Significant Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Allocation of Fair Value of Amounts Recognized

The following table summarizes amounts recognized for each major class of asset and liability (in thousands) for these acquisitions during the year ended December 31, 2017:

Real estate assets	$	945,844
Lease related intangible assets	46,807
Total acquired assets	992,651
Below market lease liability	1,483
Fair value of acquired net assets	$	991,168

The following table summarizes amounts recognized for each major class of assets and liability (in thousands) for these acquisitions during the year ended December 31, 2018:

Real estate assets	$	328,126
Lease related intangible assets	24,996
Total acquired assets	353,122
Below market lease liability	505
Fair value of acquired net assets	$	352,617

Summary of Significant Assumptions Utilized in Estimates

The most significant assumptions used in calculating the "as-if vacant" value for acquisition activities during 2018 and 2017, respectively, are as follows:

	2018		2017
	Low	High	Low	High
Exit capitalization rate	3.80%	4.91%	4.03%	5.65%
Net rental rate per square foot	$6.50	$10.20	$3.50	$10.00

Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block]

The acquisition-related activity in our consolidated Statements of Operations and Comprehensive Income consisted of the following, for the years ended December 31, 2018, 2017 and 2016, respectively (in thousands):

	2018		2017		2016
Acquisition costs	$	—	$	—	$	(96	)
Gains on step acquisitions	—		—		7,272
Contingent consideration	—		—		—
Acquisition-related activity	$	—	$	—	$	7,176

Duke/Quantico LLC [Member]

Summary of Allocation of Fair Value of Amounts Recognized

The following table summarizes the fair value of the amounts recognized for each major class of assets for this acquisition as well as the computation of the gain on acquisition (in thousands):

Real estate assets	$	120,608
Lease-related intangible assets	16,724
Net working capital liabilities	(126		)
Fair value of acquired net assets	$	137,206
Less consideration transferred (CMBS loan payoff)	(131,250		)
Fair value of pre-existing equity interest	$	5,956
Less carrying value of investment in acquired properties	—
Gain on step acquisition	$	5,956

Summary of Significant Assumptions Utilized in Estimates

The most significant assumptions used in calculating the "as-if vacant" value for acquisition activities during 2018 and 2017, respectively, are as follows:

	2018		2017
	Low	High	Low	High
Exit capitalization rate	3.80%	4.91%	4.03%	5.65%
Net rental rate per square foot	$6.50	$10.20	$3.50	$10.00

Duke/Hulfish LLC [Member]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The computation of this gain is shown as follows (in thousands):

Fair value of one property received in non-cash distribution	$	63,000
Cash received at dissolution	2,760
Carrying value of investment in properties distributed to partners	(35,063		)
Gain on dissolution of unconsolidated joint venture	$	30,697

Other 2016 Acquisitions [Member]

Summary of Allocation of Fair Value of Amounts Recognized

The following table summarizes the fair value of amounts recognized for each major class of asset (in thousands) for these acquisitions during 2016:

Real estate assets	$	94,783
Lease-related intangible assets	8,068
Fair value of acquired net assets	$	102,851