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Real Estate | 9 Months Ended
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Sep. 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 September 30, 2015 and December 31, 2014 (amounts in thousands):
|  | September 30, 2015 |  | December 31, 2014
Land |  | $ | 6,424,887 |  |  | $ | 6,295,404 |
Depreciable property: |  |  |  |
Buildings and improvements |  | 18,527,779 |  |  | 17,974,337 |
Furniture, fixtures and equipment |  | 1,497,314 |  |  | 1,365,276 |
In-Place lease intangibles |  | 515,154 |  |  | 511,891 |
Projects under development: |  |  |  |
Land |  | 295,798 |  |  | 466,764 |
Construction-in-progress |  | 743,859 |  |  | 877,155 |
Land held for development: |  |  |  |
Land |  | 120,007 |  |  | 145,366 |
Construction-in-progress |  | 34,683 |  |  | 39,190 |
Investment in real estate |  | 28,159,481 |  |  | 27,675,383 |
Accumulated depreciation |  | (5,914,695 | ) |  | (5,432,805 | )
Investment in real estate, net |  | $ | 22,244,786 |  |  | $ | 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 September 30, 2015 and December 31, 2014 (amounts in thousands):
Description |  | Balance Sheet Location |  | September 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 |  |  |  | (12,318 | ) |  | (8,913 | )
Lease intangible assets, net |  |  |  | $ | 167,193 |  |  | $ | 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 |  |  |  | (3,129 | ) |  | (2,258 | )
Lease intangible liabilities, net |  |  |  | $ | 4,541 |  |  | $ | 5,412 |
During the nine months ended September 30, 2015 and 2014, the Company amortized approximately $3.2 million and $3.2 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 $0.7 million and $0.9 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 September 30, 2015 and 2014, the Company amortized approximately $1.0 million and $1.0 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 $0.2 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 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 |  | $ | 1,080 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |
Retail lease intangibles |  | (232 | ) |  | (896 | ) |  | (540 | ) |  | (71 | ) |  | (71 | ) |  | (71 | )
Total |  | $ | 848 |  |  | $ | 3,425 |  |  | $ | 3,781 |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  | $ | 4,250 |
During the nine months ended September 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 Parcels (1) |  | — |  |  | — |  |  | 27,800 |
Total |  | 1 |  |  | 202 |  |  | $ | 158,075 |
(1) During the third quarter of 2015, the Company acquired two land parcels in San Francisco which will be combined with an additional land parcel acquired earlier in the year for future development. During the nine months ended September 30, 2015, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  | Apartment Units |  | Sales Price
Rental Properties (1) |  | 7 |  |  | 1,707 |  |  | $ | 464,812 |
Total |  | 7 |  |  | 1,707 |  |  | $ | 464,812 |
(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 which is not included in the Company's property and apartment unit counts. The Company recognized a net gain on sales of real estate properties of approximately $295.7 million on the above sales. Other In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above, restricted deposits and taxes and fees. Until the core and shell of the building were complete, the building and land were owned jointly and were required to be consolidated on the Company's balance sheet as the Company was the managing member and Toll Brothers did not have substantive kick-out or participating rights. In July 2015, the Company recorded the master condominium declaration for this development project and as a result, the Toll Brothers’ portion of the property was deconsolidated from the Company's balance sheet. The Company now solely owns the rental portion of the building (floors 2-22) and the ground floor retail and Toll Brothers solely owns the for sale portion of the building (floors 23-40). The joint venture no longer owns any real property. In conjunction with this transaction, the Company reduced investment in real estate by $116.7 million, noncontrolling interest by $117.3 million and accrued retainage by $1.1 million and increased other liabilities by $1.7 million (to account for Toll Brothers' restricted cash still held by the Company). The deconsolidation of the Toll Brothers' portion of the project had no impact on the consolidated results of operations and comprehensive income.

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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 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 4: 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 5: 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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