Note 2 - Real Estate

12 Months Ended

Dec. 31, 2023

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,
	2023			2022
Land:
Developed land	$	4,166,475		$	4,102,542
Undeveloped land		5,458			16,328
Land held for development		5,864			5,672
Total land		4,177,797			4,124,542
Buildings and improvements:
Buildings		10,312,001			10,158,588
Building improvements		2,213,248			2,080,437
Tenant improvements		1,158,919			1,046,969
Fixtures and leasehold improvements		41,055			36,627
Above-market leases		170,513			170,211
In-place leases		864,261			839,868
Total buildings and improvements		14,759,997			14,332,700
Real estate		18,937,794			18,457,242
Accumulated depreciation and amortization (1)		(3,842,869	)		(3,417,414	)
Total real estate, net	$	15,094,925		$	15,039,828

(1) The Company had accumulated amortization relating to in-place leases and above-market leases aggregating $751,215 at December 31, 2023 and $671,794 at December 31, 2022.

In addition, at December 31, 2023 and 2022, the Company had intangible liabilities relating to below-market leases from property acquisitions of $330.6 million and $330.9 million, respectively, net of accumulated amortization of $260.8 million and $242.4 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, 2023, 2022 and 2021 resulted in net increases to revenue of $17.3 million, $13.6 million and $14.8 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, 2023, 2022 and 2021 was $94.7 million, $118.1 million and $80.1 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):

	2024			2025			2026			2027			2028
Above-market and below-market leases amortization, net	$	13.2		$	13.8		$	14.7		$	14.3		$	14.0
In-place leases amortization	$	(65.5	)	$	(47.5	)	$	(35.2	)	$	(27.5	)	$	(20.3	)