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Rental Property (Tables)
 6 Months Ended
Jun. 30, 2020
Real Estate [Abstract]  
Schedule of components of rental property
The following table summarizes the components of rental property as of June 30, 2020 and December 31, 2019.

Rental Property (in thousands)June 30, 2020December 31, 2019
Land$444,489  $435,923  
Buildings, net of accumulated depreciation of $292,467 and $254,458, respectively
2,833,458  2,787,234  
Tenant improvements, net of accumulated depreciation of $23,724 and $21,487, respectively
38,638  38,339  
Building and land improvements, net of accumulated depreciation of $130,170 and $111,688, respectively
239,214  232,456  
Construction in progress30,660  29,406  
Deferred leasing intangibles, net of accumulated amortization of $267,553 and $241,304, respectively
451,738  475,149  
Total rental property, net$4,038,197  $3,998,507  
Schedule of real estate properties acquired
The following table summarizes the acquisitions of the Company during the three and six months ended June 30, 2020.

Market (1)
Date AcquiredSquare FeetBuildingsPurchase Price
(in thousands)
Detroit, MIJanuary 10, 2020491,049  1  $29,543  
Rochester, NYJanuary 10, 2020124,850  1  8,565  
Minneapolis/St Paul, MNFebruary 6, 2020139,875  1  10,460  
Sacramento, CAFebruary 6, 2020160,534  1  18,468  
Richmond, VAFebruary 6, 202078,128  1  5,481  
Milwaukee/Madison, WIFebruary 7, 202081,230  1  7,219  
Detroit, MIFebruary 11, 2020311,123  1  23,141  
Philadelphia, PAMarch 9, 202078,000  1  6,571  
Tulsa, OKMarch 9, 2020134,600  1  9,895  
Three months ended March 31, 20201,599,389  9  119,343  
Sacramento, CAJune 11, 202054,463  1  5,730  
Chicago, ILJune 29, 202067,817  1  6,184  
Three months ended June 30, 2020122,280  2  11,914  
Six months ended June 30, 20201,721,669  11  $131,257  
(1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition
The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2020 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.

Acquired Assets and LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$10,498  N/A
Buildings92,860  N/A
Tenant improvements1,535  N/A
Building and land improvements4,670  N/A
Construction in progress669  N/A
Other assets450  N/A
Deferred leasing intangibles - In-place leases14,963  7.9
Deferred leasing intangibles - Tenant relationships7,115  11.1
Deferred leasing intangibles - Above market leases1,069  6.3
Deferred leasing intangibles - Below market leases(2,572) 5.4
Total purchase price$131,257   
Schedule of pro forma information for acquired properties
The following table summarizes the results of operations for the three and six months ended June 30, 2020 for the buildings acquired during the six months ended June 30, 2020 included in the Company’s Consolidated Statements of Operations from the date of acquisition.

Results of Operations (in thousands)Three months ended June 30, 2020Six months ended June 30, 2020
Total revenue$2,807  $4,748  
Net income$609  $861  
Schedule of Finite-Lived Intangible Assets and Below Market Leases
The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019.

June 30, 2020December 31, 2019
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$92,793  $(36,413) $56,380  $92,607  $(32,115) $60,492  
Other intangible lease assets626,498  (231,140) 395,358  623,846  (209,189) 414,657  
Total deferred leasing intangible assets$719,291  $(267,553) $451,738  $716,453  $(241,304) $475,149  
Below market leases$39,409  $(13,117) $26,292  $38,802  $(12,064) $26,738  
Total deferred leasing intangible liabilities$39,409  $(13,117) $26,292  $38,802  $(12,064) $26,738  

The following table summarizes the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2020 and 2019.

 Three months ended June 30,Six months ended June 30,
Deferred Leasing Intangibles Amortization (in thousands)2020201920202019
Net decrease to rental income related to above and below market lease amortization$1,174  $1,146  $2,164  $2,113  
Amortization expense related to other intangible lease assets$21,076  $17,899  $41,378  $34,713  
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years beginning with 2020 as of June 30, 2020.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2020$36,982  $1,827  
2021$65,116  $2,717  
2022$55,459  $2,190  
2023$46,930  $2,395  
2024$38,019  $2,703  
Below Market Lease, Future Amortization Income
The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years beginning with 2020 as of June 30, 2020.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2020$36,982  $1,827  
2021$65,116  $2,717  
2022$55,459  $2,190  
2023$46,930  $2,395  
2024$38,019  $2,703