

	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

In May 2019, the Company acquired ABC Westland, an industrial property located in The Hague, Netherlands. The net purchase price for ABC Westland was €116.4 million (approximately $130.3 million assuming a rate of $1.12 per EUR as of the acquisition date), exclusive of transaction costs and working capital reserves. The Company funded the purchase in part by obtaining secured mortgage debt at closing.

In September 2019, the Company acquired The Promenade Shops at Briargate, an outdoor retail center located in Colorado Springs, Colorado. The net purchase price of The Promenade Shops at Briargate was $93.2 million exclusive of transaction costs and working capital reserves.

In September 2019, the Company acquired Gdańsk PL II, an industrial logistics property located in Gdańsk, Poland. The net purchase price was €26.9 million (approximately $29.9 million assuming rate of $1.11 per EUR as of the acquisition date), exclusive of transaction costs and working capital reserves.

In September 2019, the Company acquired Łódź Urban Logistics, an industrial logistics property located in Łódź, Poland. The net purchase price was €22.6 million (approximately $25.2 million assuming a rate of $1.11 per EUR as of the acquisition date), exclusive of transaction costs and working capital reserves. The Company funded the purchase in part by obtaining secured mortgage debt at closing.

In September 2019, the Company acquired Glasgow West End, a student housing property located in Glasgow, United Kingdom. The net purchase price was £72.0 million (approximately $89.5 million assuming a rate of $1.24 per GBP as of acquisition date), exclusive of transaction costs and working capital reserves. The Company funded the purchase in part by obtaining secured mortgage debt at closing.

In November 2019, the Company acquired Charles Tyrwhitt DC, an industrial logistics property located in Milton Keynes, United Kingdom. The net purchase price was £15.5 million (approximately $19.9 million assuming a rate of $1.29 per GBP as of the acquisition date), exclusive of transaction costs and working capital reserves.

In November 2019, the Company acquired DSG Bristol, an industrial logistics property located in Bristol, United Kingdom. The net purchase price was £36.6 million (approximately $47.0 million assuming a rate of $1.29 per GBP as of the acquisition date), exclusive of transaction costs and working capital reserves.

In November 2019, the Company acquired The Alloy, a student-dominated apartment property located in College Park, Maryland. The net purchase price was $98.0 million, exclusive of transaction costs and working capital reserves.

In December 2019, the Company acquired Royal Mail Edinburgh, a sorting warehouse industrial property located in Edinburgh, United Kingdom. The net purchase price was £25.4 million (approximately $33.4 million assuming a rate of $1.31 per GBP as of the acquisition date), exclusive of transaction costs and working capital reserves.



	Lease Intangibles
	In-Place Leases ⁽¹⁾			Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
	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	)



	Lease Intangibles
	In-Place Leases			Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
	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	)

Amortization expense of in-place leases was $20.6 million, $18.3 million and $18.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. Net amortization of out-of-market leases resulted in an increase to rental revenue of $1.8 million, $1.1 million and $1.1 million for the years ended December 31, 2019, 2018 and 2017, respectively.

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	)

The Company’s commercial leases are generally for terms of 15 years or less and may include multiple options to extend the lease term upon tenant election. The Company’s leases typically do not include an option to purchase. Generally, the Company does not expect the value of its real estate assets to be impacted materially at the end of any individual lease term, as the Company is typically able to re-lease the space and real estate assets tend to hold their value over a long period of time.

Tenant terminations prior to the lease end date occasionally result in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of the Company’s leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of the Company’s leases provide for separate billings for variable rent, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Total billings related to expense reimbursements from tenants for the year ended December 31, 2019, was $15.4 million, which is included in Rental revenue on the Consolidated Statements of Operations and Comprehensive Income (Loss).

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):

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):

The Company also enters into leases with tenants at its student housing properties and multi-family properties. These leases generally have terms less than one year and do not contain options to extend, terminate or purchase, escalation clauses, or other such terms, which are common in the Company’s commercial leases.