Real Estate (Tables)

9 Months Ended

Sep. 30, 2020

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


	September 30, 2020		December 31, 2019
Land	$	1,754,708	$	1,767,029
Buildings and improvements:
Buildings and tenant improvements(1)	7,853,233		7,741,607
Lease intangibles(2)	579,361		614,964
	10,187,302		10,123,600
Accumulated depreciation and amortization(3)	(2,623,144)		(2,481,250)
Total	$	7,564,158	$	7,642,350

(1)As of September 30, 2020 and December 31, 2019, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $32.2 million and $46.9 million, respectively.

(2)As of September 30, 2020 and December 31, 2019, Lease intangibles consisted of $521.7 million and $554.9 million, respectively, of in-place leases and $57.7 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 September 30, 2020 and December 31, 2019, Accumulated depreciation and amortization included $515.6 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 three months)	$	(3,144)	$	3,946
2021	(11,290)		12,870
2022	(9,337)		9,003
2023	(8,114)		6,554
2024	(7,601)		4,887