Note 3 - Real Estate

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Real Estate Disclosure [Text Block]

3.   Real Estate:

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

	December 31,
	2021			2020
Land:
Developed land	$	3,962,447		$	2,758,936
Undeveloped land		16,328			22,952
Total land		3,978,775			2,781,888
Buildings and improvements:
Buildings		10,042,225			5,911,602
Building improvements		1,999,319			1,918,641
Tenant improvements		987,216			820,027
Fixtures and leasehold improvements		31,421			32,123
Above-market leases		166,840			125,858
In-place leases		840,803			473,016
Total buildings and improvements		14,067,824			9,281,267
Real estate		18,046,599			12,063,155
Accumulated depreciation and amortization (1)		(3,010,699	)		(2,717,114	)
Total real estate, net	$	15,035,900		$	9,346,041

(1) At December 31, 2021 and 2020, the Company had accumulated amortization relating to in-place leases and above-market leases aggregating $569,648 and $499,022, respectively.

In addition, at December 31, 2021 and 2020, the Company had intangible liabilities relating to below-market leases from property acquisitions of $336.6 million and $231.3 million, respectively, net of accumulated amortization of $227.5 million and $219.6 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, 2021, 2020 and 2019 resulted in net increases to revenue of $14.8 million, $22.5 million and $20.0 million, respectively. The Company’s amortization expense associated with in-place leases, which is included in depreciation and amortization, for the years ended December 31, 2021, 2020 and 2019 was $80.1 million, $26.3 million and $33.1 million, respectively.

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

	2022			2023			2024			2025			2026
Above-market and below-market leases amortization, net	$	14.5		$	14.5		$	14.3		$	13.9		$	14.1
In-place leases amortization	$	(138.6	)	$	(95.4	)	$	(66.3	)	$	(44.9	)	$	(31.0	)

Real Estate Under Development

As of December 31, 2021 and 2020, the Company has a land parcel located in Dania Beach, FL which is held for future development included in Real estate under development on the Company’s Consolidated Balance Sheets.