Real Estate

6 Months Ended

Jun. 30, 2021

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


	June 30, 2021		December 31, 2020
Land	$	1,749,145	$	1,740,263
Buildings and improvements:
Buildings and tenant improvements(1)	7,958,581		7,856,850
Lease intangibles(2)	551,150		566,448
	10,258,876		10,163,561
Accumulated depreciation and amortization(3)	(2,745,122)		(2,659,448)
Total	$	7,513,754	$	7,504,113

(1)As of June 30, 2021 and December 31, 2020, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $41.8 million and $33.0 million, respectively.

(2)As of June 30, 2021 and December 31, 2020, Lease intangibles consisted of $497.3 million and $509.3 million, respectively, of in-place leases and $53.9 million and $57.2 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.

(3)As of June 30, 2021 and December 31, 2020, Accumulated depreciation and amortization included $494.4 million and $507.7 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of June 30, 2021 and December 31, 2020, the Company had intangible liabilities relating to below-market leases of $338.7 million and $345.7 million, respectively, and accumulated accretion of $260.7 million and $260.3 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 June 30, 2021 and 2020 was $4.2 million and $4.0 million, respectively. Below-market lease accretion income, net of above-market lease amortization for the six months ended June 30, 2021 and 2020 was $7.1 million and $8.2 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 June 30, 2021 and 2020 was $4.2 million and $4.9 million, respectively. Amortization expense associated with in-place lease value for the six months ended June 30, 2021 and 2020 was $7.8 million and $10.4 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
2021 (remaining six months)	$	(5,324)	$	6,621
2022	(9,093)		9,777
2023	(7,875)		7,370
2024	(7,385)		5,667
2025	(6,199)		4,238