Real Estate (Tables)

3 Months Ended

Mar. 31, 2019

The Company’s components of Real estate, net consisted of the following:



	March 31, 2019			December 31, 2018
Land	$	1,794,709		$	1,804,504
Buildings and improvements:
Buildings and tenant improvements⁽¹⁾	7,626,515			7,626,363
Lease intangibles⁽²⁾	652,561			667,910
	10,073,785			10,098,777
Accumulated depreciation and amortization⁽³⁾	(2,386,092		)	(2,349,127		)
Total	$	7,687,693		$	7,749,650


⁽¹⁾	As of March 31, 2019 and December 31, 2018, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $38.9 million and $41.7 million, respectively.


⁽²⁾	As of March 31, 2019 and December 31, 2018, Lease intangibles consisted of $587.6 million and $601.0 million, respectively, of in-place leases and $65.0 million and $66.9 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.


⁽³⁾	As of March 31, 2019 and December 31, 2018, Accumulated depreciation and amortization included $553.7 million and $560.3 million, respectively, of accumulated amortization related to Lease intangibles.

Schedule of expected net amortization expense associated with intangible assets and liabilities

The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:



Year ending December 31,	Below-market lease accretion (income), net of above-market lease amortization			In-place lease amortization expense
2019 (remaining nine months)	$	(13,278	)	$	17,382
2020	(14,757		)	17,615
2021	(11,982		)	12,711
2022	(9,869		)	9,353
2023	(8,473		)	6,846