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Investments in Real Estate and Real Estate Under Construction | 12 Months Ended
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Dec. 31, 2017
Investments in Real Estate and Real Estate Under Construction [Line Items] |
Investments in Real Estate and Real Estate Under Construction | Investments in Real Estate and Real Estate Under Construction The Company's real estate, net, consists of the following at December 31, 2017 and 2016:
|  | 2017 |  | 2016
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 3,476,022 |  |  | $ | 3,050,082 |
Land, land estates and land improvements |  | 456,134 |  |  | 472,394 |
Fixtures and equipment |  | 84 |  |  | 5,577 |
Construction in progress |  | 4,219 |  |  | 5,119 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 461,624 |  |  | 436,185 |
Tenant relationships |  | 97,223 |  |  | 113,839 |
Above-market leases |  | 40,244 |  |  | 47,270 |
Investments in real estate under construction |  | — |  |  | 106,652 |
|  | 4,535,550 |  |  | 4,237,118 |
Accumulated depreciation and amortization(1) |  | (1,225,650 | ) |  | (1,208,792 | )
Real estate, net |  | $ | 3,309,900 |  |  | $ | 3,028,326 |
(1) | Includes accumulated amortization of real estate intangible assets of $334,681 and $363,861 in 2017 and 2016, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $31,401 in 2018, $26,578 in 2019, $23,360 in 2020, $22,211 in 2021 and $20,951 in 2022.
The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $23,308 and $28,416, respectively as of December 31, 2017 and 2016. The estimated accretion for the next five years is $1,526 in 2018, $1,261 in 2019, $1,235 in 2020, $1,143 in 2021 and $1,113 in 2022. The Company completed the following acquisitions and build-to-suit transactions during 2017 and 2016: 2017:
|  |  |  |  |  |  |  |  | Real Estate Intangibles
Property Type | Location | Acquisition Date | Initial Cost Basis | Lease Expiration | Land and Land Estate |  | Building and Improvements |  | Lease in-place Value Intangible |  | Below Market Lease Intangible
Office | Lake Jackson, TX(1) | January 2017 | $ | 70,401 |  | 10/2036 | $ | 3,078 |  |  | $ | 67,323 |  |  | $ | — |  |  | $ | — |
Industrial | New Century, KS | February 2017 | 12,056 |  | 01/2027 | — |  |  | 13,198 |  |  | 1,648 |  |  | (2,790 | )
Industrial | Lebanon, IN | February 2017 | 36,194 |  | 01/2024 | 2,100 |  |  | 29,443 |  |  | 4,651 |  |  | — |
Office | Charlotte, NC | April 2017 | 61,339 |  | 04/2032 | 3,771 |  |  | 47,064 |  |  | 10,504 |  |  | — |
Industrial | Cleveland, TN | May 2017 | 34,400 |  | 03/2024 | 1,871 |  |  | 29,743 |  |  | 2,786 |  |  | — |
Industrial | Grand Prairie, TX | June 2017 | 24,317 |  | 03/2037 | 3,166 |  |  | 17,985 |  |  | 3,166 |  |  | — |
Industrial | San Antonio, TX | June 2017 | 45,507 |  | 04/2027 | 1,311 |  |  | 36,644 |  |  | 7,552 |  |  | — |
Industrial | Opelika, AL | July 2017 | 37,269 |  | 05/2042 | 134 |  |  | 33,183 |  |  | 3,952 |  |  | — |
Industrial | McDonough, GA | August 2017 | 66,700 |  | 01/2028 | 5,441 |  |  | 52,762 |  |  | 8,497 |  |  | — |
Industrial | Byhalia, MS | September 2017 | 36,590 |  | 09/2027 | 1,751 |  |  | 31,236 |  |  | 3,603 |  |  | — |
Industrial | Jackson, TN | September 2017 | 57,920 |  | 10/2027 | 1,454 |  |  | 49,026 |  |  | 7,440 |  |  | — |
Industrial | Smyrna, TN | September 2017 | 104,890 |  | 04/2027 | 1,793 |  |  | 93,940 |  |  | 9,157 |  |  | — |
Industrial | Lafayette, IN | October 2017 | 17,450 |  | 09/2024 | 662 |  |  | 15,578 |  |  | 1,210 |  |  | — |
Industrial | Romulus, MI | November 2017 | 38,893 |  | 08/2032 | 2,438 |  |  | 33,786 |  |  | 2,669 |  |  | — |
Industrial | Warren, MI | November 2017 | 46,955 |  | 10/2032 | 972 |  |  | 42,521 |  |  | 3,462 |  |  | — |
Industrial | Winchester, VA | December 2017 | 36,700 |  | 12/2031 | 1,988 |  |  | 32,501 |  |  | 2,211 |  |  | — |
|  |  | $ | 727,581 |  |  | $ | 31,930 |  |  | $ | 625,933 |  |  | $ | 72,508 |  |  | $ | (2,790 | )
Weighted-average life of intangible assets (years) |  |  |  |  |  |  | 12.2 |  |  | 14.9 |
(1) | Completed the construction of the final building of a four-building project. Initial cost basis excludes developer partner payout of $7,951 (see Note 2)
2016:
|  |  |  |  |  |  |  |  | Real Estate Intangibles
Property Type | Location | Acquisition Date | Initial Cost Basis | Lease Expiration | Land and Land Estate |  | Building and Improvements |  | Lease in-place Value |  | Below Market Lease
Industrial | Detroit, MI | January 2016 | $ | 29,697 |  | 10/2035 | $ | 1,133 |  |  | $ | 25,009 |  |  | $ | 3,555 |  |  | $ | — |
Industrial | Anderson, SC | June 2016 | 61,347 |  | 06/2036 | 4,663 |  |  | 45,011 |  |  | 11,673 |  |  | — |
Industrial | Wilsonville, OR | September 2016 | 43,100 |  | 10/2032 | 6,815 |  |  | 32,380 |  |  | 5,920 |  |  | (2,015 | )
Office | Lake Jackson, TX | November 2016 | 78,484 |  | 10/2036 | 4,357 |  |  | 74,127 |  |  | — |  |  | — |
Industrial | Romeoville, IL | December 2016 | 52,700 |  | 10/2031 | 7,524 |  |  | 40,167 |  |  | 5,009 |  |  | — |
Industrial | Edwardsville, IL | December 2016 | 44,800 |  | 09/2026 | 4,593 |  |  | 34,251 |  |  | 5,956 |  |  | — |
|  |  | $ | 310,128 |  |  | $ | 29,085 |  |  | $ | 250,945 |  |  | $ | 32,113 |  |  | $ | (2,015 | )
Weighted-average life of intangible assets (years) |  |  |  |  |  |  | 16.6 |  |  | 16.1 |
The Company recognized aggregate acquisition and pursuit expenses of $2,171 and $836 in 2017 and 2016, respectively, which are included in property operating expenses within the Company's Consolidated Statements of Operations. From time to time, the Company is engaged in various forms of build-to-suit development activities. As of December 31, 2017, the Company had no development arrangements outstanding. As of December 31, 2016, the Company's aggregate investment in development arrangements was $106,652, which included $3,442 of capitalized interest and is presented as investments in real estate under construction in the accompanying Consolidated Balance Sheets. During 2017, the Company recognized $3,922 in non-operating income on the Company's Consolidated Statement of Operations due to the write-off of contingent consideration relating to a 2015 build-to-suit project that was not required to be paid by the Company.
LCIF [Member] |
Investments in Real Estate and Real Estate Under Construction [Line Items] |
Investments in Real Estate and Real Estate Under Construction | Investments in Real Estate and Real Estate Under Construction The Partnership's real estate, net, consists of the following at December 31, 2017 and 2016:
|  | 2017 |  | 2016
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 705,565 |  |  | $ | 644,173 |
Land, land estates and land improvements |  | 88,589 |  |  | 86,120 |
Fixtures and equipment |  | 84 |  |  | 84 |
Construction in progress |  | 4 |  |  | 825 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 95,166 |  |  | 82,190 |
Tenant relationships |  | 19,067 |  |  | 19,943 |
Above-market leases |  | 2,628 |  |  | 2,628 |
Investment in real estate under construction |  | — |  |  | 40,443 |
|  | 911,103 |  |  | 876,406 |
Accumulated depreciation and amortization(1) |  | (233,121 | ) |  | (236,930 | )
Real estate, net |  | $ | 677,982 |  |  | $ | 639,476 |
(1) | Includes accumulated amortization of real estate intangible assets of $54,745 and $54,425 in 2017 and 2016, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $5,307 in 2018, $4,557 in 2019, $4,445 in 2020, $4,431 in 2021 and $4,431 in 2022.
In addition, the Partnership had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $32 and $64, respectively as of December 31, 2017 and 2016. The estimated accretion for the next five years is $32 in 2018, $0 in 2019, $0 in 2020, $0 in 2021 and $0 in 2022. The Partnership, through property owner subsidiaries, completed the following build-to-suit transaction/acquisitions during 2017:
Property Type |  | Location |  | Acquisition Date |  | Initial Cost Basis |  | Lease Expiration |  | Land |  | Building and Improvements | Lease in-place Value Intangible
Office |  | Charlotte, NC |  | Apr-17 |  | $ | 61,339 |  |  | 04/2032 |  | $ | 3,771 |  |  | $ | 47,064 |  |  | $ | 10,504 |
Industrial |  | Grand Prairie, TX |  | Jun-17 |  | 24,317 |  |  | 03/2037 |  | 3,166 |  |  | 17,985 |  |  | 3,166 |
Industrial |  | Warren, MI |  | Nov-17 |  | 46,955 |  |  | 10/2032 |  | 972 |  |  | 42,521 |  |  | 3,462 |
|  |  |  |  |  | $ | 132,611 |  |  |  |  | $ | 7,909 |  |  | $ | 107,570 |  |  | $ | 17,132 |
Weighted-average life of intangible assets (years) |  |  |  |  |  |  |  | 15.9 |
The Partnership, through property owner subsidiaries, completed the following acquisition during 2016:
Property Type |  | Location |  | Acquisition Date |  | Initial Cost Basis |  | Lease Expiration |  | Land and Land Estates |  | Building and Improvements | Lease in-place Value Intangible
Industrial |  | Romeoville, IL |  | Dec-16 |  | $ | 52,700 |  |  | 10/2031 |  | $ | 7,524 |  |  | $ | 40,167 |  |  | $ | 5,009 |
Life of intangible asset (years) |  |  |  |  |  |  |  | 14.9 |
The Partnership recognized aggregate acquisition and pursuit expenses of $343 and $359 in 2017 and 2016, respectively.

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