Real Estate Assets

12 Months Ended

Dec. 31, 2019

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:



	December 31, 2019			December 31, 2018
Land - operating	$	1,935,551		$	1,825,133
Land - development	3,372			7,359
Buildings, improvements and other intangibles	7,047,654			6,743,355
Right of use asset - finance lease	8,050			—
Intangible assets - tenant relationships	122,489			119,557
Intangible lease rights	12,443			12,443
	9,129,559			8,707,847
Less: accumulated depreciation and amortization	(1,473,852		)	(1,262,438		)
Net operating real estate assets	7,655,707			7,445,409
Real estate under development/redevelopment	41,157			46,422
Net real estate assets	$	7,696,864		$	7,491,831
Real estate assets held for sale included in net real estate assets	$	2,947		$	13,032

As of December 31, 2019, the Company had one parcel of land classified as held for sale. The estimated fair value less selling costs of this asset is greater than the carrying value of the assets, and therefore no loss has been recorded related to this asset. 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 $6,614, $9,050, and $14,349 for the years ended December 31, 2019, 2018 and 2017, respectively. The remaining balance of the unamortized lease rights will be amortized over the next nine to 42 years. Accumulated amortization related to intangibles was $127,712 and $121,238 as of December 31, 2019 and 2018, respectively.