v3.26.1
Acquisitions
 6 Months Ended
Jun. 30, 2026
Business Combination [Abstract]  
Acquisitions

Note 6 - Acquisitions

The Company's acquisitions are accounted for as acquisitions of assets under ASC 805-50. The Company includes the results of operations of real estate assets acquired in the condensed consolidated statements of operations from the date of the related acquisition.

2026 Acquisitions

In March 2026, the Company acquired Gateway Mall, an enclosed mall located in Lincoln, NE. The purchase price was approximately $43,761 including acquisition costs. The acquisition of Gateway Mall was financed through a $21,000 non‑recourse loan. See Note 9 for more information.

The Company allocated the purchase price to the acquired assets and liabilities based on relative fair values as determined by management, with the assistance of a third-party valuation specialist. The most subjective and judgmental assumptions used include the projected cash flows, capitalization and discount rates. Multiple appraisal methodologies were used to value the acquired assets and liabilities, which included the cost approach, the sales comparison approach and the income capitalization approach. All estimates, assumptions, valuations and financial projections are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company’s control. Accordingly, the Company cannot assure that the estimates, assumptions, valuations or financial projections will be realized and actual results could vary materially.

The following table summarizes the amounts of identified assets acquired and liabilities assumed at the acquisition date:

Recognized amounts of identifiable assets acquired and liabilities assumed:

 

Land

 

$

12,902

 

Building and improvements

 

 

22,477

 

In-place leases (1)

 

 

7,327

 

Intangible lease assets and other assets:

 

 

 

Above-market leases (1)

 

 

3,418

 

Accounts payable and accrued liabilities:

 

 

 

Below-market leases (1)

 

 

(2,363

)

Total

 

$

43,761

 
(1)
At the acquisition date, the weighted average amortization period of the acquired intangible assets and liabilities was 4.5 years for in-place leases, 2.6 years for above-market leases and 4.6 years for below-market leases.

2025 Acquisitions

In January 2025, the Company acquired four Macy's stores for $6,156, which included land, buildings and improvements, for future redevelopment at the respective properties.