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Real Estate | 6 Months Ended
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Jun. 30, 2015
Real Estate [Abstract] |
Real Estate Disclosure [Text Block] |
4. | Real Estate and Lease Intangibles
The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2015 and December 31, 2014 (amounts in thousands):
|  | June 30, 2015 |  | December 31, 2014
Land |  | $ | 6,374,779 |  |  | $ | 6,295,404 |
Depreciable property: |  |  |  |
Buildings and improvements |  | 18,328,935 |  |  | 17,974,337 |
Furniture, fixtures and equipment |  | 1,446,235 |  |  | 1,365,276 |
In-Place lease intangibles |  | 515,154 |  |  | 511,891 |
Projects under development: |  |  |  |
Land |  | 406,251 |  |  | 466,764 |
Construction-in-progress |  | 833,993 |  |  | 877,155 |
Land held for development: |  |  |  |
Land |  | 97,387 |  |  | 145,366 |
Construction-in-progress |  | 30,172 |  |  | 39,190 |
Investment in real estate |  | 28,032,906 |  |  | 27,675,383 |
Accumulated depreciation |  | (5,736,913 | ) |  | (5,432,805 | )
Investment in real estate, net |  | $ | 22,295,993 |  |  | $ | 22,242,578 |
The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of June 30, 2015 and December 31, 2014 (amounts in thousands):
Description |  | Balance Sheet Location |  | June 30, 2015 |  | December 31, 2014
Assets |  |  |  |  |  |
Ground lease intangibles – below market |  | Other Assets |  | $ | 178,251 |  |  | $ | 178,251 |
Retail lease intangibles – above market |  | Other Assets |  | 1,260 |  |  | 1,260 |
Lease intangible assets |  |  |  | 179,511 |  |  | 179,511 |
Accumulated amortization |  |  |  | (11,185 | ) |  | (8,913 | )
Lease intangible assets, net |  |  |  | $ | 168,326 |  |  | $ | 170,598 |
Liabilities |  |  |  |  |  |
Ground lease intangibles – above market |  | Other Liabilities |  | $ | 2,400 |  |  | $ | 2,400 |
Retail lease intangibles – below market |  | Other Liabilities |  | 5,270 |  |  | 5,270 |
Lease intangible liabilities |  |  |  | 7,670 |  |  | 7,670 |
Accumulated amortization |  |  |  | (2,839 | ) |  | (2,258 | )
Lease intangible liabilities, net |  |  |  | $ | 4,831 |  |  | $ | 5,412 |
During the six months ended June 30, 2015 and 2014, the Company amortized approximately $2.2 million and $2.2 million, respectively, of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and comprehensive income and approximately $0.5 million and $0.6 million, respectively, of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations and comprehensive income. During the quarters ended June 30, 2015 and 2014, the Company amortized approximately $1.1 million and $1.1 million, respectively, of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and comprehensive income and approximately $0.3 million and $0.3 million, respectively, of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations and comprehensive income. The weighted average amortization period for above and below market ground lease intangibles and retail lease intangibles is 49.8 years and 2.8 years, respectively. The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands):
|  | Remaining |  |  |  |  |  |  |  |  |  |
|  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020
Ground lease intangibles |  | $ | 2,161 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |
Retail lease intangibles |  | (469 | ) |  | (896 | ) |  | (540 | ) |  | (71 | ) |  | (71 | ) |  | (71 | )
Total |  | $ | 1,692 |  |  | $ | 3,425 |  |  | $ | 3,781 |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  | $ | 4,250 |
During the six months ended June 30, 2015, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):
|  | Properties |  | Apartment Units |  | Purchase Price
Rental Properties |  | 1 |  |  | 202 |  |  | $ | 130,275 |
Land Parcel (one) |  | — |  |  | — |  |  | 5,968 |
Total |  | 1 |  |  | 202 |  |  | $ | 136,243 |
During the six months ended June 30, 2015, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  | Apartment Units |  | Sales Price
Rental Properties (1) |  | 6 |  |  | 1,377 |  |  | $ | 386,662 |
Total |  | 6 |  |  | 1,377 |  |  | $ | 386,662 |
(1) Includes a 193,230 square foot medical office building adjacent to our Longfellow Place property in Boston with a sales price of approximately $123.3 million. The Company recognized a net gain on sales of real estate properties of approximately $228.8 million on the above sales.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 + Details
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