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Investments in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2019
Real Estate Investments, Net [Abstract] |
Schedule of Net Real Estate | The Company's real estate, net, consists of the following at December 31, 2019 and 2018:
|  | 2019 |  | 2018
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 2,962,982 |  |  | $ | 2,746,446 |
Land, land estates and land improvements |  | 355,697 |  |  | 341,848 |
Construction in progress |  | 1,895 |  |  | 1,840 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 339,154 |  |  | 331,607 |
Tenant relationships |  | 42,396 |  |  | 54,662 |
Above-market leases |  | 28,206 |  |  | 33,343 |
Investments in real estate under construction |  | 13,313 |  |  | — |
|  | 3,743,643 |  |  | 3,509,746 |
Accumulated depreciation and amortization(1) |  | (887,629 | ) |  | (954,087 | )
Real estate, net |  | $ | 2,856,014 |  |  | $ | 2,555,659 |
(1) Includes accumulated amortization of real estate intangible assets of $212,033 and $231,443 in 2019 and 2018, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $28,634 in 2020, $26,647 in 2021, $24,640 in 2022, $23,487 in 2023 and $18,270 in 2024.
Schedule of Acquired Properties | The Company completed the following acquisitions during 2019 and 2018: 2019:
|  |  |  |  |  |  |  |  | Real Estate Intangibles
Property Type | Market | Acquisition Date | Initial Cost Basis | Lease Expiration | Land |  | Building and Improvements |  | Lease in-place Value Intangible |  | Below Market Lease Intangible
Industrial | Indianapolis, IN | January 2019 | $ | 20,809 |  | 07/2025 | $ | 1,954 |  |  | $ | 16,820 |  |  | $ | 2,035 |  |  | $ | — |
Industrial | Atlanta, GA | February 2019 | 37,182 |  | 10/2023 | 3,253 |  |  | 30,951 |  |  | 2,978 |  |  | — |
Industrial | Dallas, TX | April 2019 | 28,201 |  | 08/2023 | 2,420 |  |  | 23,330 |  |  | 2,451 |  |  | — |
Industrial | Greenville/Spartanburg, SC | April 2019 | 33,253 |  | 01/2024 | 1,615 |  |  | 27,829 |  |  | 3,809 |  |  | — |
Industrial | Memphis, TN | May 2019 | 49,395 |  | 04/2024 | 2,646 |  |  | 40,452 |  |  | 6,297 |  |  | — |
Industrial | Memphis, TN | May 2019 | 18,316 |  | 05/2023 | 851 |  |  | 15,465 |  |  | 2,000 |  |  | — |
Industrial | Atlanta, GA | June 2019 | 45,441 |  | 05/2020 | 3,251 |  |  | 40,023 |  |  | 2,167 |  |  | — |
Industrial | Atlanta, GA | June 2019 | 27,353 |  | 05/2024 | 2,536 |  |  | 22,825 |  |  | 1,992 |  |  | — |
Industrial | Cincinnati, OH | September 2019 | 13,762 |  | 12/2023 | 544 |  |  | 12,376 |  |  | 842 |  |  | — |
Industrial | Cincinnati, OH | September 2019 | 100,288 |  | 06/2030 | 3,950 |  |  | 88,427 |  |  | 7,911 |  |  | — |
Industrial | Cincinnati, OH | September 2019 | 65,763 |  | 08/2027 | 3,123 |  |  | 60,703 |  |  | 5,392 |  |  | (3,455 | )
Industrial | Greenville/Spartanburg, SC | October 2019 | 16,817 |  | 01/2024 | 1,406 |  |  | 14,272 |  |  | 1,139 |  |  | — |
Industrial | Greenville/Spartanburg, SC | October 2019 | 15,583 |  | 04/2025 | 1,257 |  |  | 13,252 |  |  | 1,074 |  |  | — |
Industrial | Phoenix, AZ | October 2019 | 21,020 |  | 09/2026 | 3,311 |  |  | 16,013 |  |  | 1,696 |  |  | — |
Industrial | Phoenix, AZ | November 2019 | 67,079 |  | 09/2030 | 11,970 |  |  | 48,924 |  |  | 6,185 |  |  | — |
Industrial | Chicago, IL | December 2019 | 49,348 |  | 09/2029 | 3,432 |  |  | 40,947 |  |  | 4,969 |  |  | — |
Industrial | Greenville/Spartanburg, SC | December 2019 | 94,233 |  | 12/2034 | 6,959 |  |  | 78,364 |  |  | 8,910 |  |  | — |
|  |  | $ | 703,843 |  |  | $ | 54,478 |  |  | $ | 590,973 |  |  | $ | 61,847 |  |  | $ | (3,455 | )
Weighted-average life of intangible assets (years) |  |  |  |  |  |  | 8.4 |  |  | 8.0 |
In 2019, the Company invested $3,225 in a 23.6-acre land parcel in the Columbus, Ohio market and commenced construction of a 320,000 square foot warehouse/distribution facility. Also in 2019, the Company acquired an interest in a newly-formed joint venture, ATL Fairburn JV, LLC, that invested $10,088 in an 81-acre land parcel in the Atlanta, Georgia market to construct a 910,000 square foot warehouse/distribution facility. The Company has a 90% interest in the joint venture and consolidates the joint venture. 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 that is developing a distribution facility.

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