Real Estate

12 Months Ended

Dec. 31, 2020

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


	December 31, 2020		December 31, 2019
Land	$	1,740,263	$	1,767,029
Buildings and improvements:
Buildings and tenant improvements(1)	7,856,850		7,741,607
Lease intangibles(2)	566,448		614,964
	10,163,561		10,123,600
Accumulated depreciation and amortization(3)	(2,659,448)		(2,481,250)
Total	$	7,504,113	$	7,642,350

(1)As of December 31, 2020 and 2019, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $33.0 million and $46.9 million, respectively.

(2)As of December 31, 2020 and 2019, Lease intangibles consisted of $509.3 million and $554.9 million, respectively, of in-place leases and $57.2 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 December 31, 2020 and 2019, Accumulated depreciation and amortization included $507.7 million and $533.1 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of December 31, 2020 and 2019, the Company had intangible liabilities relating to below-market leases of $345.7 million and $372.1 million, respectively, and accumulated accretion of $260.3 million and $267.1 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s 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 years ended December 31, 2020, 2019 and 2018 was $16.5 million, $18.8 million and $26.6 million, respectively. These amounts are included in Rental income on the Company’s Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the years ended December 31, 2020, 2019 and 2018 was $19.1 million, $25.8 million and $35.2 million, respectively. These amounts are included in Depreciation and amortization on the Company’s 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
2021	$	(11,173)	$	12,810
2022	(9,240)		8,962
2023	(8,018)		6,513
2024	(7,504)		4,846
2025	(6,336)		3,675