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Investments in Real Estate
 12 Months Ended
Dec. 31, 2020
Real Estate Investments, Net [Abstract]  
Investments in Real Estate Investments in Real Estate
The Company's real estate, net, consists of the following at December 31, 2020 and 2019:
20202019
Real estate, at cost:
Buildings and building improvements
$3,144,176 $2,962,982 
Land, land estates and land improvements
367,272 355,697 
Construction in progress
3,116 1,895 
Real estate intangibles:
In-place lease values
357,640 339,154 
Tenant relationships
33,327 42,396 
Above-market leases
18,326 28,206 
Investments in real estate under construction75,906 13,313 
3,999,763 3,743,643 
Accumulated depreciation and amortization(1)
(884,465)(887,629)
Real estate, net $3,115,298 $2,856,014 
(1)    Includes accumulated amortization of real estate intangible assets of $199,997 and $212,033 in 2020 and 2019, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $32,240 in 2021, $30,559 in 2022, $29,560 in 2023, $23,801 in 2024 and $19,802 in 2025.

The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $16,531 and $19,090, respectively, as of December 31, 2020 and 2019. The estimated accretion for the next five years is $2,201 in 2021, $1,931 in 2022, $1,931 in 2023, $1,931 in 2024 and $1,865 in 2025.
The Company completed the following acquisitions during 2020 and 2019:
2020:
Property TypeMarketAcquisition DateInitial
Cost
Basis		Lease
Expiration		LandBuilding and ImprovementsLease in-place Value Intangible
IndustrialChicago, ILJanuary 2020$53,642 11/2029$3,681 $45,817 $4,144 
IndustrialPhoenix, AZJanuary 202019,164 12/20251,614 16,222 1,328 
IndustrialChicago, ILJanuary 202039,153 12/20291,788 34,301 3,064 
IndustrialDallas, TXFebruary 202083,495 08/20294,500 71,635 7,360 
IndustrialSavannah, GAApril 202034,753 07/20271,689 30,346 2,718 
IndustrialDallas, TXMay 202010,731 06/20301,308 8,466 957 
IndustrialSavannah, GAJune 202030,448 06/20252,560 25,697 2,191 
IndustrialSavannah, GAJune 20209,130 08/20251,070 7,448 612 
IndustrialHouston, TXJune 202020,949 04/20252,202 17,101 1,646 
IndustrialOcala, FLJune 202058,283 08/20304,113 49,904 4,266 
IndustrialDC/Baltimore, MDSeptember 202029,143 11/20242,818 24,423 1,902 
IndustrialSavannah, GASeptember 202040,908 07/20263,775 34,322 2,811 
IndustrialPhoenix, AZNovember 202087,820 03/203310,733 69,491 7,596 
IndustrialDallas, TXDecember 202044,030 10/20243,938 37,185 2,907 
IndustrialGreenville/Spartanburg, SCDecember 202018,595 02/20311,186 15,814 1,595 
Industrial Dallas, TX December 202031,556 01/20303,847 25,038 2,671 
$611,800 $50,822 $513,210 $47,768 
Weighted-average life of intangible assets (years)8.7
2019:
Real Estate Intangibles
Property TypeLocationAcquisition DateInitial
Cost
Basis		Lease ExpirationLand Building and ImprovementsLease in-place Value IntangibleBelow Market Lease Intangible
IndustrialIndianapolis, INJanuary 2019$20,809 07/2025$1,954 $16,820 $2,035 $— 
IndustrialAtlanta, GAFebruary 201937,182 10/20233,253 30,951 2,978 — 
IndustrialDallas, TXApril 201928,201 08/20232,420 23,330 2,451 — 
IndustrialGreenville/Spartanburg, SCApril 201933,253 01/20241,615 27,829 3,809 — 
IndustrialMemphis, TNMay 201949,395 04/20242,646 40,452 6,297 — 
IndustrialMemphis, TNMay 201918,316 05/2023851 15,465 2,000 — 
IndustrialAtlanta, GAJune 201945,441 05/20203,251 40,023 2,167 — 
IndustrialAtlanta, GAJune 201927,353 05/20242,536 22,825 1,992 — 
IndustrialCincinnati, OHSeptember 201913,762 12/2023544 12,376 842 — 
IndustrialCincinnati, OHSeptember 2019100,288 06/20303,950 88,427 7,911 — 
IndustrialCincinnati, OHSeptember 201965,763 08/20273,123 60,703 5,392 (3,455)
IndustrialGreenville/Spartanburg, SCOctober 201916,817 01/20241,406 14,272 1,139 — 
IndustrialGreenville/Spartanburg, SCOctober 201915,583 04/20251,257 13,252 1,074 — 
IndustrialPhoenix, AZOctober 201921,020 09/20263,311 16,013 1,696 — 
IndustrialPhoenix, AZNovember 201967,079 09/203011,970 48,924 6,185 — 
IndustrialChicago, ILDecember 201949,348 09/20293,432 40,947 4,969 — 
IndustrialGreenville/Spartanburg, SCDecember 201994,233 12/20346,959 78,364 8,910 — 
$703,843 $54,478 $590,973 $61,847 $(3,455)
Weighted-average life of intangible assets (years)8.48.0

As of December 31, 2020, the Company's Investments in real estate under construction consisted of two consolidated development projects and one build-to-suit development project. As of December 31, 2020, the Company's aggregate investment in the development arrangements was $75,906, which included capitalized interest of $1,053 for the year ended December 31, 2020 and is presented as investments in real estate under construction in the accompanying consolidated balance sheets. As of December 31, 2019, capitalized interest for the development arrangements was nominal.
As of December 31, 2020, the details of the development arrangements outstanding are as follows (in $000's, except square feet):
Project (% owned)MarketProperty TypeEstimated Sq. Ft. Estimated Project Cost GAAP Investment Balance as of
12/31/2020		Amount Funded as of
12/31/2020		Estimated Completion Date% Leased as of
12/31/2020		Approximate Lease Term (Years)
KeHE Distributors, BTS (100%)
Phoenix, AZ Industrial468,182 $72,000 $19,609 $17,766 3Q 2021100 %15
Fairburn JV (90%)(1)
Atlanta, GAIndustrial910,000 53,812 39,824 33,195 1Q 20210 %TBD
Rickenbacker (100%)
Columbus, OHIndustrial320,190 20,300 16,473 12,225 2Q 2021100 %3
$146,112 $75,906 $63,186 
(1)    Estimated project cost excludes potential developer partner promote.