
	March 31, 2026		December 31, 2025
Land	$	388,229	$	381,824
Building and improvements	819,937		810,112
In-place lease intangible assets	110,969		109,852
Construction in progress	837		4,233
Total real estate	$	1,319,972	$	1,306,021

Depreciation expense for buildings and improvements for the three months ended March 31, 2026 and 2025 was $8.7 million and $10.0 million, respectively. Amortization expense for in-place lease intangible assets for the three months ended March 31, 2026 and 2025 was $4.4 million and $3.5 million, respectively.

On March 9, 2026, the Company acquired a 7.1-usable acre IOS property located in Largo, Florida, which was deemed to be an asset acquisition. The purchase price of the property was $13.2 million, which was comprised of (i) a contractual purchase price of $13.1 million and (ii) capitalized acquisition costs of $0.2 million, offset by (iii) certain credits and closing adjustments of $0.1 million.


	March 31, 2026
Assets acquired:
Land	$	6,405
Building and improvements	5,662
In-place lease intangible assets	1,118
Total real estate	13,185
Above-market lease intangible assets	45
Total assets acquired	$	13,230

During the three months ended March 31, 2025, the Company sold two Office segment properties, both from continuing operations, for a total gross sales price of $34.0 million and recognized a net loss from disposition of assets of $0.5 million. The properties totaled 251,200 square feet and were located in Hunt Valley, MD and Fort Worth, TX.

Where indicators of impairment exist, the Company evaluates the recoverability of its real estate assets by comparing (i) the carrying amounts of the assets and (ii) the estimated undiscounted cash flows (which requires estimates of future market and economic conditions, including assumptions related to estimated selling prices, anticipated hold periods, potential vacancies, capitalization rates, market rental income amounts subsequent to the expiration of current lease agreements, and property operating expenses). When the carrying amounts of the real estate assets are not recoverable based on the estimated undiscounted cash flows, the Company calculates an impairment charge in the amount the carrying value exceeds the estimated fair value of the real estate asset as of the measurement date.

During the three months ended March 31, 2025, the Company recorded real estate impairments from: (i) continuing operations of $15.0 million related to four Office segment properties and (ii) discontinued operations of $36.9 million related to two Office Discontinued Operations Properties. These impairments resulted from changes during the year related to shortened anticipated hold periods and estimated selling prices. In determining the nonrecurring fair value measurement for the impairments, the Company used estimated selling prices based on quoted market values and comparable property sales (Level 2 inputs), which ranged from $44.31 to $234.19 estimated selling price per square foot.

The following table summarizes the Company’s allocation of acquired and contributed real estate asset value related to in-place leases, above- and below-market lease intangibles, and other intangibles, net of amortization (excluding the Office Discontinued Operations Properties) as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
In-place lease intangible assets	$	110,969	$	109,852
In-place lease intangible assets - accumulated amortization	(59,036)		(54,592)
In-place lease intangible assets, net (1)	$	51,933	$	55,260

Above-market lease intangible assets	4,430		4,384
Above-market lease intangible assets - accumulated amortization	(3,192)		(3,127)
Above-market lease intangible assets, net	1,238		1,257

Below-market lease intangible liabilities	(48,878)		(48,878)
Below-market lease intangible liabilities - accumulated amortization	17,134		14,617
Below-market lease intangible liabilities, net (1)	$	(31,744)	$	(34,261)

(1)The weighted average remaining amortization period of the Company’s in-place leases, above- and below-market lease intangibles and other intangibles was 6.8 years and 6.7 years as of March 31, 2026 and December 31, 2025, respectively.