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Real Estate and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, respectively, excluding real estate held for sale as of March 31, 2024 and December 31, 2023 (dollars in thousands):
March 31, 2024December 31, 2023
Real estate:
Land (1)$140,873 $143,442 
Building and improvements1,013,348 1,020,661 
Tenant improvements55,711 57,261 
Accumulated depreciation(304,000)(299,662)
Real estate, net$905,932 $921,702 
(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 Future Lease Payments From Tenants
Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the nine months ending December 31, 2024 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):

YearTenant Lease Payments
Nine Months Ending December 31, 2024$85,646 
2025112,521 
2026106,922 
202791,632 
202878,866 
202970,194 
Thereafter330,221 
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 months ended March 31, 2024 and 2023, respectively (dollars in thousands):

For the three months ended March 31,
Lease revenue reconciliation20242023$ Change% Change
Fixed lease payments$31,789 $32,141 $(352)(1.1)%
Variable lease payments3,932 4,413 (481)(10.9)%
$35,721 $36,554 $(833)(2.3)%
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 March 31, 2024 and December 31, 2023, respectively, excluding real estate held for sale as of March 31, 2024 and December 31, 2023 (dollars in thousands):

March 31, 2024December 31, 2023
Lease Intangibles Accumulated Amortization Lease IntangiblesAccumulated Amortization
In-place leases$95,661 $(61,765)$98,615 $(63,269)
Leasing costs83,850 (46,253)84,844 (46,096)
Customer relationships61,274 (35,104)63,185 (36,231)
$240,785 $(143,122)$246,644 $(145,596)
Deferred Rent Receivable/(Liability)Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability)Accumulated (Amortization)/Accretion
Above market leases$12,747 $(10,235)$13,431 $(10,675)
Below market leases and deferred revenue(59,326)31,775 (59,411)30,087