Annual report pursuant to Section 13 and 15(d)

Business Combinations and Asset Acquisitions

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Business Combinations and Asset Acquisitions
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Rental Property Acquisitions Rental Property Acquisitions
2023 Acquisitions

Asheville

In November 2023, we purchased Asheville Outlets in Asheville, North Carolina, a 382,000 square foot outlet center, for net purchase price of $70 million using cash. We accounted for the transaction as an asset acquisition and additionally capitalized approximately $295,000 in transaction costs once the acquisition was deemed probable.

Huntsville

In November 2023, we purchased Bridge Street Town Centre in Huntsville, Alabama, an 825,000 square foot lifestyle center (including approximately 174,000 square feet ground leased to tenants), for $193.5 million using cash, proceeds from our ATM Offering Program, and amounts available under our unsecured lines of credit. At closing, we received a $5.4 million credit for unpaid tenant allowances. We accounted for the transaction as an asset acquisition and additionally capitalized approximately $1.3 million in transaction costs once the acquisition was deemed probable.

The assets acquired were recorded at relative fair value as determined by management, with the assistance of third party valuation specialists, based on information available at the acquisition dates and on current assumptions as to future operations (See Note 2). The consideration transferred to complete these rental property acquisitions and the purchase price allocation amongst the identifiable assets acquired and liabilities assumed was as follows:

Fair value
 (in thousands)
 Weighted-Average Amortization Period (in years)
Land $ 28,524 
Buildings, improvements and fixtures 202,276  31.33
Deferred lease costs and other intangibles:
   Above market lease value 6,992  3.62
   Below market lease value (6,433) 3.31
   Lease in place value 26,438  3.62
   Lease and legal costs 7,259  3.83
      Total deferred lease costs and other intangibles, net 34,256 
Total fair value of assets acquired $ 265,056 
There was no contingent consideration associated with these acquisitions.