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Acquisitions | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Acquisitions | 4. Acquisitions During the nine months ended September 30, 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 |
Shoppes of Crabapple |  | Alpharetta, Georgia |  | April 2022 |  |  | 4.4 |
La Fiesta Square |  | Lafayette, California |  | May 2022 |  |  | 60.8 |
Lafayette Mercantile |  | Lafayette, California |  | May 2022 |  |  | 43.0 |
Shops at Tanglewood |  | Houston, Texas |  | June 2022 |  |  | 22.2 |
Boulevard Marketplace |  | Fairfax, Virginia |  | June 2022 |  |  | 10.4 |
Fairfax Marketplace |  | Fairfax, Virginia |  | June 2022 |  |  | 16.0 |
Fairfax Pointe |  | Fairfax, Virginia |  | June 2022 |  |  | 8.4 |
Parkwood Shops |  | Atlanta, Georgia |  | July 2022 |  |  | 8.4 |
Chandler Center |  | Chandler, Arizona |  | August 2022 |  |  | 7.0 |
Shops at Power and Baseline |  | Mesa, Arizona |  | August 2022 |  |  | 4.6 |
Northsight Plaza |  | Scottsdale, Arizona |  | August 2022 |  |  | 5.3 |
Broadway Center |  | Tempe, Arizona |  | August 2022 |  |  | 6.1 |
(A) Acquired its joint venture partner’s 80% interest from the DDRM 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). The fair value of the acquisitions was allocated as follows (in thousands):
|  |  |  | Weighted-Average Amortization Period (in Years)
Land | $ | 92,848 |  |  | N/A
Buildings |  | 223,221 |  |  | (A)
Tenant improvements |  | 4,454 |  |  | (A)
In-place leases (including lease origination costs and fair market value of leases) |  | 29,395 |  |  | 6.4
Other assets assumed |  | 505 |  |  | N/A
|  | 350,423 |  |  |
Less: Below-market leases |  | (9,472 | ) |  | 13.8
Less: Other liabilities assumed |  | (2,890 | ) |  | N/A
Net assets acquired | $ | 338,061 |  |  |
(A) Depreciated in accordance with the Company’s policy.
Consideration: |  |
Cash | $ | 329,570 |
Gain on Change in Control of Interest |  | 3,319 |
Carrying value of previously held common equity interest |  | 5,172 |
Total consideration | $ | 338,061 |
Included in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2022, was $6.2 million and $11.1 million, respectively, in total revenues from the date of acquisition through September 30, 2022, for the properties acquired in 2022.

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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 https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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- References No definition available. + Details
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