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Real Estate and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Real Estate [Abstract]  
Schedule of Components of Investments in Real Estate
The following table sets forth the components of our investments in real estate as of June 30, 2023 and December 31, 2022, respectively, excluding real estate held for sale as of June 30, 2023 and December 31, 2022 (dollars in thousands):
June 30, 2023December 31, 2022
Real estate:
Land (1)$144,228 $152,916 
Building and improvements1,029,967 1,069,407 
Tenant improvements58,665 64,974 
Accumulated depreciation(286,911)(286,150)
Real estate, net$945,949 $1,001,147 
(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.
Schedule of Acquisitions We acquired one property during the six months ended June 30, 2023, and acquired seven industrial properties during the six months ended June 30, 2022. The acquisitions are summarized below (dollars in thousands):
Six Months EndedAggregate Square Footage Weighted Average Lease TermAggregate Purchase PriceAggregate Capitalized Acquisition Costs
June 30, 2023(1)76,089 20.0 years$5,363 $98 
June 30, 2022(2)742,303 11.7 years$51,919 $519 
(1)On April 14, 2023, we acquired a 76,089 square foot property in Riverdale, Illinois for $5.4 million. The property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property.
(2)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. On May 4, 2022, we acquired a two-property, 260,719 square foot portfolio in Cleveland, Ohio and Fort Payne, Alabama for $19.5 million. The properties are fully leased to one tenant and had 11.4 years of remaining lease term at the time we acquired the properties. On May 12, 2022, we acquired a three-property, 345,584 square foot portfolio in Wilmington, North Carolina for $18.9 million. The properties are fully leased to one tenant and had 13.1 years of remaining lease term at the time we acquired the properties.
Schedule of 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 six months ended June 30, 2023 and 2022 as follows (dollars in thousands):

Six Months Ended June 30, 2023Six Months Ended June 30, 2022
Acquired assets and liabilitiesPurchase pricePurchase price
Land$675 $3,380 
Building3,678 40,855 
Tenant Improvements184 768 
In-place Leases307 2,952 
Leasing Costs405 2,296 
Customer Relationships114 1,932 
Above Market Leases— 319 
Below Market Leases— (583)(1)
Total Purchase Price$5,363 $51,919 
(1)This amount includes $17 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets.
Schedule of Future Lease Payments From Tenants
Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the six months ending December 31, 2023 and each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of June 30, 2023 (dollars in thousands):

YearTenant Lease Payments
Six Months Ending December 31, 2023$57,904 
2024112,610 
2025111,833 
2026106,202 
202789,935 
202874,706 
Thereafter334,312 
Schedule of Lease Revenue
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, 2023 and 2022, respectively (dollars in thousands):

For the three months ended June 30,
(Dollars in Thousands)
Lease revenue reconciliation20232022$ Change% Change
Fixed lease payments$34,380 $31,878 $2,502 7.8 %
Variable lease payments4,278 4,521 (243)(5.4)%
$38,658 $36,399 $2,259 6.2 %

For the six months ended June 30,
(Dollars in Thousands)
Lease revenue reconciliation20232022$ Change% Change
Fixed lease payments$66,521 $63,210 $3,311 5.2 %
Variable lease payments8,691 8,720 (29)(0.3)%
$75,212 $71,930 $3,282 4.6 %
Schedule of 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 June 30, 2023 and December 31, 2022, respectively, excluding real estate held for sale as of June 30, 2023 and December 31, 2022 (dollars in thousands):

June 30, 2023December 31, 2022
Lease Intangibles Accumulated Amortization Lease IntangiblesAccumulated Amortization
In-place leases$99,022 $(61,538)$104,394 $(63,240)
Leasing costs82,946 (44,538)85,038 (45,501)
Customer relationships64,266 (35,719)69,586 (38,655)
$246,234 $(141,795)$259,018 $(147,396)
Deferred Rent Receivable/(Liability)Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability)Accumulated (Amortization)/Accretion
Above market leases$13,826 $(10,663)$15,371 $(11,909)
Below market leases and deferred revenue(63,100)27,339 (66,138)26,141 
Schedule of Weighted Average Amortization Periods The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the six months ended June 30, 2023 and 2022, were as follows:
Intangible Assets & LiabilitiesJune 30, 2023June 30, 2022
In-place leases20.111.6
Leasing costs20.111.6
Customer relationships25.118.9
Above market leases0.012.1
Below market leases0.011.2
All intangible assets & liabilities21.713.3