Real Estate Assets

12 Months Ended

Dec. 31, 2018

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:



	December 31, 2018			December 31, 2017
Land - operating	$	1,825,133		$	1,731,915
Land - development	7,359			13,246
Buildings, improvements and other intangibles	6,743,355			6,286,762
Intangible assets - tenant relationships	119,557			114,375
Intangible lease rights	12,443			12,443
	8,707,847			8,158,741
Less: accumulated depreciation and amortization	(1,262,438		)	(1,060,060		)
Net operating real estate assets	7,445,409			7,098,681
Real estate under development/redevelopment	46,422			33,750
Net real estate assets	$	7,491,831		$	7,132,431
Real estate assets held for sale included in net real estate assets	$	13,032		$	10,276

As of December 31, 2018, the Company had one operating store and one parcel of land classified as held for sale. The estimated fair value less selling costs of these assets are greater than the carrying value of the assets, and therefore no loss has been recorded related to these assets. These assets held for sale are included in the self-storage operations segment of the Company’s segment information.

The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $9,050, $14,349, and $21,133 for the years ended December 31, 2018, 2017 and 2016, respectively. The remaining balance of the unamortized lease rights will be amortized over the next one year to 43 years. Accumulated amortization related to intangibles was $121,238 and $112,347 as of December 31, 2018 and 2017, respectively.