Real Estate Assets

12 Months Ended

Dec. 31, 2021

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:


	December 31, 2021		December 31, 2020
Land - operating	$	2,148,093	$	1,952,097
Land - development	3,226		3,372
Buildings, improvements and other intangibles	8,227,094		7,357,033
Right of use asset - finance lease	117,718		58,148
Intangible assets - tenant relationships	134,577		124,695
Intangible lease rights	12,443		12,443
	10,643,151		9,507,788
Less: accumulated depreciation and amortization	(1,867,750)		(1,681,429)
Net operating real estate assets	8,775,401		7,826,359
Real estate under development/redevelopment	59,248		67,443
Real estate assets, net	$	8,834,649	$	7,893,802
Real estate assets held for sale included in real estate assets, net	$	8,436	$	103,624

As of December 31, 2021, the Company had one store classified as held for sale. The estimated fair value less selling costs of this asset is greater than the carrying value of the asset, 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 $4,778, $2,258, and $6,614 for the years ended December 31, 2021, 2020 and 2019, respectively. The remaining balance of the unamortized lease rights will be amortized over the next seven to 40 years. Accumulated amortization related to intangibles was $130,561 and $129,385 as of December 31, 2021 and 2020, respectively.