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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combinations [Abstract] |
Schedule of Company Acquired Shopping Centers | 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.
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 | $ | 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.
Consideration |
| 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 |  |

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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