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Note 2 - Real Estate | 12 Months Ended
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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 | )

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