The following table sets forth the components of our investments in real estate as of March 31, 2022 and December 31, 2021, respectively (dollars in thousands):


	March 31, 2022		December 31, 2021
Real estate:
Land (1)	$	150,589	$	149,773
Building and improvements	1,019,020		1,004,362
Tenant improvements	71,319		71,123
Accumulated depreciation	(276,612)		(266,672)
Real estate, net	$	964,316	$	958,586

(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 $9.9 million and $10.7 million for the three months ended March 31, 2022 and 2021, respectively.

We acquired two properties during the three months ended March 31, 2022, and one property during the three months ended March 31, 2021. 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, 2022	(1)	136,000	10.2 years	$	13,463	$	163
March 31, 2021	(2)	180,152	14.2 years	$	11,146	$	146

(1)On February 24, 2022, we acquired an 80,000 square foot property in Wilkesboro, North Carolina for $7.5 million. The property is fully leased to one tenant and had 12.7 years of remaining lease term at the time we acquired the property. On March 11, 2022, we acquired a 56,000 square foot property in Oklahoma City, Oklahoma for $6.0 million. The property is fully leased to one tenant and had 7.0 years of remaining lease term at the time we acquired the property.

(2)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.

We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the three months ended March 31, 2022 and 2021, respectively, as follows (dollars in thousands):


	Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
Acquired assets and liabilities	Purchase price			Purchase price
Land	$	816		$	258
Building	10,250			8,759
Tenant Improvements	196			88
In-place Leases	847			817
Leasing Costs	525			803
Customer Relationships	567			294
Above Market Leases	279			127
Below Market Leases	(17)		(1)	—


Total Purchase Price	$	13,463		$	11,146

Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the nine months ending December 31, 2022 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):


Year	Tenant Lease Payments
Nine Months Ending 2022	$	88,866
2023	110,944
2024	104,954
2025	101,197
2026	92,659
2027	74,431
Thereafter	284,547
	$	857,598

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, 2022 and 2021, respectively (dollars in thousands):


	For the three months ended March 31,
	(Dollars in Thousands)
Lease revenue reconciliation	2022		2021		$ Change		% Change
Fixed lease payments	$	31,332	$	30,757	$	575	1.9	%
Variable lease payments	4,199		3,920		279		7.1	%
	$	35,531	$	34,677	$	854	2.5	%

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, 2022 and December 31, 2021, respectively (dollars in thousands):


	March 31, 2022				December 31, 2021
	Lease Intangibles		Accumulated Amortization		Lease Intangibles		Accumulated Amortization
In-place leases	$	106,738	$	(64,497)	$	105,891	$	(62,604)
Leasing costs	82,974		(45,477)		81,487		(43,982)
Customer relationships	72,489		(39,572)		71,922		(38,220)
	$	262,201	$	(149,546)	$	259,300	$	(144,806)

	Deferred Rent Receivable/(Liability)		Accumulated (Amortization)/Accretion		Deferred Rent Receivable/(Liability)		Accumulated (Amortization)/Accretion
Above market leases	$	15,817	$	(11,718)	$	15,538	$	(11,520)
Below market leases and deferred revenue	(51,581)		22,284		(48,241)		21,471

Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $4.7 million and $6.0 million for the three months ended March 31, 2022 and 2021, 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, 2022 and 2021, 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 $1.6 million for the three months ended March 31, 2022 and 2021, 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, 2022 and 2021, respectively, were as follows:


Intangible Assets & Liabilities	2022	2021
In-place leases	10.7	14.2
Leasing costs	10.7	14.2
Customer relationships	16.1	19.2
Above market leases	12.7	14.2
Below market leases	7.1	0.0
All intangible assets & liabilities	11.9	15.4