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Investments in Real Estate | 12 Months Ended
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Dec. 31, 2020
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, 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. The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $16,531 and $19,090, respectively, as of December 31, 2020 and 2019. The estimated accretion for the next five years is $2,201 in 2021, $1,931 in 2022, $1,931 in 2023, $1,931 in 2024 and $1,865 in 2025. 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
As of December 31, 2020, the Company's Investments in real estate under construction consisted of two consolidated development projects and one build-to-suit development project. As of December 31, 2020, the Company's aggregate investment in the development arrangements was $75,906, which included capitalized interest of $1,053 for the year ended December 31, 2020 and is presented as investments in real estate under construction in the accompanying consolidated balance sheets. As of December 31, 2019, capitalized interest for the development arrangements was nominal. 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.

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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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