Real Estate Assets

12 Months Ended

Dec. 31, 2020

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:


	December 31, 2020		December 31, 2019
Land - operating	$	1,952,097	$	1,935,551
Land - development	3,372		3,372
Buildings, improvements and other intangibles	7,357,033		7,047,654
Right of use asset - finance lease	58,148		8,050
Intangible assets - tenant relationships	124,695		122,489
Intangible lease rights	12,443		12,443
	9,507,788		9,129,559
Less: accumulated depreciation and amortization	(1,681,429)		(1,473,852)
Net operating real estate assets	7,826,359		7,655,707
Real estate under development/redevelopment	67,443		41,157
Net real estate assets	$	7,893,802	$	7,696,864
Real estate assets held for sale included in net real estate assets	$	103,624	$	2,947

As of December 31, 2020, the Company had 16 stores classified as held for sale. The estimated fair value less selling costs of these assets is greater than the carrying value of the assets, and therefore no loss has been recorded related to these assets. 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 $2,258, $6,614, and $9,050 for the years ended December 31, 2020, 2019 and 2018, respectively. The remaining balance of the unamortized lease rights will be amortized over the next eight to 41 years. Accumulated amortization related to intangibles was $129,385 and $127,712 as of December 31, 2020 and 2019, respectively.