Note 2 - Real Estate

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Real Estate Disclosure [Text Block]

2. Real Estate:

The Company’s components of Real estate, net consist of the following (in thousands):

	December 31,
	201 8			201 7
Land:
Developed land	$	2,783,959		$	2,971,020
Undeveloped land		38,732			48,264
Total land		2,822,691			3,019,284
Buildings and improvements:
Buildings		5,697,269			6,047,413
Building improvements		1,696,440			1,653,581
Tenant improvements		730,623			753,501
Fixtures and leasehold improvements		42,635			45,795
Above-market leases		133,913			153,484
In-place leases and tenant relationships		512,235			577,870
Total buildings and improvements		8,813,115			9,231,644
Real estate		11,635,806			12,250,928
Accumulated depreciation and amortization (1)		(2,385,287	)		(2,433,053	)
Total real estate, net	$	9,250,519		$	9,817,875

( 1 ) At December 31, 2018 and 2017, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $466,576 and $459,211, respectively.

In addition, at

December 31, 2018

and

2017,

the Company had intangible liabilities relating to below-market leases from property acquisitions of

$288.4

million and

$329.3

million, respectively, net of accumulated amortization of

$196.4

million and

$184.5

million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets.  

The Company’s amortization associated with above-market and below-market leases for the years ended

December 31, 2018,

2017

and

2016

 resulted in net increases to revenue of

$14.9

million,

$15.5

million and

$21.4

million, respectively. The Company’s amortization expense associated with in-place leases and tenant relationships, which is included in depreciation and amortization, for the years ended

December 31, 2018,

2017

and

2016

was

$47.4

million,

$62.7

million and

$66.6

million, respectively.

The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases, tenant relationships and in-place leases for the next

five

years are as follows (in millions):

	201 9			20 20			202 1			202 2			202 3
Above-market and below-market leases amortization, net	$	13.4		$	13.5		$	13.8		$	12.8		$	12.5
In-place leases and tenant relationships amortization	$	(32.4	)	$	(24.7	)	$	(19.1	)	$	(14.6	)	$	(10.9	)