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REAL ESTATE
 12 Months Ended
Dec. 31, 2022
Real Estate [Abstract]  
REAL ESTATE REAL ESTATE
    
A summary of our real estate investments is as follows (in thousands):
RetailOfficeMultifamilyMixed-UseTotal
December 31, 2022
Land$254,016 $298,007 $72,668 $76,635 $701,326 
Buildings529,589 1,316,916 397,731 129,470 2,373,706 
Land improvements49,512 15,284 8,132 2,606 75,534 
Tenant improvements92,225 221,163 — 2,353 315,741 
Furniture, fixtures, and equipment
1,290 5,530 19,059 15,427 41,306 
Construction in progress (1)
7,471 151,734 3,739 912 163,856 
934,103 2,008,634 501,329 227,403 3,671,469 
Accumulated depreciation(354,884)(393,155)(130,336)(58,538)(936,913)
Net real estate$579,219 $1,615,479 $370,993 $168,865 $2,734,556 
December 31, 2021
Land$254,016 $284,263 $72,668 $76,635 $687,582 
Buildings527,262 1,270,131 393,713 129,226 2,320,332 
Land improvements47,425 14,269 7,764 2,606 72,064 
Tenant improvements89,520 218,639 — 2,366 310,525 
Furniture, fixtures, and equipment
1,098 5,003 18,039 15,416 39,556 
Construction in progress (1)
7,160 87,340 4,448 364 99,312 
926,481 1,879,645 496,632 226,613 3,529,371 
Accumulated depreciation(335,374)(343,433)(115,317)(53,266)(847,390)
Net real estate$591,107 $1,536,212 $381,315 $173,347 $2,681,981 

(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. 
Property Asset Acquisitions
On July 7, 2021, we acquired Eastgate Office Park, consisting of an approximately 280,000 square feet, multi-tenant office campus in Bellevue, Washington. The purchase price was approximately $125 million, excluding closing costs of approximately $0.2 million. The property was acquired with cash on hand.
On September 10, 2021, we acquired Corporate Campus East III in Bellevue, Washington, consisting of an approximately 161,000 square feet, multi-tenant office campus. The purchase price was approximately $84 million, less seller credits of (i) approximately $1.1 million of future rent abatement (ii) approximately $2.1 million of contractual tenant improvements and closing costs of approximately $0.1 million. The property was acquired with cash on hand.
On March 8, 2022, we acquired Bel-Spring 520 in Bellevue, Washington, consisting of an approximately 93,000 square feet, multi-tenant office campus. The purchase price was $45.5 million, less seller credits of approximately $0.1 million of future rent abatement, and approximately $0.6 million of contractual tenant improvements. Additionally, closing costs were approximately $0.1 million.
The financial information set forth below summarizes the company’s purchase price allocation for Bel-Spring 520 during the year ended December 31, 2022 (in thousands):
 
Bel-Spring 520
Land$13,744 
Building27,793 
Land improvements713 
Furniture, fixtures, and equipment1,833 
Total real estate44,083 
Lease intangibles2,036 
Prepaid expenses and other assets10 
Assets acquired$46,129 
Accounts payable and accrued expenses$(14)
Security deposits payable(189)
Other liabilities and deferred credits(641)
Liabilities assumed$(844)
The value allocated to lease intangibles is amortized over the related lease term as depreciation and amortization
expense in the statement of comprehensive income. The remaining weighted average amortization period as of December 31,
2022, is 3 years.
The following table summarizes the operating results for Bel-Spring 520 included in the company's historical consolidated statement of operations for the period of acquisition through December 31, 2022 (in thousands):

Bel-Spring 520
Revenues$2,512 
Operating expenses2,417 
Operating income95 
Net income attributable to American Assets Trust, Inc.$95