Significant Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Allocation of Fair Value of Amounts Recognized

The following table summarizes amounts recognized for each major class of assets and liabilities (in thousands) for these acquisitions during the year ended December 31, 2020:

Real estate assets	$	410,481
Lease related intangible assets	14,460
Total acquired assets	$	424,941
Secured debt	$	25,455
Below market lease liabilities	14,124

The following table summarizes amounts recognized for each major class of assets (in thousands) for these acquisitions during the year ended December 31, 2019:

Real estate assets	$	205,390
Lease related intangible assets	11,716
Total acquired assets	$	217,106

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, 2018:

Real estate assets	$	328,126
Lease related intangible assets	24,996
Total acquired assets	$	353,122
Below market lease liability	$	505

Summary of Significant Assumptions Utilized in Estimates

The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during 2020 and 2019, respectively, are as follows:

	2020		2019
	Low	High	Low	High
Exit capitalization rate	3.98%	5.46%	4.23%	5.32%
Net rental rate per square foot	$5.28	$18.11	$5.90	$15.60