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Acquisitions (Tables)

12 Months Ended

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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- References

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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

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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

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