Rental Property Acquisitions

6 Months Ended

Jun. 30, 2026

2026 Acquisitions

Toledo, Ohio

In May 2026, we purchased The Town Center at Levis Commons in Toledo, OH, an approximately 300,000-square-foot, open-air lifestyle center for approximately $60.0 million using cash on hand. We accounted for the transaction as an asset acquisition and additionally capitalized approximately $753,000 in transaction costs, which is included in the total purchase price.

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. The consideration transferred to complete this rental property acquisition and the purchase price allocation amongst the identifiable assets acquired and liabilities assumed were as follows:


	Fair value (in thousands)		Weighted-Average Amortization Period (in years)

Land	$	6,071
Buildings, improvements and fixtures	46,788		31.9

Above market lease value	363		8.8
Below market lease value	(2,786)		9.8
Lease in place value	8,382		5.7
Lease and legal costs	1,135		5.7
Total deferred lease costs and other intangibles, net	7,094

Total fair value of net assets acquired	$	59,953

There was no contingent consideration associated with this acquisition.