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Real Estate
 6 Months Ended
Jun. 30, 2019
Real Estate [Abstract]  
Real Estate Real Estate
The Company’s components of Real estate, net consisted of the following:
 
June 30, 2019
 
December 31, 2018
Land
$
1,805,993

 
$
1,804,504

Buildings and improvements:
 
 
 
Buildings and tenant improvements(1)
7,701,853

 
7,626,363

Lease intangibles(2)
646,102

 
667,910

 
10,153,948

 
10,098,777

Accumulated depreciation and amortization(3)
(2,424,153
)
 
(2,349,127
)
Total
$
7,729,795

 
$
7,749,650

(1) 
As of June 30, 2019 and December 31, 2018, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $44.0 million and $41.7 million, respectively. 
(2) 
As of June 30, 2019 and December 31, 2018, Lease intangibles consisted of $583.8 million and $601.0 million, respectively, of in-place leases and $62.3 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 June 30, 2019 and December 31, 2018, Accumulated depreciation and amortization included $548.0 million and $560.3 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of June 30, 2019 and December 31, 2018, the Company had intangible liabilities relating to below-market leases of $384.6 million and $392.9 million, respectively, and accumulated accretion of $267.1 million and $266.1 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities in the Company’s unaudited Condensed Consolidated Balance Sheets. These intangible assets are accreted over the term of each related lease.

Below-market lease accretion income, net of above-market lease amortization for the three months ended June 30, 2019 and 2018 was $4.7 million and $8.0 million, respectively. Below-market lease accretion income, net of above-market lease amortization for the six months ended June 30, 2019 and 2018 was $9.6 million and $14.8 million, respectively. These amounts are included in Rental income in the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended June 30, 2019 and 2018 was $6.3 million and $9.9 million, respectively. Amortization expense associated with in-place lease value for the six months ended June 30, 2019 and 2018 was $12.8 million and $19.2 million, respectively. These amounts are included in Depreciation and amortization in the Company’s unaudited Condensed Consolidated Statements of Operations. 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 six months)
 
$
(9,093
)
 
$
12,392

2020
 
(15,543
)
 
19,424

2021
 
(12,812
)
 
14,151

2022
 
(10,679
)
 
9,909

2023
 
(9,306
)
 
7,216



Hurricane Michael Impact
On October 7, 2018, Hurricane Michael struck Florida resulting in widespread damage and flooding. The Company has two properties, totaling 0.4 million square feet of GLA, which were impacted. The Company maintains comprehensive property insurance on these properties, including business interruption insurance.

As of June 30, 2019, the Company’s assessment of the damages sustained to its properties from Hurricane Michael resulted in $13.7 million of accelerated depreciation, representing the estimated net book value of damaged assets. The Company also recognized a corresponding receivable for estimated property insurance recoveries related to the write-down. As such, there was no impact to net income during the three and six months ended June 30, 2019 and year ended December 31, 2018. As of June 30, 2019, the Company has received property insurance proceeds of $3.0 million and has a remaining receivable balance of $10.7 million, which is included in Receivables on the Company’s unaudited Condensed Consolidated Balance Sheets.