
Rental Property (in thousands)	March 31, 2024		December 31, 2023
Land	$	700,199	$	698,633
Buildings, net of accumulated depreciation of $654,023 and $622,941, respectively	4,340,544		4,330,799
Tenant improvements, net of accumulated depreciation of $39,258 and $36,920, respectively	39,668		39,145
Building and land improvements, net of accumulated depreciation of $273,860 and $261,985, respectively	367,500		369,724
Construction in progress	111,405		98,854
Deferred leasing intangibles, net of accumulated amortization of $383,967 and $360,094, respectively	422,153		435,722
Total rental property, net	$	5,981,469	$	5,972,877

The following table summarizes the Company’s acquisitions during the three months ended March 31, 2024. The Company accounted for all of its acquisitions as asset acquisitions.


Market(1)	Date Acquired	Square Feet	Number of Buildings	Purchase Price (in thousands)
Cincinnati, OH	March 18, 2024	697,500	1	$	50,073
Three months ended March 31, 2024		697,500	1	$	50,073

(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.

The following table summarizes the allocation of the consideration paid at the date of acquisition during the three months ended March 31, 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.


	Three months ended March 31, 2024
Acquired Assets and Liabilities	Purchase price (in thousands)		Weighted average amortization period (years) of intangibles at acquisition
Land	$	1,565	N/A
Buildings	40,828		N/A
Tenant improvements	445		N/A
Building and land improvements	1,432		N/A



Deferred leasing intangibles - In-place leases	6,963		6.8
Deferred leasing intangibles - Tenant relationships	3,340		10.8

Deferred leasing intangibles - Below market leases	(4,500)		6.8





Total purchase price	$	50,073

During the three months ended March 31, 2024, the approximately $3.0 million receivable at December 31, 2023 from the insurance coverage related to the involuntary conversion event that occurred in December 2023 was reduced to zero and included as a non-cash investing activity on the accompanying Consolidated Statements of Cash Flows.

The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.


	March 31, 2024						December 31, 2023
Deferred Leasing Intangibles (in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Above market leases	$	79,946	$	(37,497)	$	42,449	$	79,946	$	(35,698)	$	44,248
Other intangible lease assets	726,174		(346,470)		379,704		715,870		(324,396)		391,474
Total deferred leasing intangible assets	$	806,120	$	(383,967)	$	422,153	$	795,816	$	(360,094)	$	435,722

Below market leases	$	61,021	$	(28,709)	$	32,312	$	56,521	$	(26,613)	$	29,908
Total deferred leasing intangible liabilities	$	61,021	$	(28,709)	$	32,312	$	56,521	$	(26,613)	$	29,908

The following table summarizes the net increase to rental income and amortization expense for the amortization of deferred leasing intangibles during the three months ended March 31, 2024 and 2023.


	Three months ended March 31,
Deferred Leasing Intangibles Amortization (in thousands)	2024		2023
Net increase to rental income related to above and below market lease amortization	$	297	$	124
Amortization expense related to other intangible lease assets	$	22,074	$	22,445