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Rental Property
 3 Months Ended
Mar. 31, 2022
Real Estate [Abstract]  
Rental Property Rental Property
The following table summarizes the components of rental property as of March 31, 2022 and December 31, 2021.

Rental Property (in thousands)March 31, 2022December 31, 2021
Land$626,385 $617,297 
Buildings, net of accumulated depreciation of $433,560 and $406,670, respectively
4,126,324 4,035,210 
Tenant improvements, net of accumulated depreciation of $27,270 and $26,065, respectively
43,788 43,999 
Building and land improvements, net of accumulated depreciation of $189,540 and $179,132, respectively
324,917 320,041 
Construction in progress40,696 36,493 
Deferred leasing intangibles, net of accumulated amortization of $288,640 and $282,038, respectively
561,267 567,658 
Total rental property, net$5,723,377 $5,620,698 
Acquisitions

The following table summarizes the acquisitions of the Company during the three months ended March 31, 2022. The Company accounted for all of its acquisitions as asset acquisitions.

Market(1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price
(in thousands)
Kansas City, MOJanuary 6, 2022702,000 1 $60,428 
Chicago, ILJanuary 31, 202272,499 1 8,128 
Columbus, OHFebruary 8, 2022138,213 1 11,492 
Cleveland, OHFebruary 8, 2022136,800 1 13,001 
Nashville, TNMarch 10, 2022109,807 1 12,810 
Greenville/Spartanburg, SCMarch 10, 2022289,103 1 28,274 
Memphis, TNMarch 18, 2022195,622 1 15,828 
Greenville/Spartanburg, SCMarch 18, 2022155,717 1 16,390 
Three months ended March 31, 20221,799,761 8 $166,351 
(1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected.

The following table summarizes the allocation of the total purchase price paid (on the closing dates) for the assets and liabilities acquired by the Company during the three months ended March 31, 2022 in connection with the acquisitions identified in the table above.

Three months ended March 31, 2022
Acquired Assets and LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$10,746 N/A
Buildings127,778 N/A
Tenant improvements692 N/A
Building and land improvements5,384 N/A
Other assets2,134 N/A
Deferred leasing intangibles - In-place leases11,512 5.3
Deferred leasing intangibles - Tenant relationships7,319 9.0
Deferred leasing intangibles - Above market leases959 6.9
Deferred leasing intangibles - Below market leases(173)3.7
Total purchase price$166,351  

The following table summarizes the results of operations for the three months ended March 31, 2022 for the buildings acquired during the three months ended March 31, 2022, which are included in the Company’s Consolidated Statements of Operations from the date of acquisition.

Results of Operations (in thousands)Three months ended March 31, 2022
Total revenue$1,251 
Net loss$113 

Dispositions

During the three months ended March 31, 2022, the Company sold one building and one land parcel to third parties comprised of approximately 0.2 million rentable square feet with a net book value of approximately $11.3 million. This building contributed approximately $0.2 million and $0.4 million to revenue for the three months ended March 31, 2022 and 2021, respectively. This building contributed approximately $0.2 million and $0.3 million to net income (exclusive of gain on the sales of rental property, net) for the three months ended March 31, 2022 and 2021, respectively. Net proceeds from the sales of rental property were approximately $35.3 million and the Company recognized the full gain on the sales of rental property, net, of approximately $24.0 million for the three months ended March 31, 2022.
Deferred Leasing Intangibles

The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021.

March 31, 2022December 31, 2021
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$89,747 $(31,436)$58,311 $91,565 $(32,110)$59,455 
Other intangible lease assets760,160 (257,204)502,956 758,131 (249,928)508,203 
Total deferred leasing intangible assets$849,907 $(288,640)$561,267 $849,696 $(282,038)$567,658 
Below market leases$55,957 $(22,245)$33,712 $56,857 $(21,136)$35,721 
Total deferred leasing intangible liabilities$55,957 $(22,245)$33,712 $56,857 $(21,136)$35,721 

The following table summarizes the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three months ended March 31, 2022 and 2021.

 Three months ended March 31,
Deferred Leasing Intangibles Amortization (in thousands)20222021
Net increase (decrease) to rental income related to above and below market lease amortization$79 $(1,480)
Amortization expense related to other intangible lease assets$24,077 $22,447 

The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years (including the remainder of 2022) as of March 31, 2022.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2022$67,986 $180 
2023$80,666 $727 
2024$69,720 $1,361 
2025$60,629 $1,185 
2026$52,145 $1,626