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Investments in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2018
Real Estate Investments, Net [Abstract]  
Schedule of Net Real Estate
The Company's real estate, net, consists of the following at December 31, 2018 and 2017:
 
 
2018
 
2017
Real estate, at cost:
 
 
 
 
Buildings and building improvements
 
$
2,746,446

 
$
3,476,022

Land, land estates and land improvements
 
341,848

 
456,134

Fixtures and equipment
 
—

 
84

Construction in progress
 
1,840

 
4,219

Real estate intangibles:
 
 
 
 
In-place lease values
 
331,607

 
461,624

Tenant relationships
 
54,662

 
97,223

Above-market leases
 
33,343

 
40,244

 
 
3,509,746

 
4,535,550

Accumulated depreciation and amortization(1)
 
(954,087
)
 
(1,225,650
)
Real estate, net
 
$
2,555,659

 
$
3,309,900

(1)
Includes accumulated amortization of real estate intangible assets of $231,443 and $334,681 in 2018 and 2017, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $24,021 in 2019, $21,442 in 2020, $19,501 in 2021, $17,448 in 2022 and $17,065 in 2023.
Schedule of Acquired Properties
The Company completed the following acquisitions and build-to-suit transactions during 2018 and 2017:
2018:
 
 
 
 
 
 
 
 
 
Real Estate Intangibles
Property Type
Location
Acquisition Date
Initial
Cost
Basis
Lease Expiration
Land and Land Estate
 
Building and Improvements
 
Lease in-place Value Intangible
 
Below Market Lease Intangible
Industrial
Olive Branch, MS
April 2018
$
44,090

07/2029
$
1,958

 
$
38,687

 
$
3,445

 
$
—

Industrial
Olive Branch, MS
April 2018
48,575

06/2021
2,500

 
42,538

 
5,151

 
(1,614
)
Industrial
Edwardsville, IL
June 2018
44,178

05/2030
3,649

 
41,292

 
3,467

 
(4,230
)
Industrial
Spartanburg, SC
August 2018
27,632

07/2024
1,447

 
23,744

 
2,441

 
—

Industrial
Pasadena, TX
August 2018
23,868

08/2023
4,057

 
17,810

 
2,001

 
—

Industrial
Carrollton, TX
September 2018
19,564

12/2033
3,228

 
15,766

 
1,247

 
(677
)
Industrial
Goodyear, AZ
November 2018
41,372

04/2026
5,247

 
36,115

 
2,014

 
(2,004
)
Industrial
Chester, VA
December 2018
66,311

06/2030
8,544

 
53,067

 
6,832

 
(2,132
)
 
 
 
$
315,590

 
$
30,630

 
$
269,019

 
$
26,598

 
$
(10,657
)
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average life of intangible assets (years)
 
 
 
 
 
 
8.4

 
9.4


In addition, the Company acquired a 57-acre parcel of land from a non-consolidated joint venture and leased the parcel to a tenant to develop an industrial property.
2017:

 
 
 
 
 
 
 
 
 
Real Estate Intangibles
Property Type
Location
Acquisition Date
Initial
Cost
Basis
Lease Expiration
Land and Land Estate
 
Building and Improvements
 
Lease in-place Value Intangible
 
Below Market Lease Intangible
Office
Lake Jackson, TX(1)
January 2017
$
70,401

10/2036
$
3,078

 
$
67,323

 
$
—

 
$
—

Industrial
New Century, KS
February 2017
12,056

01/2027
—

 
13,198

 
1,648

 
(2,790
)
Industrial
Lebanon, IN
February 2017
36,194

01/2024
2,100

 
29,443

 
4,651

 
—

Office
Charlotte, NC(2)
April 2017
61,339

04/2032
3,771

 
47,064

 
10,504

 
—

Industrial
Cleveland, TN
May 2017
34,400

03/2024
1,871

 
29,743

 
2,786

 
—

Industrial
Grand Prairie, TX
June 2017
24,317

03/2037
3,166

 
17,985

 
3,166

 
—

Industrial
San Antonio, TX
June 2017
45,507

04/2027
1,311

 
36,644

 
7,552

 
—

Industrial
Opelika, AL
July 2017
37,269

05/2042
134

 
33,183

 
3,952

 
—

Industrial
McDonough, GA
August 2017
66,700

01/2028
5,441

 
52,762

 
8,497

 
—

Industrial
Byhalia, MS
September 2017
36,590

09/2027
1,751

 
31,236

 
3,603

 
—

Industrial
Jackson, TN
September 2017
57,920

10/2027
1,454

 
49,026

 
7,440

 
—

Industrial
Smyrna, TN
September 2017
104,890

04/2027
1,793

 
93,940

 
9,157

 
—

Industrial
Lafayette, IN
October 2017
17,450

09/2024
662

 
15,578

 
1,210

 
—

Industrial
Romulus, MI
November 2017
38,893

08/2032
2,438

 
33,786

 
2,669

 
—

Industrial
Warren, MI
November 2017
46,955

10/2032
972

 
42,521

 
3,462

 
—

Industrial
Winchester, VA
December 2017
36,700

12/2031
1,988

 
32,501

 
2,211

 
—

 
 
 
$
727,581

 
$
31,930

 
$
625,933

 
$
72,508

 
$
(2,790
)
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average life of intangible assets (years)
 
 
 
 
 
 
12.2

 
14.9


(1)
Completed the construction of the final building of a four-building project. Initial cost basis excludes developer partner payout of $7,951.
(2)
Sold to newly-formed joint venture in 2018. See note 7.