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Properties, Net | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Properties, Net | 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 |
In the nine months ended September 30, 2024, we acquired the following operating office properties: >6841 Benjamin Franklin Drive, a 202,000 square foot property in Columbia, Maryland (included in the Fort Meade/BW Corridor sub-segment of our Defense/IT Portfolio reportable segment) that was 56% leased, for a purchase price of $15.0 million on March 15, 2024; and >3900 Rogers Road, an 80,000 square foot property in San Antonio, Texas (included in the Lackland Air Force Base sub-segment of our Defense/IT Portfolio reportable segment) that was vacant on the acquisition date and subsequently leased in full, for a purchase price of $17.0 million on September 26, 2024. 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 |
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 The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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