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Real Estate Investments, Net and Intangible Assets and Liabilities, Net (Tables)
3 Months Ended
Mar. 31, 2020
Real Estate [Abstract]  
Schedule of Real Estate Investments, Net
Real estate investments, net, which consist of land, buildings and improvements leased to others subject to net operating leases and those utilized in the operations of Kerrow Restaurant Operating Business are summarized as follows:
 
 
March 31,
 
December 31,
(In thousands)
 
2020
 
2019
Land
 
$
712,647

 
$
690,575

Buildings and improvements
 
1,152,563

 
1,142,275

Equipment
 
135,058

 
134,884

Total gross real estate investments
 
2,000,268

 
1,967,734

Less: Accumulated depreciation
 
(641,397
)
 
(635,630
)
Total real estate investments, net
 
1,358,871

 
1,332,104

Intangible lease assets, net
 
62,573

 
57,917

Total Real Estate Investments and Intangible Lease Assets, Net
 
$
1,421,444

 
$
1,390,021


Schedule of Intangible Assets
The following tables detail intangible lease assets and liabilities.
 
 
March 31,
 
December 31,
(In thousands)
 
2020
 
2019
Acquired in-place lease intangibles
 
$
42,105

 
$
38,844

Above-market leases
 
8,757

 
7,754

Finance leases - right of use asset (1)
 
18,007

 
16,063

Total
 
68,869

 
62,661

Less: Accumulated amortization
 
(6,296
)
 
(4,744
)
Intangible Lease Assets, Net
 
$
62,573

 
$
57,917


(1)    See Note 5 - Leases for additional information on finance leases - right of use assets.
Schedule of Intangible Liabilities
 
 
March 31,
 
December 31,
(In thousands)
 
2020
 
2019
Below-market leases
 
$
2,978

 
$
1,923

Less: Accumulated amortization
 
(254
)
 
(155
)
Intangible Lease Liabilities, Net
 
$
2,724

 
$
1,768


Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents the estimated impact during the next five years and thereafter related to the amortization of in-place lease intangibles, and above-market and below-market lease intangibles for properties held for investment at March 31, 2020.
(In thousands)
 
March 31, 2020
2020 (nine months)
 
$
4,635

2021
 
5,773

2022
 
5,220

2023
 
4,292

2024
 
3,729

Thereafter
 
18,193

Total Future Amortization
 
$
41,842