| Acquisitions |
During the six months ended June 30, 2024, the Company acquired the following convenience centers and land (in thousands):
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Asset |
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Location |
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Date
Acquired |
|
Gross Purchase
Price |
|
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Grove at Harper's Preserve |
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Conroe, Texas |
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February 2024 |
|
$ |
10,650 |
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|
Shops at Gilbert Crossroads |
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Gilbert, Arizona |
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March 2024 |
|
|
8,460 |
|
|
Collection at Brandon Boulevard-Ground Lease(A) |
|
Tampa, Florida |
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April 2024 |
|
|
1,000 |
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Wilmette Center |
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Wilmette, Illinois |
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May 2024 |
|
|
2,850 |
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Sunrise Plaza |
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Vero Beach, Florida |
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May 2024 |
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|
5,500 |
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Meadowmont Village(B) |
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Chapel Hill, North Carolina |
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May 2024 |
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44,250 |
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Red Mountain Corner |
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Phoenix, Arizona |
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June 2024 |
|
|
2,100 |
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Roswell Market Center |
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Roswell, Georgia |
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June 2024 |
|
|
17,750 |
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$ |
92,560 |
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(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):
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Weighted-Average
Amortization Period
(in Years) |
Land |
$ |
37,066 |
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|
N/A |
Buildings |
|
45,354 |
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|
(A) |
Tenant improvements |
|
2,865 |
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|
(A) |
In-place leases (including lease origination costs and fair market value of leases) |
|
10,118 |
|
|
8.5 |
Other assets assumed |
|
56 |
|
|
N/A |
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|
95,459 |
|
|
|
Less: Below-market leases |
|
(3,616 |
) |
|
17.1 |
Less: Other liabilities assumed |
|
(881 |
) |
|
N/A |
Net assets acquired |
$ |
90,962 |
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(A)Depreciated in accordance with the Company’s policy.
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2024 |
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Consideration: |
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Cash |
$ |
82,147 |
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Gain on Sale and Change in Control of Interests |
|
2,669 |
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Carrying value of previously held equity interest (Note 3) |
|
6,146 |
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Total consideration |
$ |
90,962 |
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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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