Note 3 - Real Estate

12 Months Ended

Dec. 31, 2022

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,
	2022			2021
Land:
Developed land	$	4,102,542		$	3,962,447
Undeveloped land		16,328			16,328
Land held for development		5,672			5,672
Total land		4,124,542			3,984,447
Buildings and improvements:
Buildings		10,158,588			10,042,225
Building improvements		2,080,437			1,999,319
Tenant improvements		1,046,969			987,216
Fixtures and leasehold improvements		36,627			31,421
Above-market leases		170,211			166,840
In-place leases		839,868			840,803
Total buildings and improvements		14,332,700			14,067,824
Real estate		18,457,242			18,052,271
Accumulated depreciation and amortization (1)		(3,417,414	)		(3,010,699	)
Total real estate, net	$	15,039,828		$	15,041,572

(1) At December 31, 2022 and 2021, the Company had accumulated amortization relating to in-place leases and above-market leases aggregating $671,794 and $569,648, respectively.

In addition, at December 31, 2022 and 2021, the Company had intangible liabilities relating to below-market leases from property acquisitions of $330.9 million and $336.6 million, respectively, net of accumulated amortization of $242.4 million and $227.5 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, 2022, 2021 and 2020 resulted in net increases to revenue of $13.6 million, $14.8 million and $22.5 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, 2022, 2021 and 2020 was $118.1 million, $80.1 million and $26.3 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):

	2023			2024			2025			2026			2027
Above-market and below-market leases amortization, net	$	11.0		$	12.8		$	13.2		$	14.0		$	13.5
In-place leases amortization	$	(83.5	)	$	(56.5	)	$	(39.6	)	$	(28.1	)	$	(21.0	)