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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Schedule of Company Acquired Shopping Centers | In 2022 and 2021, the Company acquired the following shopping centers (in millions):
Asset |  | Location |  | Date Acquired |  | Purchase Price |  |  | Face Value of Mortgage Debt Assumed |
Artesia Village |  | Scottsdale, Arizona |  | January 2022 |  | $ | 14.5 |  |  | $ | — |
Casselberry Commons |  | Casselberry, Florida |  | February 2022 |  |  | 35.6 |  |  | (A) |
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 at 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 |  |  | 5.3 |  |  |  | — |
Shops at Power and Baseline |  | Mesa, Arizona |  | August 2022 |  |  | 4.6 |  |  |  | — |
Northsight Plaza |  | Scottsdale, Arizona |  | August 2022 |  |  | 6.1 |  |  |  | — |
Broadway Center |  | Tempe, Arizona |  | August 2022 |  |  | 7.0 |  |  |  | — |
Shops on Montview |  | Denver, Colorado |  | November 2022 |  |  | 5.8 |  |  |  | — |
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 |  |  |  | — |
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) |  |  | (A) |
Shoppes at Paradise Point |  | Fort Walton Beach, Florida |  | December 2021 |  | (A) |  |  | (A) |
Midway Plaza |  | Tamarac, Florida |  | December 2021 |  | (A) |  |  | (A) |
North Point Plaza |  | Tampa, Florida |  | December 2021 |  | (A) |  |  | (A) |
The Shoppes at New Tampa |  | Wesley Chapel, Florida |  | December 2021 |  | (A) |  |  | (A) |
Paradise Shoppes of Ellenwood |  | Ellenwood, Georgia |  | December 2021 |  | (A) |  |  | (A) |
Paradise Village Gateway |  | Phoenix, Arizona |  | December 2021 |  | (B) |  |  | (B) |
(A) Acquired its joint venture partner's 80% equity interest from the DDRM Joint Venture. In 2022, the purchase price was $44.5 million at 100% (or $35.6 million at 80%). In 2021, the purchase price for the six assets was $134.0 million at 100% (or $107.2 million at 80%), and the mortgage debt of $73.9 million was repaid at closing. The purchase price was equal to the estimated fair value of the property plus transaction costs incurred (Note 3). (B) Acquired its joint venture 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 (Note 12). The Company repaid the mortgage debt of $27.6 million at closing.
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)
| 2022 |  |  | 2021 |  |  | 2022 | 2021
Land | $ | 94,014 |  |  | $ | 75,732 |  |  | N/A | N/A
Buildings |  | 227,354 |  |  |  | 135,537 |  |  | (A) | (A)
Tenant improvements |  | 4,612 |  |  |  | 3,620 |  |  | (A) | (A)
Construction in progress |  | — |  |  |  | 1,109 |  |  | N/A | N/A
In-place leases (including lease origination costs and fair market value of leases) |  | 29,972 |  |  |  | 27,829 |  |  | 6.4 | 5.6
Other assets assumed |  | 503 |  |  |  | 1,005 |  |  | N/A | N/A
|  | 356,455 |  |  |  | 244,832 |  |  |  |
Less: Mortgage debt assumed at fair value |  | — |  |  |  | (91,833 | ) |  | N/A | N/A
Less: Below-market leases |  | (9,907 | ) |  |  | (8,504 | ) |  | 13.9 | 16.0
Less: Other liabilities assumed |  | (2,957 | ) |  |  | (2,336 | ) |  | N/A | N/A
Fair value of non-controlling interest |  | — |  |  |  | 7,144 |  |  | N/A | N/A
Net assets acquired | $ | 343,591 |  |  | $ | 149,303 |  |  |  |
(A) Depreciated in accordance with the Company’s policy (Note 1).
Consideration |
| 2022 |  |  | 2021 |
Consideration: |  |  |  |  |
Cash (including debt repaid at closing) | $ | 335,100 |  |  | $ | 137,714 |
Gain on Change in Control of Interests |  | 3,319 |  |  |  | 7,210 |
Carrying value of previously held common equity interests (A) |  | 5,172 |  |  |  | 4,379 |
Total consideration | $ | 343,591 |  |  | $ | 149,303 |
(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 2022 and 2021, the weighted-average discount rate applied to cash flows was approximately 8.0% and 7.3%, respectively, and the weighted-average residual capitalization rate applied was approximately 6.0% and 6.8%, respectively.

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