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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Conversion of Acquired Shares | The number of RPAI common stock outstanding as of October 21, 2021 converted to shares of the Company’s common stock was determined as follows:
RPAI common stock outstanding as of October 21, 2021 | 214,797,869 |
Exchange ratio | 0.623 |
Company common shares issued for outstanding RPAI common stock | 133,814,066 |
Company common shares issued for RPAI restricted stock units | 1,117,399 |
Total Company common shares issued | 134,931,465 |
Schedule of Purchase Price and Total Value of Equity Considerations Paid | The following table presents the purchase price and total value of equity consideration paid by the Company at the close of the Merger (in thousands except the share price of Company common shares):
| Price of Company common shares |  | Equity Consideration Given (Company common shares issued) |  | Total Value of Stock Consideration 1
As of October 21, 2021 | $ | 21.18 |  |  | 134,931 |  |  | $ | 2,847,369 |
1 The total value of stock consideration is the total of the common shares issued multiplied by the closing price of the Company’s common stock on October 21, 2021 excluding the value of certain RPAI restricted stock that vested at the closing of the Merger and share awards assumed by the Company at the closing of the Merger.
Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the provisional purchase price allocation based on the Company’s initial valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed:
| Provisional Allocation
Investment properties | $ | 4,439,387 |
Acquired lease intangible assets | 524,058 |
Cash, accounts receivable and other assets | 84,632 |
Total assets acquired | 5,048,077 |
Mortgage and other indebtedness | (1,848,476) |
Accounts payable, other liabilities, tenant security deposits and prepaid rent | (176,391) |
In-place lease liabilities | (171,378) |
Noncontrolling interests | (4,463) |
Total liabilities assumed | (2,200,708) |
Total purchase price | $ | 2,847,369 |
The following table details the provisional weighted average amortization periods, in years, of the purchase price provisionally allocated to real estate and related intangible assets and liabilities acquired arising from the Merger:
| Weighted Average Amortization Period (in years)
Land | N/A
Building | 18.9
Tenant improvements | 6.6
In-place lease intangibles | 5.3
Above-market leases | 8.1
Below-market leases (including below-market option periods) | 17.6
Fair market value of debt adjustments | 6.8
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 through the Merger with RPAI are as follows:
| 2021
Net rental rate per square foot – Anchors | $4.00 to $45.00
Net rental rate per square foot – Small Shops | $7.00 to $140.00
Capitalization rate | 5.25% to 9.00%
The range of the most significant Level 3 assumptions utilized in determining the value of the real estate and related assets acquired through asset acquisitions are as follows:
| 2021 |  | 2020 |  | 2019
Net rental rate per square foot – Anchors | N/A to N/A |  | $22.50 to $27.50 |  | $11.00 to $12.96
Net rental rate per square foot – Small Shops | $31.50 to $45.00 |  | $15.00 to $65.00 |  | $6.33 to $32.00
Discount rate | 9.0% |  | 9.0% |  | 9.0%
Business Acquisition, Pro Forma Information | The pro forma financial information set forth below is based upon the Company’s historical consolidated statements of operations for the years ended December 31, 2021 and 2020, adjusted to give effect for the properties assumed through the Merger as if they were acquired as of January 1, 2020. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods.
| Year Ended December 31,
($ in thousands) | 2021 |  | 2020
Rental income | $ | 740,954 |  |  | $ | 683,093 |
Net income (loss) | $ | 21,283 |  |  | $ | (109,775) |
Net income (loss) attributable to common shareholders | $ | 20,535 |  |  | $ | (107,341) |
Net income (loss) attributable to common shareholders per common share: |  |  |
Basic 1 | $ | 0.09 |  |  | $ | (0.49) |
Diluted 1 | $ | 0.09 |  |  | $ | (0.49) |
1 The pro forma earnings for the year ended December 31, 2021 were adjusted to exclude $86.5 million of merger costs incurred while the pro forma earnings for the year ended December 31, 2020 were adjusted to include these costs.
Schedule Supplemental Non-Cash Investing and Financing Activities | The following table summarizes the Merger-related non-cash investing and financing activities of the Company for the year ended December 31, 2021:
($ in thousands) | Year Ended December 31, 2021
Investment properties | $ | 4,439,387 |
Acquired lease intangible assets | $ | 524,058 |
Mortgage and other indebtedness | $ | (1,848,476) |
In-place lease liabilities | $ | (171,378) |
Noncontrolling interests | $ | (4,463) |
Other assets and liabilities, net 1 | $ | (106,751) |
Company common shares issued in exchange for RPAI common stock | $ | (2,847,369) |
1 Includes lease liabilities arising from obtaining right-of-use assets of $41,086, which was determined using an estimate of our incremental borrowing rate that was specific to each lease based upon the term and underlying asset with a weighted average incremental borrowing rate of 5.4%.
Schedule of Asset Acquisition | The following table summarizes the fair value of assets acquired and liabilities assumed for the asset acquisitions completed during the years ended December 31, 2021, 2020 and 2019:
| Year Ended December 31,
($ in thousands) | 2021 |  | 2020 |  | 2019
Investment properties, net | $ | 13,488 |  |  | $ | 63,570 |  |  | $ | 56,393 |
Lease-related intangible assets, net 1 | 304 |  |  | 2,254 |  |  | 2,458 |
Other assets | — |  |  | — |  |  | 320 |
Total acquired assets | 13,792 |  |  | 65,824 |  |  | 59,171 |
Mortgage payable | 3,578 |  |  | — |  |  | — |
Accounts payable and accrued expenses | 100 |  |  | 280 |  |  | 595 |
Deferred revenue and other liabilities | 189 |  |  | 246 |  |  | 371 |
Total assumed liabilities | 3,867 |  |  | 526 |  |  | 966 |
Fair value of acquired net assets | $ | 9,925 |  |  | $ | 65,298 |  |  | $ | 58,205 |
1 The weighted average remaining life of leases at the acquired properties is approximately 5.3 years, 3.2 years and 5.6 years for asset acquisitions completed during the years ended December 31, 2021, 2020 and 2019, respectively.

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- Definition Tabular disclosure of acquisition of assets or a business through noncash (or part noncash) transactions. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Disclosure may include the equity interest acquired, value of assets acquired, value of liabilities acquired, net monetary assets acquired, number of shares, warrants or options issued as consideration for a business or asset acquired and other information necessary to a fair presentation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4313-108586 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4304-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4332-108586 + Details
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