Properties, Net

3 Months Ended

Mar. 31, 2024

Operating properties, net consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Land	$	488,371	$	482,964
Buildings and improvements	4,218,702		4,164,004
Less: Accumulated depreciation	(1,434,621)		(1,400,162)
Operating properties, net	$	3,272,452	$	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