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Real Estate (Tables)
 6 Months Ended
Jun. 30, 2024
Real Estate [Abstract]  
Schedule of Real Estate Properties
The following table summarizes the Company’s gross investment in real estate as of:
June 30, 2024December 31, 2023
Land$225,330 $231,175 
Building and improvements1,942,591 1,968,314 
Tenant origination and absorption cost394,728 402,251 
Construction in progress1,069 8,371 
Total real estate$2,563,718 $2,610,111 
The following summary presents the major components of assets and liabilities related to the real estate property held for sale as of June 30, 2024:
ASSETSJune 30, 2024
Land$508 
Building and improvements2,533 
Tenant origination and absorption cost242 
Total real estate3,283 
Less: accumulated depreciation(574)
Total real estate, net2,709 
Deferred rent11 
Deferred leasing costs, net— 
Other assets, net10 
Total real estate and other assets held for sale$2,730 
LIABILITIES
Intangible liabilities, net$4 
Accrued expenses and other liabilities88 
Liabilities of real estate assets held for sale$92 
Schedule of Gain (Loss) on Sale of Properties recognized a net gain of approximately $9.1 million, detailed in the table below:
Sale DateSegmentLocationGross Disposition PriceGain (Loss)
Three Months Ended March 31, 2024
January 31, 2024OfficeJohnston, Iowa$30,000 $(17)
March 15, 2024OtherColumbia, Maryland15,000 5,326 
March 26, 2024OtherJefferson City, Missouri26,090 4,690 
March 28, 2024OtherHouston, Texas8,435 (822)
79,525 9,177 
Three Months Ended June 30, 2024
April 30, 2024OtherMechanicsburg, Pennsylvania8,650 (57)
8,650 (57)
Total for the Six Months Ended June 30, 2024$88,175 $9,120 
Schedule of Company's Intangibles
The following table summarizes the Company’s allocation of acquired and contributed real estate asset value to in-place lease valuation, tenant origination and absorption cost, and other intangibles, net of the write-off of intangibles as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
In-place lease valuation (above market) $17,203 $22,759 
In-place lease valuation (above market) - accumulated amortization(11,724)(16,616)
In-place lease valuation (above market), net5,479 6,143 
Intangibles - other32,028 32,028 
Intangibles - other - accumulated amortization(9,226)(8,481)
Intangibles - other, net22,802 23,547 
Intangible assets, net$28,281 $29,690 
In-place lease valuation (below market)$(42,116)$(42,534)
Land leasehold interest (above market)(3,072)(3,072)
Intangibles - other (above market)(152)(187)
In-place lease valuation & land leasehold interest - accumulated amortization30,788 29,770 
Intangible liabilities, net$(14,552)$(16,023)
Tenant origination and absorption cost $394,728 $402,251 
Tenant origination and absorption cost - accumulated amortization(229,289)(221,786)
Tenant origination and absorption cost, net$165,439 $180,465 
Schedule of Amortization of Intangible Assets and Other Leasing Costs The amortization of the intangible assets and other leasing costs for the respective periods is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Above and below market leases, net$(372)$(291)$(631)$(413)
Tenant origination and absorption cost$7,197 $10,554 $14,647 $21,390 
Ground lease amortization (below market)$(96)$(96)$(193)$(192)
Other leasing costs amortization$473 $477 $971 $1,038