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Real Estate Investments and Related Intangibles (Tables)
 6 Months Ended
Jun. 30, 2021
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):
Six Months Ended June 30,
20212020
Real estate investments, at cost:
Land
$61,668 $19,953 
Buildings, fixtures and improvements
181,458 95,728 
Total tangible assets
243,126 115,681 
Acquired intangible assets:
In-place leases and other intangibles (1)
29,708 15,739 
Above-market leases (2)
48,776 15,701 
Assumed intangible liabilities:
Below-market leases (3)
(2,726)— 
Total purchase price of assets acquired
$318,884 $147,121 
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(1)The weighted average amortization period for acquired in-place leases and other intangibles is 15.5 years and 18.1 years for 2021 Acquisitions and 2020 Acquisitions, respectively.
(2)The weighted average amortization period for acquired above-market leases is 17.4 years and 20.1 years for 2021 Acquisitions and 2020 Acquisitions, respectively.
(3)The weighted average amortization period for assumed below-market leases is 19.9 years for 2021 Acquisitions.
Schedule of intangible assets
Intangible lease assets and liabilities of the Company consisted of the following as of June 30, 2021 and December 31, 2020 (amounts in thousands, except weighted-average useful life):
Weighted-Average Useful LifeJune 30, 2021December 31, 2020
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $825,921 and $810,597, respectively
17.5$715,226 $745,026 
Leasing commissions, net of accumulated amortization of $8,679 and $7,565, respectively
9.716,471 16,042 
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $131,756 and $125,455, respectively
27.0210,125 167,776 
Total intangible lease assets, net$941,822 $928,844 
Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $111,352 and $106,504, respectively
20.0$115,831 $120,938 
Schedule of intangible liabilities
Intangible lease assets and liabilities of the Company consisted of the following as of June 30, 2021 and December 31, 2020 (amounts in thousands, except weighted-average useful life):
Weighted-Average Useful LifeJune 30, 2021December 31, 2020
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $825,921 and $810,597, respectively
17.5$715,226 $745,026 
Leasing commissions, net of accumulated amortization of $8,679 and $7,565, respectively
9.716,471 16,042 
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $131,756 and $125,455, respectively
27.0210,125 167,776 
Total intangible lease assets, net$941,822 $928,844 
Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $111,352 and $106,504, respectively
20.0$115,831 $120,938 
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 June 30, 2021 (in thousands):
Remainder of 2021
20222023202420252026
In-place leases and other intangibles:
Total projected to be included in amortization expense
$52,910 $94,296 $84,846 $75,829 $63,870 $57,575 
Leasing commissions:
Total projected to be included in amortization expense
1,421 2,666 2,375 2,162 1,902 1,667 
Above-market lease assets and deferred lease incentives:
Total projected to be deducted from rental revenue
10,726 21,279 20,374 19,014 17,548 15,488 
Below-market lease liabilities:
Total projected to be included in rental revenue
6,995 13,145 12,464 10,673 9,456 8,921 
Schedule of equity method investments
The following is a summary of the Company’s investments in unconsolidated entities as of June 30, 2021 and December 31, 2020 and for the six months ended June 30, 2021 and 2020 (dollar amounts in thousands):
Ownership % (1)
Number of PropertiesCarrying Amount of
Investment		Equity in Income
Six Months Ended
InvestmentJune 30, 2021June 30, 2021December 31, 2020June 30, 2021June 30, 2020
Industrial Partnership20%7$42,697 $45,378 $501 $347 
Office Partnership (2)
20%514,964 13,435 410 199 
Faison JV Bethlehem GA (3)
—%—— — — 1,197 
Total unconsolidated joint ventures$57,661 $58,813 $911 $1,743 
Preferred equity (4)
22,826 22,826 — — 
Total investment in unconsolidated entities$80,487 $81,639 $911 $1,743 
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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)During the six months ended June 30, 2021, the office partnership acquired one property from a third party for a purchase price of $26.4 million.
(3)During the six months ended June 30, 2020, the Company had a 90% ownership interest in one property. On October 30, 2020, the Company closed on the purchase of the joint venture partner’s 10% ownership interest.
(4)Represents a preferred equity interest in the development of one distribution center in which the Company is entitled to receive a cumulative preferred return of 9% per year on its contributions of $22.8 million. The Company has no further obligation to make additional contributions.