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.

Real estate depreciation expense on building and tenant improvements was $10.7 million and $9.0 million for the three months ended March 31, 2021 and 2020, respectively.

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.

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.

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

In accordance with the lease terms, substantially all operating expenses are required to be paid by the tenant directly, or reimbursed to us from the tenant; however, we would be required to pay operating expenses on the respective properties in the event the tenants fail to pay them.

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	%

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

Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $6.0 million and $5.1 million for the three months ended March 31, 2021 and 2020, respectively, and is included in depreciation and amortization expense in the condensed consolidated statements of operations and comprehensive income.

Total amortization related to above-market lease values was $0.2 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively, and is included in lease revenue in the condensed consolidated statements of operations and comprehensive income. Total amortization related to below-market lease values was $1.6 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively, and is included in lease revenue in the condensed consolidated statements of operations and comprehensive income.

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