Real Estate Assets

12 Months Ended

Dec. 31, 2022

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:


	December 31, 2022		December 31, 2021
Land	$	2,356,746	$	2,151,319
Buildings, improvements and other intangibles	9,425,468		8,227,094
Right of use asset - finance lease	136,259		117,718
Intangible assets - tenant relationships	152,775		134,577
Intangible lease rights	12,943		12,443
	12,084,191		10,643,151
Less: accumulated depreciation and amortization	(2,138,524)		(1,867,750)
Net operating real estate assets	9,945,667		8,775,401
Real estate under development/redevelopment	52,311		59,248
Real estate assets, net	$	9,997,978	$	8,834,649
Real estate assets held for sale included in real estate assets, net	$	—	$	8,436

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 $13,981, $4,778, and $2,258 for the years ended December 31, 2022, 2021 and 2020, respectively. The remaining balance of the unamortized lease rights will be amortized over the next six to 39 years. Accumulated amortization related to intangibles was 144,144 and 130,561 as of December 31, 2022 and 2021, respectively.