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Investments in Real Estate | 12 Months Ended
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Dec. 31, 2018
Real Estate Investments, Net [Abstract] |
Investments in Real Estate | Investments in Real Estate The Company's real estate, net, consists of the following at December 31, 2018 and 2017:
|  | 2018 |  | 2017
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 2,746,446 |  |  | $ | 3,476,022 |
Land, land estates and land improvements |  | 341,848 |  |  | 456,134 |
Fixtures and equipment |  | — |  |  | 84 |
Construction in progress |  | 1,840 |  |  | 4,219 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 331,607 |  |  | 461,624 |
Tenant relationships |  | 54,662 |  |  | 97,223 |
Above-market leases |  | 33,343 |  |  | 40,244 |
|  | 3,509,746 |  |  | 4,535,550 |
Accumulated depreciation and amortization(1) |  | (954,087 | ) |  | (1,225,650 | )
Real estate, net |  | $ | 2,555,659 |  |  | $ | 3,309,900 |
(1) | Includes accumulated amortization of real estate intangible assets of $231,443 and $334,681 in 2018 and 2017, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $24,021 in 2019, $21,442 in 2020, $19,501 in 2021, $17,448 in 2022 and $17,065 in 2023.
The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $17,923 and $23,308, respectively, as of December 31, 2018 and 2017. The estimated accretion for the next five years is $2,144 in 2019, $2,118 in 2020, $1,778 in 2021, $1,499 in 2022 and $1,499 in 2023. The Company completed the following acquisitions and build-to-suit transactions during 2018 and 2017: 2018:
|  |  |  |  |  |  |  |  | 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
Industrial | Olive Branch, MS | April 2018 | $ | 44,090 |  | 07/2029 | $ | 1,958 |  |  | $ | 38,687 |  |  | $ | 3,445 |  |  | $ | — |
Industrial | Olive Branch, MS | April 2018 | 48,575 |  | 06/2021 | 2,500 |  |  | 42,538 |  |  | 5,151 |  |  | (1,614 | )
Industrial | Edwardsville, IL | June 2018 | 44,178 |  | 05/2030 | 3,649 |  |  | 41,292 |  |  | 3,467 |  |  | (4,230 | )
Industrial | Spartanburg, SC | August 2018 | 27,632 |  | 07/2024 | 1,447 |  |  | 23,744 |  |  | 2,441 |  |  | — |
Industrial | Pasadena, TX | August 2018 | 23,868 |  | 08/2023 | 4,057 |  |  | 17,810 |  |  | 2,001 |  |  | — |
Industrial | Carrollton, TX | September 2018 | 19,564 |  | 12/2033 | 3,228 |  |  | 15,766 |  |  | 1,247 |  |  | (677 | )
Industrial | Goodyear, AZ | November 2018 | 41,372 |  | 04/2026 | 5,247 |  |  | 36,115 |  |  | 2,014 |  |  | (2,004 | )
Industrial | Chester, VA | December 2018 | 66,311 |  | 06/2030 | 8,544 |  |  | 53,067 |  |  | 6,832 |  |  | (2,132 | )
|  |  | $ | 315,590 |  |  | $ | 30,630 |  |  | $ | 269,019 |  |  | $ | 26,598 |  |  | $ | (10,657 | )
Weighted-average life of intangible assets (years) |  |  |  |  |  |  | 8.4 |  |  | 9.4 |
In addition, the Company acquired a 57-acre parcel of land from a non-consolidated joint venture and leased the parcel to a tenant to develop an industrial property. 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(2) | 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.
(2) | Sold to newly-formed joint venture in 2018. See note 7.
From time to time, the Company is engaged in various forms of build-to-suit development activities. As of December 31, 2018 and 2017, the Company had no development arrangements outstanding. 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.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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