 1,680 |  |  | (A)
In-place leases (including lease origination costs and fair market value of leases) |  | 14,900 |  |  | 7.5
Other assets assumed |  | 123 |  |  | N/A
|  | 149,306 |  |  |
Less: Below-market leases |  | (5,469 | ) |  | 14.5
Less: Other liabilities assumed |  | (1,883 | ) |  | N/A
Net assets acquired | $ | 141,954 |  |  |
(A) | Depreciated in accordance with the Company’s policy.
Consideration |
Consideration: |  |  |
Cash | $ | 133,463 |
Gain on Change in Control of Interest |  | 3,319 |
Carrying value of previously held common equity interest |  | 5,172 |
Total consideration | $ | 141,954 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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