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Acquisitions | 12 Months Ended
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Dec. 31, 2023
Business Combinations [Abstract] |
Acquisitions | 2. Acquisitions In 2023, the Company acquired the following convenience centers (in millions):
Asset |  | Location |  | Date Acquired |  | Purchase Price |
Foxtail Center |  | Timonium, Maryland |  | January 2023 |  | $ | 15.1 |
Parker Keystone |  | Denver, Colorado |  | January 2023 |  |  | 11.0 |
Barrett Corners |  | Kennesaw, Georgia |  | April 2023 |  |  | 15.6 |
Alpha Soda Center |  | Alpharetta, Georgia |  | May 2023 |  |  | 9.4 |
Briarcroft Center |  | Houston, Texas |  | May 2023 |  |  | 23.5 |
Towne Crossing Shops |  | Midlothian, Virginia |  | July 2023 |  |  | 4.2 |
Oaks at Slaughter |  | Austin, Texas |  | August 2023 |  |  | 14.1 |
Marketplace at 249 |  | Houston, Texas |  | September 2023 |  |  | 9.8 |
Point at University |  | Charlotte, North Carolina |  | October 2023 |  |  | 8.9 |
Estero Crossing |  | Estero, Florida |  | October 2023 |  |  | 17.1 |
Presidential Plaza North |  | Snellville, Georgia |  | November 2023 |  |  | 7.4 |
Shops at Lake Pleasant |  | Peoria, Arizona |  | December 2023 |  |  | 29.0 |
|  |  |  |  |  | $ | 165.1 |
In 2022, the Company acquired the following convenience 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 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 |
|  |  |  |  |  | $ | 342.5 |
(A) Acquired its joint venture partner's 80% equity interest from the DDRM Joint Venture. This asset included a convenience center component. The purchase price was $44.5 million at 100% (or $35.6 million at 80%). The fair value of the acquisitions was allocated as follows (in thousands):
|  |  |  |  |  |  | Weighted-Average Amortization Period (in Years)
| 2023 |  |  | 2022 |  |  | 2023 | 2022
Land | $ | 56,174 |  |  | $ | 94,014 |  |  | N/A | N/A
Buildings |  | 94,260 |  |  |  | 227,354 |  |  | (A) | (A)
Tenant improvements |  | 5,720 |  |  |  | 4,612 |  |  | (A) | (A)
In-place leases (including lease origination costs and fair market value of leases) |  | 16,480 |  |  |  | 29,972 |  |  | 7.1 | 6.4
Other assets assumed |  | — |  |  |  | 503 |  |  | N/A | N/A
|  | 172,634 |  |  |  | 356,455 |  |  |  |
Less: Below-market leases |  | (8,330 | ) |  |  | (9,907 | ) |  | 16.0 | 13.9
Less: Other liabilities assumed |  | (881 | ) |  |  | (2,957 | ) |  | N/A | N/A
Net assets acquired | $ | 163,423 |  |  | $ | 343,591 |  |  |  |
(A) Depreciated in accordance with the Company’s policy (Note 1).
| 2023 |  |  | 2022 |
Consideration: |  |  |  |  |
Cash (including debt repaid at closing) | $ | 163,423 |  |  | $ | 335,100 |
Gain on Change in Control of Interests |  | — |  |  |  | 3,319 |
Carrying value of previously held common equity interests (A) |  | — |  |  |  | 5,172 |
Total consideration | $ | 163,423 |  |  | $ | 343,591 |
(A) The significant inputs used to value the previously held equity interests were determined to be Level 3. In 2022, the weighted-average discount rate applied to cash flows was approximately 8.0%, and the weighted-average residual capitalization rate applied was approximately 6.0%. Included in the Company’s consolidated statements of operations are $6.3 million, $18.4 million and $3.9 million in total revenues from the date of acquisition through December 31, 2023, 2022 and 2021, respectively, for properties acquired during each of the respective years.

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