The changes in real estate for the years ended December 31, 2024 and 2023 are as follows (in thousands):


	2024		2023
Balance at beginning of year	$	535,583	$	508,170
Property acquisitions		33,061		25,563
Improvements		2,180		1,850
Balance at end of year	$	570,824	$	535,583

The changes in accumulated depreciation and amortization related to real estate held for investment, for the years ended December 31, 2024 and 2023 are as follows (in thousands):


	2024		2023
Balance at beginning of year	$	104,163	$	93,785
Depreciation and amortization for year		10,363		10,378
Balance at end of year	$	114,526	$	104,163

On January 18, 2023, the Company (through its Operating Partnership) acquired for cash a 435,600 square-foot parcel of land and land improvements located in Charlotte, North Carolina for $28.7 million, exclusive of closing costs, which is subject to a 10-year lease to FedEx Ground expiring on July 31, 2032.

On December 23, 2024, the Company (through its Operating Partnership) acquired for cash a property located at 9111 Cheetos Circle, Fort Myers, Florida, consisting of approximately 10.5 acres of land and a 104,120 square foot building for $35.0 million, exclusive of closing costs. The property is leased to Frito-Lay (a wholly owned subsidiary of Pepsico) pursuant to a 10-year lease agreement expiring on December 31, 2034.

The purchase price of the above acquisitions were allocated to the acquired assets and assumed liabilities based on their estimated relative fair values at the date of acquisition.

The following table summarizes the Company’s allocation of the purchase prices of assets acquired and liabilities assumed during 2024 and 2023 (in thousands):


	2024		2023
Land	$	5,437	$	17,383
Land Improvements		—		8,029
Building and Improvements		27,625		—
Acquired lease intangibles assets		1,089		2,655
Other assets		1,403		940
Total consideration	$	35,554	$	29,007