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Properties, Net (Tables) | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Schedule of Operating Properties, Net | Operating properties, net consisted of the following (in thousands):
| September 30, 2024 |  | December 31, 2023
Land | $ | 491,304 |  |  | $ | 482,964 |
Buildings and improvements | 4,301,385 |  |  | 4,164,004 |
Less: Accumulated depreciation | (1,502,730) |  |  | (1,400,162) |
Operating properties, net | $ | 3,289,959 |  |  | $ | 3,246,806 |
Schedule of Allocation of Acquisition Costs | The table below sets forth the allocation of the aggregate purchase price and transaction costs associated with these acquisitions (in thousands):
Land, operating properties | $ | 8,361 |
Building and improvements | 16,635 |
Intangible assets on real estate acquisitions | 7,248 |
Total acquisition cost | $ | 32,244 |
Schedule of Intangible Assets Acquired | Intangible assets recorded in connection with these acquisitions included the following (dollars in thousands):
|  |  | Weighted Average Amortization Period (in Years)
Tenant relationship value | $ | 3,752 |  |  | 12.4
In-place lease value | 2,229 |  |  | 2.4
Above-market leases | 1,267 |  |  | 2.4
| $ | 7,248 |  |  | 7.6

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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