Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes our real estate acquisition activities for the six months ended June 30, 2022 and 2021 (dollars in thousands):


	2022		2021
Buildings:
Number of buildings	2		4
Cash paid at time of acquisition	$	89,113	$	218,788
Land and other real estate assets:
Acres of land	334		178
Cash paid at time of acquisition (1)	$	308,554	$	223,280

(1) Includes the cash acquisition cost of other real estate investments totaling $154.3 million for the six months ended June 30, 2022. There were no acquisitions of other real estate investments for the six months ended June 30, 2021. See Note 11 for information on other real estate investments.

The following table summarizes total real estate assets recognized (in thousands), comprised of cash paid at the time of acquisition, a purchase deposit, capitalized transaction costs and below market lease liabilities, for the buildings acquired during the six months ended June 30, 2022:


Real estate assets	$	95,868
Lease related intangible assets	407
Total acquired assets	$	96,275
Below market lease liabilities	5,803

Summary of Most Significant Assumptions utilized in the Estimations

We determine the fair value of the individual components of real estate asset acquisitions primarily through calculating the "as-if vacant" value of a building, using an income approach, which relies significantly upon internally determined assumptions. We have determined that these estimates primarily rely upon level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during the six months ended June 30, 2022 are as follows:



Exit capitalization rate	4.75		%
Annual net rental rate per square foot on acquired building	$	13.80

The value that is allocated to the land underlying the acquired building relies on Level 3 inputs and is primarily determined by reference to recent comparable transactions.

Capitalized acquisition costs were insignificant and the fair value of net assets acquired from unrelated parties during the six months ended June 30, 2022, was substantially the same as the cost of acquisition.