Significant Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Real Estate Investment Financial Statements, Disclosure

The following table summarizes our real estate acquisition activities for the years ended December 31 (dollars in thousands):

	2021		2020		2019
Buildings:
Number of buildings	8		10		6
Cash paid at time of acquisition	$	447,584	$	383,672	$	210,224
Land and other real estate assets:
Acres of land	536		250		517
Cash paid at time of acquisition (1)	$	700,632	$	248,413	$	388,202

Summary of Allocation of Fair Value of Amounts Recognized [Table Text Block]

The following table summarizes amounts recognized for each major class of assets and liabilities (in thousands) for acquisitions of income producing properties during the years ended December 31:

	2021		2020		2019
Real estate assets	$	570,820	$	410,481	$	205,390
Lease related intangible assets	11,796		14,460		11,716
Total acquired assets	$	582,616	$	424,941	$	217,106
Secured debt	—		25,455		—
Below market lease liabilities	57,441		14,124		—

Summary of Significant Assumptions Utilized in Estimates [Table Text Block]

The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during 2021 and 2020, respectively, are as follows:

	2021		2020
	Low	High	Low	High
Exit capitalization rate	3.50%	5.00%	3.98%	5.46%
Annual net rental rate per square foot on acquired buildings	$6.62	$17.16	$5.28	$18.11
Annual net rental rate per acre on acquired ground lease	$182,136	$182,136	$—	$—