Rental Property Acquisitions

3 Months Ended

Mar. 31, 2025

2025 Acquisitions

Cleveland

In February 2025, we purchased Pinecrest in Cleveland, Ohio, a 640,000-square-foot open-air, grocery-anchored, mixed-use center, for $167.0 million using cash on hand and available liquidity. We accounted for the transaction as an asset acquisition and additionally capitalized approximately $905,000 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 this rental property acquisition 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	$	22,416
Buildings, improvements and fixtures	127,516		36.4

Above market lease value	6,922		7.0
Below market lease value	(7,480)		11.5
Lease in place value	13,388		6.9
Lease and legal costs	5,143		5.1
Total deferred lease costs and other intangibles, net	17,973
Total fair value of assets acquired	$	167,905

There was no contingent consideration associated with this acquisition.