Quarterly report pursuant to Section 13 or 15(d)

Properties, Net

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Properties, Net
6 Months Ended
Jun. 30, 2024
Real Estate [Abstract]  
Properties, Net Properties, Net
 
Operating properties, net consisted of the following (in thousands): 
June 30,
2024
December 31,
2023
Land $ 488,371  $ 482,964 
Buildings and improvements 4,238,046  4,164,004 
Less: Accumulated depreciation (1,468,595) (1,400,162)
Operating properties, net $ 3,257,822  $ 3,246,806 

On March 15, 2024, we acquired 6841 Benjamin Franklin Drive, a 202,000 square foot operating office property in Columbia, Maryland (included in the Fort Meade/BW Corridor sub-segment of our Defense/IT Portfolio reportable segment) that was 56% leased, for a purchase price of $15.0 million. The table below sets forth the allocation of the purchase price and transaction costs associated with this acquisition (in thousands):
Land, operating properties $ 5,428 
Building and improvements 2,534 
Intangible assets on real estate acquisitions 7,248 
Total acquisition cost $ 15,210 

Intangible assets recorded in connection with this acquisition included the following (dollars in thousands):
Weighted Average Amortization Period
 (in Years)
Tenant relationship value $ 3,752  12.4
In-place lease value 2,229  2.4
Above-market leases 1,267  2.4
$ 7,248  7.6