Note 2 - Real Estate

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Real Estate Disclosure [Text Block]

2.    Real Estate:

The Company’s components of Real estate, net consist of the following (in thousands):

	December 31,
	2019			2018
Land:
Developed land	$	2,759,232		$	2,783,959
Undeveloped land		28,923			38,732
Total land		2,788,155			2,822,691
Buildings and improvements:
Buildings		5,661,306			5,697,269
Building improvements		1,840,580			1,696,440
Tenant improvements		771,498			730,623
Fixtures and leasehold improvements		31,563			42,635
Above-market leases		128,854			133,913
In-place leases and tenant relationships		487,150			512,235
Total buildings and improvements		8,920,951			8,813,115
Real estate		11,709,106			11,635,806
Accumulated depreciation and amortization (1)		(2,500,053	)		(2,385,287	)
Total real estate, net	$	9,209,053		$	9,250,519

(1) At December 31, 2019 and 2018, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $485,040 and $466,576, respectively.

In addition, at December 31, 2019 and 2018, the Company had intangible liabilities relating to below-market leases from property acquisitions of $259.3 million and $288.4 million, respectively, net of accumulated amortization of $207.0 million and $196.4 million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets.  

The Company’s amortization associated with above-market and below-market leases for the years ended December 31, 2019, 2018 and 2017 resulted in net increases to revenue of $20.0 million, $14.9 million and $15.5 million, respectively. The Company’s amortization expense associated with in-place leases and tenant relationships, which is included in depreciation and amortization, for the years ended December 31, 2019, 2018 and 2017 was $33.1 million, $47.4 million and $62.7 million, respectively.

The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases, tenant relationships and in-place leases for the next five years are as follows (in millions):

	2020			2021			2022			2023			2024
Above-market and below-market leases amortization, net	$	12.7		$	12.5		$	12.8		$	11.8		$	11.4
In-place leases and tenant relationships amortization	$	(30.8	)	$	(23.4	)	$	(18.0	)	$	(13.7	)	$	(10.3	)