Real Estate (Tables)

6 Months Ended

Jun. 30, 2020

The Company’s components of Real estate, net consisted of the following:


	June 30, 2020		December 31, 2019
Land	$	1,758,946	$	1,767,029
Buildings and improvements:
Buildings and tenant improvements⁽¹⁾	7,823,236		7,741,607
Lease intangibles⁽²⁾	595,771		614,964
	10,177,953		10,123,600
Accumulated depreciation and amortization⁽³⁾	(2,581,127)		(2,481,250)
Total	$	7,596,826	$	7,642,350

⁽¹⁾As of June 30, 2020 and December 31, 2019, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $28.9 million and $46.9 million, respectively.

⁽²⁾As of June 30, 2020 and December 31, 2019, Lease intangibles consisted of $537.2 million and $554.9 million, respectively, of in-place leases and $58.6 million and $60.1 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.

⁽³⁾As of June 30, 2020 and December 31, 2019, Accumulated depreciation and amortization included $525.8 million and $533.1 million, respectively, of accumulated amortization related to Lease intangibles.

Schedule of expected net amortization expense associated with intangible assets and liabilities

The Company’s estimated below-market lease accretion income, net of

above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:


Year ending December 31,	Below-market lease accretion (income), net of above-market lease amortization expense		In-place lease amortization expense
2020 (remaining six months)	$	(6,506)	$	8,291
2021	(11,520)		13,202
2022	(9,541)		9,197
2023	(8,188)		6,675
2024	(7,651)		5,008