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Investments in Real Estate
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020:
20212020
Real estate, at cost:
Buildings and building improvements
$3,235,601 $3,144,176 
Land, land estates and land improvements
342,895 367,272 
Construction in progress
5,482 3,116 
Real estate intangibles:
In-place lease values
320,847 357,640 
Tenant relationships
13,205 33,327 
Above-market leases
7,351 18,326 
Land held for development104,160 — 
Investments in real estate under construction161,165 75,906 
4,190,706 3,999,763 
Accumulated depreciation and amortization(1)
(655,740)(884,465)
Real estate, net $3,534,966 $3,115,298 
(1)    Includes accumulated amortization of real estate intangible assets of $151,041 and $199,997 in 2021 and 2020, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $33,710 in 2022, $32,501 in 2023, $26,638 in 2024, $22,709 in 2025 and $19,701 in 2026.

The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $14,401 and $16,531, respectively, as of December 31, 2021 and 2020. The estimated accretion for the next five years is $1,955 in 2022, $1,955 in 2023, $1,955 in 2024, $1,865 in 2025 and $1,663 in 2026.
The Company completed the following acquisitions during 2021 and 2020:
2021:
Market(1)
Acquisition/Completion DateInitial
Cost
Basis		Primary Lease Expiration at AcquisitionLandBuilding and ImprovementsLease in-place Value IntangibleAbove (Below) Market Lease Intangible
Indianapolis, INJanuary 2021$14,310 12/2024$1,208 $12,052 $1,035 $15 
Indianapolis, INJanuary 202114,120 08/20251,162 11,825 1,133 — 
Central FloridaJanuary 202122,358 05/20311,416 19,910 1,032 — 
Columbus, OH(2)
March 202119,531 03/20242,800 16,731 — — 
Houston, TXMay 202128,293 08/20284,272 22,296 1,725 — 
Houston, TXMay 202137,686 12/20266,489 28,470 2,727 — 
Houston, TXMay 202111,512 08/20241,792 9,089 631 — 
Cincinnati/Dayton, OHJune 202118,674 06/20231,109 16,477 1,088 — 
Central FloridaJune 202148,593 N/A2,610 45,983 — — 
Greenville-Spartanburg, SCJune 202136,903 09/20252,376 32,121 2,406 — 
Greenville-Spartanburg, SCJune 202123,812 06/20261,329 21,419 1,064 — 
Greenville-Spartanburg, SCJuly 202129,421 04/20292,819 24,508 2,094 — 
Greenville-Spartanburg, SCJuly 202126,106 12/20291,169 23,070 1,867 — 
Greenville-Spartanburg, SC(3)
July 202118,394 N/A1,020 17,374 — — 
Greenville-Spartanburg, SCJuly 202131,646 09/20261,710 27,817 2,119 — 
Columbus, OHAugust 202129,265 11/20292,251 25,184 1,830 — 
Indianapolis, INOctober 202116,315 12/2026741 14,488 1,086 — 
Indianapolis, IN October 202144,479 03/20311,991 39,338 3,150 — 
Indianapolis, INOctober 202115,644 12/2026695 13,958 991 — 
Atlanta, GA(2)(4)
November 202147,568 10/20287,209 40,359 — — 
Phoenix, AZ(2)
November 202161,490 11/203611,732 49,758 — — 
Phoenix, AZ December 202183,517 12/20318,027 73,650 1,840 — 
Indianapolis, INDecember 202193,899 11/20318,335 80,051 5,513 — 
Atlanta, GADecember 202137,625 07/20312,006 33,276 2,343 — 
Atlanta, GADecember 202147,618 09/20312,497 42,255 2,866 — 
Atlanta, GADecember 202126,838 09/20251,465 23,649 1,724 — 
$885,617 $80,230 $765,108 $40,264 $15 
Weighted-average life of intangible assets (years)7.33.5
(1)    A land parcel located in Hebron, OH was also purchased for $371.
(2)    Development project substantially completed and placed into service.
(3)    Subsequent to acquisition, property fully leased for 5.5 years.
(4)    Initial basis excludes certain remaining costs, including developer partner promote.
2020:
MarketAcquisition DateInitial
Cost
Basis		Lease ExpirationLand Building and ImprovementsLease in-place Value Intangible
Chicago, ILJanuary 2020$53,642 11/2029$3,681 $45,817 $4,144 
Phoenix, AZJanuary 202019,164 12/20251,614 16,222 1,328 
Chicago, ILJanuary 202039,153 12/20291,788 34,301 3,064 
Dallas, TXFebruary 202083,495 08/20294,500 71,635 7,360 
Savannah, GAApril 202034,753 07/20271,689 30,346 2,718 
Dallas, TXMay 202010,731 06/20301,308 8,466 957 
Savannah, GAJune 202030,448 06/20252,560 25,697 2,191 
Savannah, GAJune 20209,130 08/20251,070 7,448 612 
Houston, TXJune 202020,949 04/20252,202 17,101 1,646 
Ocala, FLJune 202058,283 08/20304,113 49,904 4,266 
DC/Baltimore, MDSeptember 202029,143 11/20242,818 24,423 1,902 
Savannah, GASeptember 202040,908 07/20263,775 34,322 2,811 
Phoenix, AZNovember 202087,820 03/203310,733 69,491 7,596 
Dallas, TXDecember 202044,030 10/20243,938 37,185 2,907 
Greenville-Spartanburg, SCDecember 202018,595 02/20311,186 15,814 1,595 
Dallas, TXDecember 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

As of December 31, 2021, the details of the development arrangements outstanding are as follows (in $000's, except square feet):
Project (% owned)# of BuildingsMarketEstimated Sq. Ft. Estimated Project Cost GAAP Investment Balance as of
12/31/2021
Amount Funded as of
12/31/2021(4)
Estimated Building Completion Date% Leased as of
12/31/2021
The Cubes at Etna East (95%)(1)(2)
1Columbus, OH1,074,840 $72,100 $33,002 $22,471 2Q 2022— %
Mt. Comfort (80%)(1)
1Indianapolis, IN1,053,360 60,300 30,012 21,977 3Q 2022— %
Cotton 303 (93%)(1)
2Phoenix, AZ880,678 84,200 30,263 24,475 3Q 2022— %
Ocala (80%)(1)
1Central Florida1,085,280 80,900 32,186 21,186 3Q 2022— %
Smith Farms (90%)(1)(3)
3Greenville-Spartanburg, SC2,194,820 162,100 35,702 21,433 4Q 2022 - 2Q 202336 %
$459,600 $161,165 $111,542 

(1)Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote.
(2)Land parcel distributed from the Etna Park 70 East joint venture during the fourth quarter.
(3)Preleased one 797,936 square foot facility subject to a 12-year lease commencing upon substantial completion of the facility.
(4)Excludes noncontrolling interests' share.

As of December 31, 2021, the Company's aggregate investment in five consolidated development arrangements was $161,165, which included capitalized interest of $1,114 for the year ended December 31, 2021 and is presented as investments in real estate under construction in the accompanying consolidated balance sheets.
In December 2021, the Company acquired ownership interests of 95.5% and 80% in two newly-formed consolidated joint ventures, Lex Reems & Olive, LLC and Hancock 14 RRL, LLC, respectively. Lex Reems & Olive, LLC invested $100,875 in a 420-acre land parcel in the Phoenix, Arizona market. Hancock 14 RRL, LLC invested $3,285 in a 73-acre land parcel in the Indianapolis, Indiana market. The land parcels are classified as land held for development in the consolidated balance sheets.