During the three months ended March 31, 2026, we acquired three operating properties in asset acquisitions, a three building portfolio in Glen Allen, VA, for an aggregate purchase price of $44.6 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	$	6,965
Building		17,580
Acquired tenant improvements		5,913
Total real estate		30,458
Investment in sales-type lease, net
Investment in sales-type lease, net (1)		3,408
Total other assets		3,408
Intangible assets
In-place leases		9,534
Acquired leasing commissions		3,112
Above-market leases		485
Total intangible assets		13,131
Intangible liabilities
Below-market leases		(2,374	)
Total intangible liabilities		(2,374	)
Purchase price	$	44,623

(1) Both the investment in sales-type lease, net and credit loss allowance are recorded within Real estate loans receivable, net and investment in sales-type lease, net on our Consolidated Balance Sheet. No profit or loss was recognized upon commencement of the lease.

The intangible assets and liabilities of operating properties acquired during the three months ended March 31, 2026 have a weighted average amortization period of 7.6 years as of March 31, 2026. During the three months ended March 31, 2026, these acquisitions contributed $1.5 million of revenues and $0.3 million of net income in our Consolidated Statements of Operations related to the operating properties acquired.

During the three months ended March 31, 2026, we incurred $0.6 million of acquisition-related expenses, mainly consisting of internal costs associated with property acquisitions.

Real estate and intangibles consisted of the following as of March 31, 2026 (amounts in thousands):


	Total
Real estate properties, net
Land	$	321,600
Building and improvements		2,824,477
Acquired tenant improvements		118,029
Construction in progress		51,663
Accumulated depreciation		(577,014	)
Total Real estate properties, net		2,738,755
Intangible assets, net
In-place leases		345,522
Acquired leasing commissions		97,985
Above market leases		15,105
Payment in lieu of taxes		6,394
Accumulated amortization		(275,472	)
Total Intangible assets, net		189,534
Intangible liabilities, net
Below market leases		(78,996	)
Accumulated amortization		65,398
Total Intangible liabilities, net		(13,598	)

The following table summarizes the scheduled amortization of our acquired above- and below-market lease intangibles for each of the five succeeding years as of March 31, 2026 (amounts in thousands):


	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2026 (1)	$	919	$	(2,212	)
2027		1,216		(2,729	)
2028		841		(2,184	)
2029		309		(1,498	)
2030		203		(1,328	)

(1)

Represents the nine months ending December 31, 2026.

Above-market lease amortization reduces Rental income on our Consolidated Statements of Operations and below-market lease amortization increases Rental income on our Consolidated Statements of Operations.