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Real Estate Investments and Related Intangibles (Tables)
 9 Months Ended
Sep. 30, 2020
Real Estate [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table presents the allocation of the fair values of the assets acquired and liabilities assumed during the periods presented (in thousands):
Nine Months Ended September 30,
20202019
Real estate investments, at cost:
Land
$19,953 $47,749 
Buildings, fixtures and improvements
95,728 181,904 
Total tangible assets
115,681 229,653 
Acquired intangible assets:
In-place leases and other intangibles (1)
15,739 31,062 
Above-market leases (2)
15,701 — 
Total purchase price of assets acquired
$147,121 $260,715 
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(1)The weighted average amortization period for acquired in-place leases and other intangibles is 18.1 years and 15.2 years for 2020 Acquisitions and 2019 Acquisitions, respectively.
(2)The weighted average amortization period for acquired above-market leases is 20.1 years for 2020 Acquisitions.
Schedule of Intangible Assets
Intangible lease assets and liabilities of the Company consisted of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands, except weighted-average useful life):
Weighted-Average Useful LifeSeptember 30, 2020December 31, 2019
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $802,778 and $748,689, respectively
16.3$755,914 $854,196 
Leasing commissions, net of accumulated amortization of $7,011 and $6,027, respectively
9.317,221 17,808 
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $124,953 and $112,438, respectively
16.9165,022 165,483 
Total intangible lease assets, net$938,157 $1,037,487 
Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $103,156 and $99,315, respectively
19.6$124,009 $143,583 
Schedule of Intangible Liabilities
Intangible lease assets and liabilities of the Company consisted of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands, except weighted-average useful life):
Weighted-Average Useful LifeSeptember 30, 2020December 31, 2019
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $802,778 and $748,689, respectively
16.3$755,914 $854,196 
Leasing commissions, net of accumulated amortization of $7,011 and $6,027, respectively
9.317,221 17,808 
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $124,953 and $112,438, respectively
16.9165,022 165,483 
Total intangible lease assets, net$938,157 $1,037,487 
Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $103,156 and $99,315, respectively
19.6$124,009 $143,583 
Schedule of Amortization Expense and Adjustments to Rental Income
The following table provides the projected amortization expense and adjustments to rental revenue related to the intangible lease assets and liabilities for the next five years as of September 30, 2020 (in thousands):
Remainder of 202020212022202320242025
In-place leases and other intangibles:
Total projected to be included in amortization expense
$28,521 $105,740 $93,571 $83,429 $73,162 $61,187 
Leasing commissions:
Total projected to be included in amortization expense
705 2,776 2,632 2,357 2,140 1,871 
Above-market lease assets and deferred lease incentives:
Total projected to be deducted from rental revenue
4,978 19,492 18,683 17,740 16,369 14,902 
Below-market lease liabilities:
Total projected to be included in rental revenue
4,004 13,964 13,135 12,413 10,566 9,347 
Investment in Unconsolidated Joint Ventures
The following is a summary of the Company’s investments in unconsolidated joint ventures as of September 30, 2020 and December 31, 2019 and for the nine months ended September 30, 2020 and 2019 (dollar amounts in thousands):
Carrying Amount of
Investment		Equity in Income
Nine Months Ended
Investment
Ownership % (1)
Number of PropertiesSeptember 30, 2020December 31, 2019September 30, 2020September 30, 2019
Faison JV Bethlehem GA (2)
90%1$40,533 $40,416 $1,442 $1,583 
Industrial Partnership (3)
20%746,024 28,409 584 99 
Office Partnership (4)
20%413,782 — 380 — 
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(1)The Company’s ownership interest reflects its legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed properties because of various provisions in certain joint venture agreements regarding capital contributions, distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests.
(2)The total carrying amount of the investment was greater than the underlying equity in net assets by $4.3 million and $4.7 million as of September 30, 2020 and December 31, 2019, respectively. This difference relates to a purchase price allocation of goodwill and a step up in fair value of the investment asset acquired in connection with mergers. The step up in fair value was allocated to the individual investment asset and is being amortized in accordance with the Company’s depreciation policy. On September 18, 2020, the Faison JV Bethlehem GA joint venture partner exercised its put option to require the Company to purchase its 10% ownership interest in the joint venture on or before November 4, 2020.
(3)During the nine months ended September 30, 2020, the industrial partnership acquired one property from a third party for a purchase price of $246.8 million.
(4)During the nine months ended September 30, 2020, the office partnership acquired one property from a third party for a purchase price of $33.1 million.