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Real Estate and Intangibles | 6 Months Ended
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Jun. 30, 2026
Real Estate [Abstract] |
Real Estate and Intangibles | 3. Real Estate and Intangibles Acquisitions During the six months ended June 30, 2026, we acquired three operating properties in asset acquisitions, consisting of a three building portfolio in Glen Allen, VA, for an aggregate purchase price of $44.6 million. We allocated the aggregate purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows (amounts in thousands):
|  | Total |
Real estate |  |  |
Land |  | $ | 6,965 |
Building |  |  | 17,580 |
Acquired tenant improvements |  |  | 5,913 |
Total real estate |  |  | 30,458 |
Investment in sales-type lease, net |  |  |
Investment in sales-type lease, net (1) |  |  | 3,408 |
Total other assets |  |  | 3,408 |
Intangible assets |  |  |
In-place leases |  |  | 9,534 |
Acquired leasing commissions |  |  | 3,112 |
Above-market leases |  |  | 485 |
Total intangible assets |  |  | 13,131 |
Intangible liabilities |  |  |
Below-market leases |  |  | (2,374 | )
Total intangible liabilities |  |  | (2,374 | )
Purchase price |  | $ | 44,623 |
(1) Both the investment in sales-type lease, net and credit loss allowance are recorded within Real estate loans receivable, net and investment in sales-type lease, net on our Consolidated Balance Sheet. No profit or loss was recognized upon commencement of the lease. The intangible assets and liabilities of operating properties acquired during the six months ended June 30, 2026 have a weighted average amortization period of 7.4 years as of June 30, 2026. During the six months ended June 30, 2026, these acquisitions contributed $3.3 million of revenues and $0.8 million of net income in our Consolidated Statements of Operations related to the operating properties acquired. During the three and six months ended June 30, 2026, we incurred $0.6 million and $1.2 million, respectively, of acquisition-related expenses, mainly consisting of internal costs associated with property acquisitions. Consolidated Real Estate and Intangibles Real estate and intangibles consisted of the following as of June 30, 2026 (amounts in thousands):
|  | Total |
Real estate properties, net |  |  |
Land |  | $ | 321,600 |
Building and improvements |  |  | 2,835,886 |
Acquired tenant improvements |  |  | 118,029 |
Construction in progress |  |  | 77,649 |
Accumulated depreciation |  |  | (601,671 | )
Total Real estate properties, net |  |  | 2,751,493 |
Intangible assets, net |  |  |
In-place leases |  |  | 345,522 |
Acquired leasing commissions |  |  | 97,985 |
Above market leases |  |  | 15,105 |
Payment in lieu of taxes |  |  | 6,394 |
Accumulated amortization |  |  | (282,781 | )
Total Intangible assets, net |  |  | 182,225 |
Intangible liabilities, net |  |  |
Below market leases |  |  | (78,996 | )
Accumulated amortization |  |  | 66,141 |
Total Intangible liabilities, net |  |  | (12,855 | )
No operating properties were disposed of during the six months ended June 30, 2026. The following table summarizes the scheduled amortization of our acquired above- and below-market lease intangibles for each of the five succeeding years as of June 30, 2026 (amounts in thousands):
|  | Acquired Above-Market Lease Intangibles |  |  | Acquired Below-Market Lease Intangibles |
2026 (1) |  | $ | 613 |  |  | $ | (1,470 | )
2027 |  |  | 1,216 |  |  |  | (2,729 | )
2028 |  |  | 841 |  |  |  | (2,184 | )
2029 |  |  | 309 |  |  |  | (1,498 | )
2030 |  |  | 203 |  |  |  | (1,328 | )
(1) Represents the six months ending December 31, 2026. Above-market lease amortization reduces Rental income on our Consolidated Statements of Operations and below-market lease amortization increases Rental income on our Consolidated Statements of Operations.

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