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Investments in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2019
Real Estate Investments, Net [Abstract]  
Schedule of Net Real Estate
The Company's real estate, net, consists of the following at December 31, 2019 and 2018:
 
 
2019
 
2018
Real estate, at cost:
 
 
 
 
Buildings and building improvements
 
$
2,962,982

 
$
2,746,446

Land, land estates and land improvements
 
355,697

 
341,848

Construction in progress
 
1,895

 
1,840

Real estate intangibles:
 
 
 
 
In-place lease values
 
339,154

 
331,607

Tenant relationships
 
42,396

 
54,662

Above-market leases
 
28,206

 
33,343

Investments in real estate under construction
 
13,313

 
—

 
 
3,743,643

 
3,509,746

Accumulated depreciation and amortization(1)
 
(887,629
)
 
(954,087
)
Real estate, net
 
$
2,856,014

 
$
2,555,659

(1)
Includes accumulated amortization of real estate intangible assets of $212,033 and $231,443 in 2019 and 2018, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $28,634 in 2020, $26,647 in 2021, $24,640 in 2022, $23,487 in 2023 and $18,270 in 2024.
Schedule of Acquired Properties
The Company completed the following acquisitions during 2019 and 2018:
2019:
 
 
 
 
 
 
 
 
 
Real Estate Intangibles
Property Type
Market
Acquisition Date
Initial
Cost
Basis
Lease
Expiration
Land
 
Building and Improvements
 
Lease in-place Value Intangible
 
Below Market Lease Intangible
Industrial
Indianapolis, IN
January 2019
$
20,809

07/2025
$
1,954

 
$
16,820

 
$
2,035

 
$
—

Industrial
Atlanta, GA
February 2019
37,182

10/2023
3,253

 
30,951

 
2,978

 
—

Industrial
Dallas, TX
April 2019
28,201

08/2023
2,420

 
23,330

 
2,451

 
—

Industrial
Greenville/Spartanburg, SC
April 2019
33,253

01/2024
1,615

 
27,829

 
3,809

 
—

Industrial
Memphis, TN
May 2019
49,395

04/2024
2,646

 
40,452

 
6,297

 
—

Industrial
Memphis, TN
May 2019
18,316

05/2023
851

 
15,465

 
2,000

 
—

Industrial
Atlanta, GA
June 2019
45,441

05/2020
3,251

 
40,023

 
2,167

 
—

Industrial
Atlanta, GA
June 2019
27,353

05/2024
2,536

 
22,825

 
1,992

 
—

Industrial
Cincinnati, OH
September 2019
13,762

12/2023
544

 
12,376

 
842

 
—

Industrial
Cincinnati, OH
September 2019
100,288

06/2030
3,950

 
88,427

 
7,911

 
—

Industrial
Cincinnati, OH
September 2019
65,763

08/2027
3,123

 
60,703

 
5,392

 
(3,455
)
Industrial
Greenville/Spartanburg, SC
October 2019
16,817

01/2024
1,406

 
14,272

 
1,139

 
—

Industrial
Greenville/Spartanburg, SC
October 2019
15,583

04/2025
1,257

 
13,252

 
1,074

 
—

Industrial
Phoenix, AZ
October 2019
21,020

09/2026
3,311

 
16,013

 
1,696

 
—

Industrial
Phoenix, AZ
November 2019
67,079

09/2030
11,970

 
48,924

 
6,185

 
—

Industrial
Chicago, IL
December 2019
49,348

09/2029
3,432

 
40,947

 
4,969

 
—

Industrial
Greenville/Spartanburg, SC
December 2019
94,233

12/2034
6,959

 
78,364

 
8,910

 
—

 
 
 
$
703,843

 
$
54,478

 
$
590,973

 
$
61,847

 
$
(3,455
)
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average life of intangible assets (years)
 
 
 
 
 
 
8.4

 
8.0


In 2019, the Company invested $3,225 in a 23.6-acre land parcel in the Columbus, Ohio market and commenced construction of a 320,000 square foot warehouse/distribution facility.
Also in 2019, the Company acquired an interest in a newly-formed joint venture, ATL Fairburn JV, LLC, that invested $10,088 in an 81-acre land parcel in the Atlanta, Georgia market to construct a 910,000 square foot warehouse/distribution facility. The Company has a 90% interest in the joint venture and consolidates the joint venture.
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 that is developing a distribution facility.