Real Estate (Tables)

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.

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
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