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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the estimation of the fair value of assets acquired and liabilities assumed for the property acquired in 2020:
($ in thousands) |
Investment properties, net | $ | 63,570 |
Lease-related intangible assets, net | 2,254 |
Total acquired assets | 65,824 |
Accounts payable and accrued expenses | 280 |
Deferred revenue and other liabilities | 246 |
Total assumed liabilities | 526 |
Fair value of acquired net assets | $ | 65,298 |
The following table summarizes the estimation of the fair value of assets acquired and liabilities assumed for the properties acquired in 2019:
($ in thousands) |
Investment properties, net | $ | 56,393 |
Lease-related intangible assets, net | 2,458 |
Other assets | 320 |
Total acquired assets | 59,171 |
Accounts payable and accrued expenses | 595 |
Deferred revenue and other liabilities | 371 |
Total assumed liabilities | 966 |
Fair value of acquired net assets | $ | 58,205 |
Level 3 Assumptions Utilized in Determining Value of Acquired Assets | The range of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets acquired are as follows:
|  | Low |  | High
Net rental rate per square foot - Anchors |  | $ | 22.50 |  |  | $ | 27.50 |
Net rental rate per square foot - Small Shops |  | $ | 15.00 |  |  | $ | 65.00 |
Discount rate |  | 9.0 | % |  | 9.0 | %
The range of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets acquired are as follows:
|  | Low |  | High
Net rental rate per square foot - Anchors |  | $ | 11.00 |  |  | $ | 12.96 |
Net rental rate per square foot - Small Shops |  | $ | 6.33 |  |  | $ | 32.00 |
Discount rate |  | 9.0 | % |  | 9.0 | %

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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