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Investments in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2020
Real Estate Investments, Net [Abstract] |
Schedule of Net Real Estate | The Company's real estate, net, consists of the following at December 31, 2020 and 2019:
|  | 2020 |  | 2019
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 3,144,176 |  |  | $ | 2,962,982 |
Land, land estates and land improvements |  | 367,272 |  |  | 355,697 |
Construction in progress |  | 3,116 |  |  | 1,895 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 357,640 |  |  | 339,154 |
Tenant relationships |  | 33,327 |  |  | 42,396 |
Above-market leases |  | 18,326 |  |  | 28,206 |
Investments in real estate under construction |  | 75,906 |  |  | 13,313 |
|  | 3,999,763 |  |  | 3,743,643 |
Accumulated depreciation and amortization(1) |  | (884,465) |  |  | (887,629) |
Real estate, net |  | $ | 3,115,298 |  |  | $ | 2,856,014 |
(1) Includes accumulated amortization of real estate intangible assets of $199,997 and $212,033 in 2020 and 2019, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $32,240 in 2021, $30,559 in 2022, $29,560 in 2023, $23,801 in 2024 and $19,802 in 2025. As of December 31, 2020, the details of the development arrangements outstanding are as follows (in $000's, except square feet):
Project (% owned) | Market | Property Type | Estimated Sq. Ft. | Estimated Project Cost | GAAP Investment Balance as of 12/31/2020 | Amount Funded as of 12/31/2020 | Estimated Completion Date | % Leased as of 12/31/2020 | Approximate Lease Term (Years)
KeHE Distributors, BTS (100%) | Phoenix, AZ | Industrial | 468,182 |  | $ | 72,000 |  | $ | 19,609 |  | $ | 17,766 |  | 3Q 2021 | 100 | % | 15
Fairburn JV (90%)(1) | Atlanta, GA | Industrial | 910,000 |  | 53,812 |  | 39,824 |  | 33,195 |  | 1Q 2021 | 0 | % | TBD
Rickenbacker (100%) | Columbus, OH | Industrial | 320,190 |  | 20,300 |  | 16,473 |  | 12,225 |  | 2Q 2021 | 100 | % | 3
|  |  |  | $ | 146,112 |  | $ | 75,906 |  | $ | 63,186 |  |  |  |
(1) Estimated project cost excludes potential developer partner promote.
Schedule of Acquired Properties | The Company completed the following acquisitions during 2020 and 2019: 2020:
Property Type | Market | Acquisition Date | Initial Cost Basis | Lease Expiration | Land |  | Building and Improvements |  | Lease in-place Value Intangible |  |
Industrial | Chicago, IL | January 2020 | $ | 53,642 |  | 11/2029 | $ | 3,681 |  |  | $ | 45,817 |  |  | $ | 4,144 |  |  |
Industrial | Phoenix, AZ | January 2020 | 19,164 |  | 12/2025 | 1,614 |  |  | 16,222 |  |  | 1,328 |  |  |
Industrial | Chicago, IL | January 2020 | 39,153 |  | 12/2029 | 1,788 |  |  | 34,301 |  |  | 3,064 |  |  |
Industrial | Dallas, TX | February 2020 | 83,495 |  | 08/2029 | 4,500 |  |  | 71,635 |  |  | 7,360 |  |  |
Industrial | Savannah, GA | April 2020 | 34,753 |  | 07/2027 | 1,689 |  |  | 30,346 |  |  | 2,718 |  |  |
Industrial | Dallas, TX | May 2020 | 10,731 |  | 06/2030 | 1,308 |  |  | 8,466 |  |  | 957 |  |  |
Industrial | Savannah, GA | June 2020 | 30,448 |  | 06/2025 | 2,560 |  |  | 25,697 |  |  | 2,191 |  |  |
Industrial | Savannah, GA | June 2020 | 9,130 |  | 08/2025 | 1,070 |  |  | 7,448 |  |  | 612 |  |  |
Industrial | Houston, TX | June 2020 | 20,949 |  | 04/2025 | 2,202 |  |  | 17,101 |  |  | 1,646 |  |  |
Industrial | Ocala, FL | June 2020 | 58,283 |  | 08/2030 | 4,113 |  |  | 49,904 |  |  | 4,266 |  |  |
Industrial | DC/Baltimore, MD | September 2020 | 29,143 |  | 11/2024 | 2,818 |  |  | 24,423 |  |  | 1,902 |  |  |
Industrial | Savannah, GA | September 2020 | 40,908 |  | 07/2026 | 3,775 |  |  | 34,322 |  |  | 2,811 |  |  |
Industrial | Phoenix, AZ | November 2020 | 87,820 |  | 03/2033 | 10,733 |  |  | 69,491 |  |  | 7,596 |  |  |
Industrial | Dallas, TX | December 2020 | 44,030 |  | 10/2024 | 3,938 |  |  | 37,185 |  |  | 2,907 |  |  |
Industrial | Greenville/Spartanburg, SC | December 2020 | 18,595 |  | 02/2031 | 1,186 |  |  | 15,814 |  |  | 1,595 |  |  |
Industrial | Dallas, TX | December 2020 | 31,556 |  | 01/2030 | 3,847 |  |  | 25,038 |  |  | 2,671 |  |  |
|  |  | $ | 611,800 |  |  | $ | 50,822 |  |  | $ | 513,210 |  |  | $ | 47,768 |  |  |
Weighted-average life of intangible assets (years) |  |  |  |  |  |  | 8.7 |  |
2019:
|  |  |  |  |  |  |  |  | Real Estate Intangibles
Property Type | Location | 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

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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