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Real Estate and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2024 and December 31, 2023, respectively, excluding real estate held for sale (dollars in thousands):
September 30, 2024December 31, 2023
Real estate:
Land (1)$139,916 $143,442 
Building and improvements1,019,056 1,020,661 
Tenant improvements55,316 57,261 
Accumulated depreciation(313,730)(299,662)
Real estate, net$900,558 $921,702 
(1)This amount includes $2,711 of land value subject to land lease agreements which we may purchase at our option for a nominal fee.
Schedule of Acquired Properties
We acquired six industrial properties during the nine months ended September 30, 2024, and acquired three industrial properties during the nine months ended September 30, 2023. The acquisitions are summarized below (dollars in thousands):

Nine Months EndedSquare FootageLease TermPurchase PriceCapitalized Acquisition Expenses
September 30, 2024(1)192,227 21.0 years$22,122 $435 
September 30, 2023(2)183,803 18.7 years$17,539 $349 
(1)On May 7, 2024, we acquired a five-property, 142,125 square foot portfolio in Warfordsburg, Pennsylvania for $12.0 million. The property is fully leased to one tenant and had 25.1 years of remaining lease term at the time we acquired the property. On August 29, 2024, we acquired a 50,102 square foot property in Midland, Texas for $10.2 million. The property is fully leased to one tenant and had 15.0 years of remaining lease term at the time we acquired the property.
(2)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. On July 10, 2023, we
acquired a 7,714 square foot property in Dallas-Fort Worth, Texas for $3.0 million. The property is fully leased to one tenant and had 9.9 years of remaining lease term at the time we acquired the property. On July 28, 2023, we acquired a 100,000 square foot property in Dallas-Fort Worth, Texas for $9.2 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.
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 nine months ended September 30, 2024 and 2023 as follows (dollars in thousands):

Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Acquired assets and liabilitiesPurchase pricePurchase price
Land$1,694 $2,714 
Building15,665 11,423 
Tenant Improvements374 692 
In-place Leases1,616 1,001 
Leasing Costs2,265 1,270 
Customer Relationships418 439 
Above Market Leases90 (1)— 
Total Purchase Price$22,122 $17,539 
(1)This amount includes $90 of loans receivable included in Other assets on the condensed consolidated balance sheets.
Schedule of 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 the three months ending December 31, 2024 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):

YearTenant Lease Payments
Three Months Ending December 31, 2024$29,904 
2025120,765 
2026116,612 
2027102,150 
202889,696 
202981,671 
Thereafter387,395 
Schedule of Allocation 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 nine months ended September 30, 2024 and 2023, respectively (dollars in thousands):

For the three months ended September 30,
Lease revenue reconciliation20242023$ Change% Change
Fixed lease payments$34,663 $31,945 $2,718 8.5 %
Variable lease payments4,572 4,519 53 1.2 %
$39,235 $36,464 $2,771 7.6 %
For the nine months ended September 30,
Lease revenue reconciliation20242023$ Change% Change
Fixed lease payments$99,536 $98,465 $1,071 1.1 %
Variable lease payments12,477 13,210 (733)(5.5)%
$112,013 $111,675 $338 0.3 %
Schedule of Carrying Value of Intangible Assets, Liabilities 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 September 30, 2024 and December 31, 2023, respectively, excluding real estate held for sale (dollars in thousands):

September 30, 2024December 31, 2023
Lease Intangibles Accumulated Amortization Lease IntangiblesAccumulated Amortization
In-place leases$96,824 $(64,278)$98,615 $(63,269)
Leasing costs89,565 (48,303)84,844 (46,096)
Customer relationships60,884 (36,890)63,185 (36,231)
$247,273 $(149,471)$246,644 $(145,596)
Deferred Rent Receivable/(Liability)Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability)Accumulated (Amortization)/Accretion
Above market leases$12,747 $(10,488)$13,431 $(10,675)
Below market leases and deferred revenue(56,616)33,017 (59,411)30,087 
Schedule of 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 nine months ended September 30, 2024 and 2023, were as follows:

Intangible Assets & LiabilitiesSeptember 30, 2024September 30, 2023
In-place leases21.318.0
Leasing costs21.318.0
Customer relationships25.122.7
Above market leases25.10.0
All intangible assets & liabilities22.219.6