Note 2 - Real Estate

12 Months Ended

Dec. 31, 2020

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,
	2020			2019
Land:
Developed land	$	2,758,936		$	2,759,232
Undeveloped land		22,952			28,923
Total land		2,781,888			2,788,155
Buildings and improvements:
Buildings		5,911,602			5,661,306
Building improvements		1,918,641			1,840,580
Tenant improvements		820,027			771,498
Fixtures and leasehold improvements		32,123			31,563
Above-market leases		125,858			128,854
In-place leases		473,016			487,150
Total buildings and improvements		9,281,267			8,920,951
Real estate		12,063,155			11,709,106
Accumulated depreciation and amortization (1)		(2,717,114	)		(2,500,053	)
Total real estate, net	$	9,346,041		$	9,209,053

(1) At December 31, 2020 and 2019, the Company had accumulated amortization relating to in-place leases and above-market leases aggregating $499,022 and $485,040, respectively.

In addition, at December 31, 2020 and 2019, the Company had intangible liabilities relating to below-market leases from property acquisitions of $231.3 million and $259.3 million, respectively, net of accumulated amortization of $219.6 million and $207.0 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, 2020, 2019 and 2018 resulted in net increases to revenue of $22.5 million, $20.0 million and $14.9 million, respectively. The Company’s amortization expense associated with in-place leases, which is included in depreciation and amortization, for the years ended December 31, 2020, 2019 and 2018 was $26.3 million, $33.1 million and $47.4 million, respectively.

The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases and in-place leases for the next five years are as follows (in millions):

	2021			2022			2023			2024			2025
Above-market and below-market leases amortization, net	$	12.1		$	12.2		$	11.3		$	11.0		$	11.2
In-place leases amortization	$	(23.1	)	$	(17.8	)	$	(13.5	)	$	(10.3	)	$	(7.5	)