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Acquisitions | 6 Months Ended
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Jun. 30, 2024
Business Combinations [Abstract] |
Acquisitions | 2. Acquisitions During the six months ended June 30, 2024, the Company acquired the following convenience centers and land (in thousands):
Asset |  | Location |  | Date Acquired |  | Gross Purchase Price |  |
Grove at Harper's Preserve |  | Conroe, Texas |  | February 2024 |  | $ | 10,650 |  |
Shops at Gilbert Crossroads |  | Gilbert, Arizona |  | March 2024 |  |  | 8,460 |  |
Collection at Brandon Boulevard-Ground Lease(A) |  | Tampa, Florida |  | April 2024 |  |  | 1,000 |  |
Wilmette Center |  | Wilmette, Illinois |  | May 2024 |  |  | 2,850 |  |
Sunrise Plaza |  | Vero Beach, Florida |  | May 2024 |  |  | 5,500 |  |
Meadowmont Village(B) |  | Chapel Hill, North Carolina |  | May 2024 |  |  | 44,250 |  |
Red Mountain Corner |  | Phoenix, Arizona |  | June 2024 |  |  | 2,100 |  |
Roswell Market Center |  | Roswell, Georgia |  | June 2024 |  |  | 17,750 |  |
|  |  |  |  |  | $ | 92,560 |  |
(A) Acquired the fee interest in a land parcel at this center. (B) Acquired from the DDRM Properties Joint Venture (Note 3). It is intended that 62,116 square feet of GLA will be included in the anticipated spin-off of Curbline Properties Corp. The fair value of the acquisitions was allocated as follows (in thousands):
|  |  |  | Weighted-Average Amortization Period (in Years)
Land | $ | 37,066 |  |  | N/A
Buildings |  | 45,354 |  |  | (A)
Tenant improvements |  | 2,865 |  |  | (A)
In-place leases (including lease origination costs and fair market value of leases) |  | 10,118 |  |  | 8.5
Other assets assumed |  | 56 |  |  | N/A
|  | 95,459 |  |  |
Less: Below-market leases |  | (3,616 | ) |  | 17.1
Less: Other liabilities assumed |  | (881 | ) |  | N/A
Net assets acquired | $ | 90,962 |  |  |
(A) Depreciated in accordance with the Company’s policy.
| 2024 |  |
Consideration: |  |  |
Cash | $ | 82,147 |  |
Gain on Sale and Change in Control of Interests |  | 2,669 |  |
Carrying value of previously held equity interest (Note 3) |  | 6,146 |  |
Total consideration | $ | 90,962 |  |
Included in the Company’s consolidated statements of operations for the three and six months ended June 30, 2024, was $0.9 million and $1.0 million, respectively, in total revenues from the date of acquisition through June 30, 2024, for the properties acquired in 2024.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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