The following table sets forth the components of our investments in real estate as of June 30, 2021 and December 31, 2020, excluding real estate held for sale as of December 31, 2020 (dollars in thousands):


	June 30, 2021		December 31, 2020
Real estate:
Land (1)	$	145,163	$	142,853
Building and improvements	937,203		916,601
Tenant improvements	69,936		69,229
Accumulated depreciation	(249,797)		(228,468)
Real estate, net	$	902,505	$	900,215

Real estate depreciation expense on building and tenant improvements was $9.4 million and $20.2 million for the three and six months ended June 30, 2021, respectively. Real estate depreciation expense on building and tenant improvements was $9.2 million and $18.2 million for the three and six months ended June 30, 2020, respectively.

We acquired two properties during the six months ended June 30, 2021, and five properties during the six months ended June 30, 2020. The acquisitions are summarized below (dollars in thousands):


Six Months Ended		Aggregate Square Footage	Weighted Average Lease Term	Aggregate Purchase Price		Aggregate Capitalized Acquisition Costs
June 30, 2021	(1)	205,352	13.5 years	$	19,341	$	216	(3)
June 30, 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. On June 17, 2021, we acquired a 25,200 square foot property in Baytown, Texas for $8.2 million. The property is fully leased to one tenant for 12.6 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.

We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the six months ended June 30, 2021 and 2020, respectively, as follows (dollars in thousands):


	Six Months Ended June 30, 2021		Six Months Ended June 30, 2020
Acquired assets and liabilities	Purchase price		Purchase price
Land	$	1,862	$	7,296	(1)
Building	14,277		54,000
Tenant Improvements	103		1,285
In-place Leases	1,127		4,442
Leasing Costs	1,153		4,261
Customer Relationships	455		2,223
Above Market Leases	364		210		(2)
Below Market Leases	—		(1,752)		(3)


Total Purchase Price	$	19,341	$	71,965

Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the six 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
Six Months Ending 2021	$	54,410
2022	108,578
2023	101,489
2024	94,907
2025	88,320
2026	79,278
Thereafter	279,143
	$	806,125

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 and six months ended June 30, 2021 and 2020, respectively (dollars in thousands):


	For the three months ended June 30,
	(Dollars in Thousands)
Lease revenue reconciliation	2021		2020		$ Change		% Change
Fixed lease payments	$	29,345	$	29,690	$	(345)	(1.2)	%
Variable lease payments	4,026		3,835		191		5.0	%
	$	33,371	$	33,525	$	(154)	(0.5)	%


	For the six months ended June 30,
	(Dollars in Thousands)
Lease revenue reconciliation	2021		2020		$ Change		% Change
Fixed lease payments	$	60,101	$	59,169	$	932	1.6	%
Variable lease payments	7,946		7,976		(30)		(0.4)	%
	$	68,047	$	67,145	$	902	1.3	%

The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of June 30, 2021 and December 31, 2020, excluding real estate held for sale as of December 31, 2020 (dollars in thousands):


	June 30, 2021				December 31, 2020
	Lease Intangibles		Accumulated Amortization		Lease Intangibles		Accumulated Amortization
In-place leases	$	100,779	$	(58,955)	$	99,254	$	(54,168)
Leasing costs	76,602		(41,224)		73,707		(37,801)
Customer relationships	69,012		(35,130)		68,268		(31,881)
	$	246,393	$	(135,309)	$	241,229	$	(123,850)

	Deferred Rent Receivable/(Liability)		Accumulated (Amortization)/Accretion		Deferred Rent Receivable/(Liability)		Accumulated (Amortization)/Accretion
Above market leases	$	15,460	$	(11,097)	$	15,076	$	(10,670)
Below market leases and deferred revenue	(39,481)		20,110		(38,319)		17,686

Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $4.7 million and $10.7 million for the three and six months ended June 30, 2021, respectively, and $5.0 million and $10.1 million for the three and six months ended June 30, 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 $0.4 million for the three and six months ended June 30, 2021, respectively, and $0.2 million and $0.4 million for the three and six months ended June 30, 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 $0.8 million and $2.4 million for the three and six months ended June 30, 2021, respectively, and $0.7 million and $1.4 million for the three and six months ended June 30, 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 six months ended June 30, 2021 and 2020, respectively, were as follows: