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Investments in Real Estate, net
3 Months Ended
Mar. 31, 2022
Real Estate [Abstract]  
Investments in Real Estate, net Investments in Real Estate, net
Investments in real estate, net consist of:
$ in thousandsMarch 31, 2022December 31, 2021
Building and improvements$469,232 $365,687 
Land and land improvements94,603 64,127 
Furniture, fixtures and equipment8,714 8,690 
Total572,549 438,504 
Accumulated depreciation(7,426)(4,131)
Investments in real estate, net$565,123 $434,373 
The following table details the properties acquired during the three months ended March 31, 2022:
$ in thousands
Property NameOwnership InterestNumber of
Properties
SegmentAcquisition Date
Purchase
Price(1)
Grove City Industrial95%1IndustrialJanuary 2022$28,030 
Cortlandt Crossing100%1Grocery-Anchored RetailFebruary 202265,553 
3101 Agler Road95%1IndustrialMarch 202220,503 
Earth City Industrial95%1IndustrialMarch 202237,418 
4$151,504 
(1)Purchase price is inclusive of acquisition-related costs.
The following table summarizes the allocation of the total cost for the properties acquired during the three months ended March 31, 2022:
$ in thousandsAmount
Building and building improvements$103,408 
Land and land improvements30,472 
Lease intangibles(1)
16,557 
Capitalized tax abatement(2)
1,666 
Above-market lease intangibles629 
Below-market lease intangibles(1,228)
Total purchase price(3)
$151,504 
(1)Lease intangibles consist of in-place leases and leasing commissions.
(2)We obtained a tax abatement in conjunction with our purchase of the 3101 Agler Road property with an expiration date of December 31, 2031 and are amortizing the tax abatement over its remaining useful life. See Note 7 — “Other Assets” for additional information on the capitalized tax abatement.
(3)Includes acquisition-related costs.
The weighted-average amortization periods for intangible assets and liabilities acquired in connection with our acquisitions during the three months ended March 31, 2022 were as follows:
In-place lease intangiblesLeasing commissionsAbove-market lease intangiblesBelow-market lease intangibles
Weighted-average amortization periods (in years)12.7313.397.589.86
We did not record an impairment loss for the three months ended March 31, 2022.