Real Estate Investments, Net and Intangible Assets and Liabilities, Net (Tables)
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3 Months Ended |
Mar. 31, 2020 |
Real Estate [Abstract] |
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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 |
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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 |
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(1) See Note 5 - Leases for additional information on finance leases - right of use assets.
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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 |
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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 |
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