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Investments in Real Estate | 12 Months Ended
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Dec. 31, 2021
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, 2021 and 2020:
|  | 2021 |  | 2020
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 3,235,601 |  |  | $ | 3,144,176 |
Land, land estates and land improvements |  | 342,895 |  |  | 367,272 |
Construction in progress |  | 5,482 |  |  | 3,116 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 320,847 |  |  | 357,640 |
Tenant relationships |  | 13,205 |  |  | 33,327 |
Above-market leases |  | 7,351 |  |  | 18,326 |
Land held for development |  | 104,160 |  |  | — |
Investments in real estate under construction |  | 161,165 |  |  | 75,906 |
|  | 4,190,706 |  |  | 3,999,763 |
Accumulated depreciation and amortization(1) |  | (655,740) |  |  | (884,465) |
Real estate, net |  | $ | 3,534,966 |  |  | $ | 3,115,298 |
(1) Includes accumulated amortization of real estate intangible assets of $151,041 and $199,997 in 2021 and 2020, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $33,710 in 2022, $32,501 in 2023, $26,638 in 2024, $22,709 in 2025 and $19,701 in 2026. The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $14,401 and $16,531, respectively, as of December 31, 2021 and 2020. The estimated accretion for the next five years is $1,955 in 2022, $1,955 in 2023, $1,955 in 2024, $1,865 in 2025 and $1,663 in 2026. The Company completed the following acquisitions during 2021 and 2020: 2021:
| Market(1) | Acquisition/Completion Date | Initial Cost Basis | Primary Lease Expiration at Acquisition | Land |  | Building and Improvements |  | Lease in-place Value Intangible |  | Above (Below) Market Lease Intangible
| Indianapolis, IN | January 2021 | $ | 14,310 |  | 12/2024 | $ | 1,208 |  |  | $ | 12,052 |  |  | $ | 1,035 |  |  | $ | 15 |
| Indianapolis, IN | January 2021 | 14,120 |  | 08/2025 | 1,162 |  |  | 11,825 |  |  | 1,133 |  |  | — |
| Central Florida | January 2021 | 22,358 |  | 05/2031 | 1,416 |  |  | 19,910 |  |  | 1,032 |  |  | — |
| Columbus, OH(2) | March 2021 | 19,531 |  | 03/2024 | 2,800 |  |  | 16,731 |  |  | — |  |  | — |
| Houston, TX | May 2021 | 28,293 |  | 08/2028 | 4,272 |  |  | 22,296 |  |  | 1,725 |  |  | — |
| Houston, TX | May 2021 | 37,686 |  | 12/2026 | 6,489 |  |  | 28,470 |  |  | 2,727 |  |  | — |
| Houston, TX | May 2021 | 11,512 |  | 08/2024 | 1,792 |  |  | 9,089 |  |  | 631 |  |  | — |
| Cincinnati/Dayton, OH | June 2021 | 18,674 |  | 06/2023 | 1,109 |  |  | 16,477 |  |  | 1,088 |  |  | — |
| Central Florida | June 2021 | 48,593 |  | N/A | 2,610 |  |  | 45,983 |  |  | — |  |  | — |
| Greenville-Spartanburg, SC | June 2021 | 36,903 |  | 09/2025 | 2,376 |  |  | 32,121 |  |  | 2,406 |  |  | — |
| Greenville-Spartanburg, SC | June 2021 | 23,812 |  | 06/2026 | 1,329 |  |  | 21,419 |  |  | 1,064 |  |  | — |
| Greenville-Spartanburg, SC | July 2021 | 29,421 |  | 04/2029 | 2,819 |  |  | 24,508 |  |  | 2,094 |  |  | — |
| Greenville-Spartanburg, SC | July 2021 | 26,106 |  | 12/2029 | 1,169 |  |  | 23,070 |  |  | 1,867 |  |  | — |
| Greenville-Spartanburg, SC(3) | July 2021 | 18,394 |  | N/A | 1,020 |  |  | 17,374 |  |  | — |  |  | — |
| Greenville-Spartanburg, SC | July 2021 | 31,646 |  | 09/2026 | 1,710 |  |  | 27,817 |  |  | 2,119 |  |  | — |
| Columbus, OH | August 2021 | 29,265 |  | 11/2029 | 2,251 |  |  | 25,184 |  |  | 1,830 |  |  | — |
| Indianapolis, IN | October 2021 | 16,315 |  | 12/2026 | 741 |  |  | 14,488 |  |  | 1,086 |  |  | — |
| Indianapolis, IN | October 2021 | 44,479 |  | 03/2031 | 1,991 |  |  | 39,338 |  |  | 3,150 |  |  | — |
| Indianapolis, IN | October 2021 | 15,644 |  | 12/2026 | 695 |  |  | 13,958 |  |  | 991 |  |  | — |
| Atlanta, GA(2)(4) | November 2021 | 47,568 |  | 10/2028 | 7,209 |  |  | 40,359 |  |  | — |  |  | — |
| Phoenix, AZ(2) | November 2021 | 61,490 |  | 11/2036 | 11,732 |  |  | 49,758 |  |  | — |  |  | — |
| Phoenix, AZ | December 2021 | 83,517 |  | 12/2031 | 8,027 |  |  | 73,650 |  |  | 1,840 |  |  | — |
| Indianapolis, IN | December 2021 | 93,899 |  | 11/2031 | 8,335 |  |  | 80,051 |  |  | 5,513 |  |  | — |
| Atlanta, GA | December 2021 | 37,625 |  | 07/2031 | 2,006 |  |  | 33,276 |  |  | 2,343 |  |  | — |
| Atlanta, GA | December 2021 | 47,618 |  | 09/2031 | 2,497 |  |  | 42,255 |  |  | 2,866 |  |  | — |
| Atlanta, GA | December 2021 | 26,838 |  | 09/2025 | 1,465 |  |  | 23,649 |  |  | 1,724 |  |  | — |
|  |  | $ | 885,617 |  |  | $ | 80,230 |  |  | $ | 765,108 |  |  | $ | 40,264 |  |  | $ | 15 |
| Weighted-average life of intangible assets (years) |  |  |  |  |  | 7.3 |  | 3.5
(1) A land parcel located in Hebron, OH was also purchased for $371. (2) Development project substantially completed and placed into service. (3) Subsequent to acquisition, property fully leased for 5.5 years. (4) Initial basis excludes certain remaining costs, including developer partner promote. 2020:
| Market | Acquisition Date | Initial Cost Basis | Lease Expiration | Land |  | Building and Improvements |  | Lease in-place Value Intangible |  |
| Chicago, IL | January 2020 | $ | 53,642 |  | 11/2029 | $ | 3,681 |  |  | $ | 45,817 |  |  | $ | 4,144 |  |  |
| Phoenix, AZ | January 2020 | 19,164 |  | 12/2025 | 1,614 |  |  | 16,222 |  |  | 1,328 |  |  |
| Chicago, IL | January 2020 | 39,153 |  | 12/2029 | 1,788 |  |  | 34,301 |  |  | 3,064 |  |  |
| Dallas, TX | February 2020 | 83,495 |  | 08/2029 | 4,500 |  |  | 71,635 |  |  | 7,360 |  |  |
| Savannah, GA | April 2020 | 34,753 |  | 07/2027 | 1,689 |  |  | 30,346 |  |  | 2,718 |  |  |
| Dallas, TX | May 2020 | 10,731 |  | 06/2030 | 1,308 |  |  | 8,466 |  |  | 957 |  |  |
| Savannah, GA | June 2020 | 30,448 |  | 06/2025 | 2,560 |  |  | 25,697 |  |  | 2,191 |  |  |
| Savannah, GA | June 2020 | 9,130 |  | 08/2025 | 1,070 |  |  | 7,448 |  |  | 612 |  |  |
| Houston, TX | June 2020 | 20,949 |  | 04/2025 | 2,202 |  |  | 17,101 |  |  | 1,646 |  |  |
| Ocala, FL | June 2020 | 58,283 |  | 08/2030 | 4,113 |  |  | 49,904 |  |  | 4,266 |  |  |
| DC/Baltimore, MD | September 2020 | 29,143 |  | 11/2024 | 2,818 |  |  | 24,423 |  |  | 1,902 |  |  |
| Savannah, GA | September 2020 | 40,908 |  | 07/2026 | 3,775 |  |  | 34,322 |  |  | 2,811 |  |  |
| Phoenix, AZ | November 2020 | 87,820 |  | 03/2033 | 10,733 |  |  | 69,491 |  |  | 7,596 |  |  |
| Dallas, TX | December 2020 | 44,030 |  | 10/2024 | 3,938 |  |  | 37,185 |  |  | 2,907 |  |  |
| Greenville-Spartanburg, SC | December 2020 | 18,595 |  | 02/2031 | 1,186 |  |  | 15,814 |  |  | 1,595 |  |  |
| 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 |  |
As of December 31, 2021, the details of the development arrangements outstanding are as follows (in $000's, except square feet):
Project (% owned) | # of Buildings | Market | Estimated Sq. Ft. | Estimated Project Cost | GAAP Investment Balance as of 12/31/2021 | Amount Funded as of 12/31/2021(4) | Estimated Building Completion Date | % Leased as of 12/31/2021 |
The Cubes at Etna East (95%)(1)(2) | 1 | Columbus, OH | 1,074,840 |  | $ | 72,100 |  | $ | 33,002 |  | $ | 22,471 |  | 2Q 2022 | — | % |
Mt. Comfort (80%)(1) | 1 | Indianapolis, IN | 1,053,360 |  | 60,300 |  | 30,012 |  | 21,977 |  | 3Q 2022 | — | % |
Cotton 303 (93%)(1) | 2 | Phoenix, AZ | 880,678 |  | 84,200 |  | 30,263 |  | 24,475 |  | 3Q 2022 | — | % |
Ocala (80%)(1) | 1 | Central Florida | 1,085,280 |  | 80,900 |  | 32,186 |  | 21,186 |  | 3Q 2022 | — | % |
Smith Farms (90%)(1)(3) | 3 | Greenville-Spartanburg, SC | 2,194,820 |  | 162,100 |  | 35,702 |  | 21,433 |  | 4Q 2022 - 2Q 2023 | 36 | % |
|  |  |  | $ | 459,600 |  | $ | 161,165 |  | $ | 111,542 |  |  |  |
(1)Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote. (2)Land parcel distributed from the Etna Park 70 East joint venture during the fourth quarter. (3)Preleased one 797,936 square foot facility subject to a 12-year lease commencing upon substantial completion of the facility. (4)Excludes noncontrolling interests' share. As of December 31, 2021, the Company's aggregate investment in five consolidated development arrangements was $161,165, which included capitalized interest of $1,114 for the year ended December 31, 2021 and is presented as investments in real estate under construction in the accompanying consolidated balance sheets. In December 2021, the Company acquired ownership interests of 95.5% and 80% in two newly-formed consolidated joint ventures, Lex Reems & Olive, LLC and Hancock 14 RRL, LLC, respectively. Lex Reems & Olive, LLC invested $100,875 in a 420-acre land parcel in the Phoenix, Arizona market. Hancock 14 RRL, LLC invested $3,285 in a 73-acre land parcel in the Indianapolis, Indiana market. The land parcels are classified as land held for development in the consolidated balance sheets.

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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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