Real Estate (Tables)

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.

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 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