Investment Property (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Real Estate [Abstract]

Schedule Of Property Subject To Or Available For Operating Lease

Investment property consisted of the following amounts as of December 31, 2019 and December 31, 2018 (in thousands):

	December 31, 2019				December 31, 2018
Buildings and improvements	$	1,077,207			$	693,834		(1)
Less: accumulated depreciation	(51,719		)		(30,574		)
Buildings and improvements, net	1,025,488				663,260
Land	278,639				123,929
Investment property, net	$	1,304,127		(2)	$	787,189

(1) Included in buildings and improvements as of December 31, 2018 is approximately $14.5 million of construction-in-progress related to the expansion at Bishop's Square. The Company commenced construction in October 2017 to add an additional floor and make various upgrades to the property. The construction was completed in July 2019.

(2)

Includes $49.8 million classified within assets held for sale as of December 31, 2019.

Schedule Of Acquired Finite-Lived Intangible Assets By Major Class

As of December 31, 2019, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands):

	Lease Intangibles
	In-Place Leases (1)			Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
Cost	$	136,215		$	8,957		$	(25,579	)
Less: accumulated amortization	(43,808		)	(2,827		)	5,946
Net	$	92,407		$	6,130		$	(19,633	)

(1) The Company adopted ASC 842 beginning January 1, 2019 and reclassified certain assets from Intangible lease assets, net to Right-of-use asset, net in the Company’s Consolidated Balance Sheets. See Note 2—Summary of Significant Accounting Policies for more information on the adoption of ASC 842.

As of December 31, 2018, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands):

	Lease Intangibles
	In-Place Leases			Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
Cost	$	118,585		$	5,558		$	(22,318	)
Less: accumulated amortization	(31,320		)	(2,126		)	4,284
Net	$	87,265		$	3,432		$	(18,034	)

The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2017 acquisitions, as of the date of the respective acquisition, was as follows (in years):

	In-Place Leases	Above-Market Lease Assets	Below-Market Lease Liabilities
2017 Acquisitions:
Rookwood	8.3	15.7	13.7
Montrose Student Residences	6.5	—	18.9
Queen’s Court Student Residences(1)	0.9	—	—

(1)

Excludes the effect of any 999-year leases, which significantly increases the weighted average useful life for these intangibles.

Schedule Of Finite Lived Intangible Assets Future Amortization Expense

Anticipated amortization of the Company’s in-place leases and out-of-market lease liabilities, net, for each of the years ending December 31, 2020 through December 31, 2024 are as follows (in thousands):

	In-Place Lease		Out-of-Market Leases, Net
2020	$	24,879	$	(1,588	)
2021	$	14,845	$	(1,515	)
2022	$	11,852	$	(1,377	)
2023	$	9,734	$	(1,114	)
2024	$	6,431	$	(702	)

Schedule Of Future Minimum Rental Income For Operating Leases

The Company has entered into non-cancelable lease agreements with tenants for space.  As of December 31, 2019, the approximate fixed future minimum rentals for each of the years ending December 31, 2020 through 2024 and thereafter for the Company’s commercial properties are as follows (in thousands):

	Fixed Future Minimum Rentals
2020	$	77,536
2021	70,760
2022	60,455
2023	54,638
2024	46,700
Thereafter	216,049
Total	$	526,138

As of December 31, 2018, prior to the adoption of ASU 2016-02, the approximate fixed future minimum rentals for each of the years ending December 31, 2019 through 2023 and thereafter for the Company’s commercial properties are as follows (in thousands):

	Fixed Future Minimum Rentals
2019	$	52,357
2020	48,343
2021	40,847
2022	32,881
2023	30,951
Thereafter	148,329
Total	$	353,708