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Real Estate | 9 Months Ended
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Sep. 30, 2020
Real Estate [Abstract] |
Real Estate | Real Estate The Company’s components of Real estate, net consisted of the following:
| September 30, 2020 |  | December 31, 2019
Land | $ | 1,754,708 |  |  | $ | 1,767,029 |
Buildings and improvements: |  |  |
Buildings and tenant improvements(1) | 7,853,233 |  |  | 7,741,607 |
Lease intangibles(2) | 579,361 |  |  | 614,964 |
| 10,187,302 |  |  | 10,123,600 |
Accumulated depreciation and amortization(3) | (2,623,144) |  |  | (2,481,250) |
Total | $ | 7,564,158 |  |  | $ | 7,642,350 |
(1)As of September 30, 2020 and December 31, 2019, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $32.2 million and $46.9 million, respectively. (2)As of September 30, 2020 and December 31, 2019, Lease intangibles consisted of $521.7 million and $554.9 million, respectively, of in-place leases and $57.7 million and $60.1 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease. (3)As of September 30, 2020 and December 31, 2019, Accumulated depreciation and amortization included $515.6 million and $533.1 million, respectively, of accumulated amortization related to Lease intangibles. In addition, as of September 30, 2020 and December 31, 2019, the Company had intangible liabilities relating to below-market leases of $354.6 million and $372.1 million, respectively, and accumulated accretion of $263.7 million and $267.1 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on 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 September 30, 2020 and 2019 was $4.1 million and $4.5 million, respectively. Below-market lease accretion income, net of above-market lease amortization for the nine months ended September 30, 2020 and 2019 was $12.4 million and $14.1 million, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended September 30, 2020 and 2019 was $4.5 million and $6.7 million, respectively. Amortization expense associated with in-place lease value for the nine months ended September 30, 2020 and 2019 was $14.8 million and $19.5 million, respectively. These amounts are included in Depreciation and amortization on 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 expense |  | In-place lease amortization expense
2020 (remaining three months) |  | $ | (3,144) |  |  | $ | 3,946 |
2021 |  | (11,290) |  |  | 12,870 |
2022 |  | (9,337) |  |  | 9,003 |
2023 |  | (8,114) |  |  | 6,554 |
2024 |  | (7,601) |  |  | 4,887 |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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