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Real Estate and Intangible Assets (Tables) | 12 Months Ended
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Dec. 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 December 31, 2021 and 2020, respectively, excluding real estate held for sale as of December 31, 2020 (dollars in thousands):
|  | December 31, 2021 |  | December 31, 2020
Real estate: |  |  |  |
Land (1) |  | $ | 149,773 |  |  | $ | 142,853 |
Building and improvements |  | 1,004,362 |  |  | 916,601 |
Tenant improvements |  | 71,123 |  |  | 69,229 |
Accumulated depreciation |  | (266,672) |  |  | (228,468) |
Real estate, net |  | $ | 958,586 |  |  | $ | 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.
Summary of Properties Acquired | During the year ended December 31, 2021 and 2020 we acquired 11 and nine properties, respectively, which are summarized below (dollars in thousands):
Year Ended |  | Aggregate Square Footage |  | Weighted Average Lease Term |  | Aggregate Purchase Price |  | Aggregate Capitalized Acquisition Costs |  |  |  |  |
December 31, 2021 | (1) | 949,174 |  |  | 13.4 years |  | $ | 100,453 |  |  | $ | 798 |  |  |  |  |  |
December 31, 2020 | (2) | 1,717,502 |  |  | 12.2 years |  | $ | 129,974 |  |  | $ | 814 |  |  |  |  |  |
(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 and had 14.2 years of remaining lease term at the time we acquired the property. 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 and had 12.6 years remaining lease term at the time we acquired the property. On July 21, 2021, we acquired an 80,604 square foot, four-property portfolio in Pacific, Missouri for $22.1 million. These properties are fully leased to one tenant and had 17.4 years remaining lease term at the time we acquired the portfolio. On August 20, 2021, we acquired an 81,760 square foot, two-property portfolio in Peru, Illinois for $4.8 million. These properties are fully leased to one tenant and had 15.0 years remaining lease term at the time we acquired the portfolio. On November 3, 2021, we acquired a 161,458 square foot property in Charlotte, North Carolina for $12.9 million. This property is fully leased to one tenant and had 7.9 years remaining lease term at the time we acquired the property. On December 21, 2021, we acquired a 120,000 square foot property in Atlanta, Georgia for $12.1 million. This property is fully leased to one tenant and had 15.0 years of remaining lease term at the time we acquired the property. On December 21, 2021, we acquired a 300,000 square foot property in Crossville, Tennessee for $29.2 million. This property is fully leased to one tenant and had 11.0 years remaining lease term at the time we acquired the property. (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 and had a weighted average lease term of 7.2 years at the time we acquired the property. 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 had a weighted average lease term of 20.0 years at the time we acquired the portfolio. On March 9, 2020, we acquired a 504,400 square foot property in Crandall, Georgia for $32.0 million. The property is fully leased to one tenant and had 10.5 years remaining lease term at the time we acquired the property. On September 1, 2020, we acquired a 153,600 square foot property in Indianapolis, Indiana, for $10.6 million. The property is fully leased to one tenant and had 9.7 years remaining lease term at the time we acquired the property. On October 14, 2020, we acquired a 240,714 square foot property in Montgomery, Alabama, for $14.3 million. The property is fully leased to one tenant and had 7.2 years remaining lease term at the time we acquired the property. On December 18, 2020, we acquired a 277,883 square foot property in Huntsville, Alabama, for $20.0 million. The property is fully leased to one tenant and had 9.2 years remaining lease term at the time we acquired the property. On December 21, 2020, we acquired a 155,267 square foot property in Pittsburgh, Pennsylvania, for $13.0 million. The property is fully leased to one tenant and had 10.0 years remaining lease term at the time we acquired the property.
Fair Value of Acquired Assets and Liabilities Assumed | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2021 and 2020, respectively, as follows (dollars in thousands):
|  | Year ended December 31, 2021 |  | Year ended December 31, 2020 |
Acquired assets and liabilities |  | Purchase price |  | Purchase price |
Land |  | $ | 7,205 |  |  | $ | 11,264 |  | (1)
Building |  | 76,611 |  |  | 97,101 |  |
Tenant Improvements |  | 1,353 |  |  | 2,684 |  |
In-place Leases |  | 6,431 |  |  | 9,076 |  |
Leasing Costs |  | 5,779 |  |  | 6,352 |  |
Customer Relationships |  | 3,364 |  |  | 5,239 |  |
Above Market Leases |  | 777 |  |  | 529 |  | (2)
Below Market Leases |  | (1,067) |  |  | (2,271) |  | (3)
Total Purchase Price |  | $ | 100,453 |  |  | $ | 129,974 |  |
(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 $336 and $53 of loans receivable included in Other assets on the consolidated balance sheets, respectively. (3)This amount includes $62 of prepaid rent included in Other liabilities on the consolidated balance sheets.
Future Operating Lease Payments from Tenants under Non-Cancelable Leases | Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year | Tenant Lease Payments
2022 | $ | 118,225 |
2023 | 111,338 |
2024 | 104,947 |
2025 | 98,833 |
2026 | 90,258 |
Thereafter | 337,516 |
| $ | 861,117 |
Lease Revenue | The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the years ended December 31, 2021, 2020, and 2019, respectively (dollars in thousands):
|  | For the twelve months ended December 31,
|  | (Dollars in Thousands)
Lease revenue reconciliation |  | 2021 |  | 2020 |  | 2019
Fixed lease payments |  | $ | 121,303 |  |  | $ | 117,248 |  |  | $ | 110,273 |
Variable lease payments |  | 16,385 |  |  | 15,904 |  |  | 4,114 |
|  | $ | 137,688 |  |  | $ | 133,152 |  |  | $ | 114,387 |
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 December 31, 2021 and 2020, excluding real estate held for sale as of December 31, 2020 (dollars in thousands):
|  | December 31, 2021 |  | December 31, 2020
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 105,891 |  |  | $ | (62,604) |  |  | $ | 99,254 |  |  | $ | (54,168) |
Leasing costs |  | 81,487 |  |  | (43,982) |  |  | 73,707 |  |  | (37,801) |
Customer relationships |  | 71,922 |  |  | (38,220) |  |  | 68,268 |  |  | (31,881) |
|  | $ | 259,300 |  |  | $ | (144,806) |  |  | $ | 241,229 |  |  | $ | (123,850) |
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 15,538 |  |  | $ | (11,520) |  |  | $ | 15,076 |  |  | $ | (10,670) |
Below market leases and deferred revenue |  | (48,241) |  |  | 21,471 |  |  | (38,319) |  |  | 17,686 |
Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed | The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2021 and 2020, respectively, were as follows:
Intangible Assets & Liabilities |  | 2021 |  | 2020
In-place leases |  | 14.0 |  | 14.2
Leasing costs |  | 14.0 |  | 14.2
Customer relationships |  | 19.5 |  | 17.8
Above market leases |  | 13.8 |  | 14.8
Below market leases |  | 14.4 |  | 13.3
All intangible assets & liabilities |  | 15.3 |  | 15.0
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year | Estimated Amortization Expense of In-Place Leases, Leasing Costs and Customer Relationships
2022 | $ | 19,692 |
2023 | 16,496 |
2024 | 14,382 |
2025 | 12,825 |
2026 | 11,182 |
Thereafter | 39,917 |
| $ | 114,494 |
Summary of Estimated Aggregate Rental Income | The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2021 (dollars in thousands):
Year | Net Increase to Rental Income Related to Above and Below Market Leases (1)
2022 | $ | 4,053 |
2023 | 3,982 |
2024 | 3,829 |
2025 | 3,533 |
2026 | 2,078 |
Thereafter | 5,113 |
| $ | 22,588 |
(1)Does not include ground lease amortization of $164.

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