Real Estate and Intangibles (Tables)

3 Months Ended

Mar. 31, 2021

Fair Values of Assets Acquired and Liabilities Assumed

During the three months ended March 31, 2021, we acquired three operating properties in asset acquisitions, consisting of FBI – Knoxville, ICE – Louisville, and USAO – Louisville for an aggregate purchase price of $64.1 million. We allocated the aggregate purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows (amounts in thousands):

	Total
Real estate
Land	$	4,860
Building		49,807
Acquired tenant improvements		3,326
Total real estate		57,993
Intangible assets
In-place leases		4,490
Acquired leasing commissions		1,293
Above-market leases		301
Total intangible assets		6,084
Intangible liabilities
Below-market leases		(1	)
Total intangible liabilities		(1	)
Purchase price	$	64,076

Schedule of Real Estate and Intangibles

Real estate and intangibles consisted of the following as of March 31, 2021 (amounts in thousands):

	Total
Real estate properties, net
Land	$	219,933
Building and improvements		2,157,087
Acquired tenant improvements		80,051
Construction in progress		26,811
Accumulated depreciation		(228,641	)
Total Real estate properties, net		2,255,241
Intangible assets, net
In-place leases		259,223
Acquired leasing commissions		62,643
Above market leases		17,889
Accumulated amortization		(177,404	)
Total Intangible assets, net		162,351
Intangible liabilities, net
Below market leases		(73,602	)
Accumulated amortization		49,864
Total Intangible liabilities, net	$	(23,738	)

Summary of Scheduled Amortization Market Lease Intangibles

The following table summarizes the scheduled amortization of the Company’s acquired above- and below-market lease intangibles for each of the five succeeding years as of March 31, 2021 (amounts in thousands):

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2021	$	1,152	$	(4,164	)
2022		1,452		(4,223	)
2023		1,428		(4,024	)
2024		1,341		(2,877	)
2025		1,286		(2,170	)