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Real Estate and Intangible Assets (Tables) | 3 Months Ended
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Mar. 31, 2021
Real Estate [Abstract] |
Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of March 31, 2021 and December 31, 2020, excluding real estate held for sale as of December 31, 2020 (dollars in thousands):
|  | March 31, 2021 |  | December 31, 2020
Real estate: |  |  |  |
Land (1) |  | $ | 143,559 |  |  | $ | 142,853 |
Building and improvements |  | 930,480 |  |  | 916,601 |
Tenant improvements |  | 69,921 |  |  | 69,229 |
Accumulated depreciation |  | (240,351) |  |  | (228,468) |
Real estate, net |  | $ | 903,609 |  |  | $ | 900,215 |
(1)This amount includes $4,436 of land value subject to land lease agreements which we may purchase at our option for a nominal fee.
Acquisitions | We acquired one property during the three months ended March 31, 2021, and five properties during the three months ended March 31, 2020. The acquisitions are summarized below (dollars in thousands):
Three Months Ended |  | Aggregate Square Footage |  | Weighted Average Lease Term |  | Aggregate Purchase Price |  | Aggregate Capitalized Acquisition Costs |  |  |  |  |
March 31, 2021 | (1) | 180,152 |  |  | 14.2 years |  | $ | 11,146 |  |  | $ | 146 |  | (3) |  |  |  |
March 31, 2020 | (2) | 890,038 |  |  | 14.8 years |  | $ | 71,965 |  |  | $ | 255 |  | (3) |  |  |  |
(1)On January 22, 2021, we acquired a 180,152 square foot property in Findlay, Ohio for $11.1 million. The property is fully leased to one tenant for 14.2 years. (2)On January 8, 2020, we acquired a 64,800 square foot property in Indianapolis, Indiana for $5.3 million. The property is leased to three tenants, with a weighted average lease term of 7.2 years. On January 27, 2020, we acquired a 320,838 square foot, three-property portfolio in Houston, Texas, Charlotte, North Carolina, and St. Charles, Missouri for $34.7 million. The portfolio has a weighted average lease term of 20.0 years. On March 9, 2020, we acquired a 504,400 square foot property in Crandall, Georgia, for $32.0 million. This property is fully leased to one tenant for 10.5 years.(3)During the three months ended March 31, 2021 and 2020, we capitalized $0.1 million and $0.3 million, respectively, of acquisition costs.
Fair Value of Assets Acquired and Liabilities Assumed | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the three months ended March 31, 2021 and 2020, respectively, as follows (dollars in thousands):
|  | Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020 |
Acquired assets and liabilities |  | Purchase price |  | Purchase price |
Land |  | $ | 258 |  |  | $ | 7,296 |  | (1)
Building |  | 8,759 |  |  | 54,000 |  |
Tenant Improvements |  | 88 |  |  | 1,285 |  |
In-place Leases |  | 817 |  |  | 4,442 |  |
Leasing Costs |  | 803 |  |  | 4,261 |  |
Customer Relationships |  | 294 |  |  | 2,223 |  |
Above Market Leases |  | 127 |  |  | 210 |  | (2)
Below Market Leases |  | — |  |  | (1,752) |  | (3)
Total Purchase Price |  | $ | 11,146 |  |  | $ | 71,965 |  |
(1)This amount includes $2,711 of land value subject to a land lease agreement, which we may purchase for a nominal fee. (2)This amount includes $53 of loans receivable included in Other assets on the condensed consolidated balance sheets. (3)This amount includes $62 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets.
Future Lease Payments From Tenants | Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the nine months ending December 31, 2021 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year | Tenant Lease Payments
Nine Months Ending 2021 | $ | 84,350 |
2022 | 106,492 |
2023 | 99,927 |
2024 | 91,890 |
2025 | 85,229 |
2026 | 76,057 |
Thereafter | 261,017 |
| $ | 804,962 |
Lease Revenue | The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three months ended March 31, 2021 and 2020, respectively (dollars in thousands):
|  | For the three months ended March 31,
|  | (Dollars in Thousands)
Lease revenue reconciliation |  | 2021 |  | 2020 |  | $ Change |  | % Change
Fixed lease payments |  | $ | 30,757 |  |  | $ | 29,479 |  |  | $ | 1,278 |  |  | 4.3 | %
Variable lease payments |  | 3,920 |  |  | 4,140 |  |  | (220) |  |  | (5.3) | %
|  | $ | 34,677 |  |  | $ | 33,619 |  |  | $ | 1,058 |  |  | 3.1 | %
Carrying Value of Intangible Assets and Accumulated Amortization | The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of March 31, 2021 and December 31, 2020, excluding real estate held for sale as of December 31, 2020 (dollars in thousands):
|  | March 31, 2021 |  | December 31, 2020
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 100,470 |  |  | $ | (56,983) |  |  | $ | 99,254 |  |  | $ | (54,168) |
Leasing costs |  | 75,310 |  |  | (39,751) |  |  | 73,707 |  |  | (37,801) |
Customer relationships |  | 68,851 |  |  | (33,840) |  |  | 68,268 |  |  | (31,881) |
|  | $ | 244,631 |  |  | $ | (130,574) |  |  | $ | 241,229 |  |  | $ | (123,850) |
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 15,203 |  |  | $ | (10,883) |  |  | $ | 15,076 |  |  | $ | (10,670) |
Below market leases and deferred revenue |  | (39,421) |  |  | 19,295 |  |  | (38,319) |  |  | 17,686 |
Weighted Average Amortization Periods | The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the three months ended March 31, 2021 and 2020, respectively, were as follows:
Intangible Assets & Liabilities |  | 2021 |  | 2020
In-place leases |  | 14.2 |  | 16.3
Leasing costs |  | 14.2 |  | 16.3
Customer relationships |  | 19.2 |  | 19.5
Above market leases |  | 14.2 |  | 18.0
Below market leases |  | 0.0 |  | 14.2
All intangible assets & liabilities |  | 15.4 |  | 16.9

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