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Real Estate | 3 Months Ended
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Mar. 31, 2016
Real Estate [Abstract] |
Real Estate Disclosure [Text Block] | 4. Real Estate, Real Estate Held for Sale and Lease Intangibles The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of March 31, 2016 and December 31, 2015 (amounts in thousands):
|  | March 31, 2016 |  | December 31, 2015
Land |  | $ | 5,777,206 |  |  | $ | 5,864,046 |
Depreciable property: |  |  |  |
Buildings and improvements |  | 16,430,979 |  |  | 16,346,829 |
Furniture, fixtures and equipment |  | 1,219,444 |  |  | 1,207,098 |
In-Place lease intangibles |  | 465,392 |  |  | 483,160 |
Projects under development: |  |  |  |
Land |  | 247,568 |  |  | 284,995 |
Construction-in-progress |  | 826,254 |  |  | 837,381 |
Land held for development: |  |  |  |
Land |  | 114,149 |  |  | 120,007 |
Construction-in-progress |  | 39,874 |  |  | 38,836 |
Investment in real estate |  | 25,120,866 |  |  | 25,182,352 |
Accumulated depreciation |  | (4,977,274 | ) |  | (4,905,406 | )
Investment in real estate, net |  | $ | 20,143,592 |  |  | $ | 20,276,946 |
The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of March 31, 2016 and December 31, 2015 (amounts in thousands):
Description |  | Balance Sheet Location |  | March 31, 2016 |  | December 31, 2015
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 |  |  |  | (14,582 | ) |  | (13,451 | )
Lease intangible assets, net |  |  |  | $ | 164,929 |  |  | $ | 166,060 |
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 |  |  |  | (3,694 | ) |  | (3,414 | )
Lease intangible liabilities, net |  |  |  | $ | 3,976 |  |  | $ | 4,256 |
During the quarters ended March 31, 2016 and 2015, 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 $0.2 million and $0.2 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 |  |  |  |  |  |  |  |  |  |
|  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021
Ground lease intangibles |  | $ | 3,241 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |
Retail lease intangibles |  | (667 | ) |  | (540 | ) |  | (71 | ) |  | (71 | ) |  | (71 | ) |  | (67 | )
Total |  | $ | 2,574 |  |  | $ | 3,781 |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  | $ | 4,254 |
Acquisitions and Dispositions During the quarter ended March 31, 2016, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):
|  | Properties |  | Apartment Units |  | Purchase Price
Rental Properties – Consolidated (1) |  | 3 |  |  | 479 |  |  | $ | 204,134 |
Total |  | 3 |  |  | 479 |  |  | $ | 204,134 |
(1) | Purchase price includes an allocation of approximately $80.9 million to land and $123.2 million to depreciable property.
During the quarter ended March 31, 2016, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  | Apartment Units |  | Sales Price
Rental Properties – Consolidated (1) |  | 80 |  |  | 26,162 |  |  | $ | 6,314,953 |
Land Parcels |  | — |  |  | — |  |  | 27,455 |
Total |  | 80 |  |  | 26,162 |  |  | $ | 6,342,408 |
(1) | Includes the Starwood portfolio sale (see further discussion below) representing 72 operating properties consisting of 23,262 apartment units for $5.365 billion.
The Company recognized a net gain on sales of real estate properties of approximately $3.7 billion (inclusive of $3.2 billion on the Starwood portfolio sale) and a net gain on sales of land parcels of approximately $11.7 million on the above sales. Starwood Disposition Following the approval by the Company's Board of Trustees, the Company executed an agreement with controlled affiliates of Starwood Capital Group ("Starwood") on October 23, 2015 to sell a portfolio of 72 operating properties consisting of 23,262 apartment units located in five markets across the United States for $5.365 billion (the "Starwood Transaction"). As of December 31, 2015, Starwood had deposited $250.0 million in cash into escrow as earnest money, which was non-refundable unless the Company defaulted on the sales agreement. On January 26 and 27, 2016, the Company closed on the sale of the entire portfolio described above. As a result, the Starwood Transaction met the held for sale criteria at December 31, 2015. In accordance with this classification, the Company ceased depreciation on all assets in the Starwood portfolio as of November 1, 2015 and the following assets were classified as held for sale in the accompanying consolidated balance sheets at December 31, 2015 (amounts in thousands):
|  | December 31, 2015
Land |  | $ | 602,737 |
Depreciable property: |  |
Buildings and improvements |  | 2,386,489 |
Furniture, fixtures and equipment |  | 335,565 |
In-Place lease intangibles |  | 35,554 |
Real estate held for sale before accumulated depreciation |  | 3,360,345 |
Accumulated depreciation |  | (1,179,210 | )
Real estate held for sale |  | $ | 2,181,135 |
The following table provides the operating segments/locations of the properties and apartment units sold in the Starwood Transaction, which represents substantially all of the assets in the Company's South Florida and Denver markets and certain assets in the Washington D.C., Seattle and Inland Empire, California (part of Los Angeles) markets. The sale of these properties represents the continuation of the Company's long-term strategy of investing in high barrier to entry urban markets. See Note 11 for further discussion.
Markets/Metro Areas |  | Properties |  | Apartment Units
South Florida |  | 33 |  |  | 10,742 |
Denver |  | 18 |  |  | 6,635 |
Washington D.C. |  | 10 |  |  | 3,020 |
Seattle |  | 8 |  |  | 1,721 |
Inland Empire, CA (part of Los Angeles) |  | 3 |  |  | 1,144 |
Total |  | 72 |  |  | 23,262 |
The Company used proceeds from the Starwood Transaction and other sales discussed above to pay a special dividend of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 to shareholders and holders of OP Units of record as of March 3, 2016. The Company used the majority of the remaining proceeds to reduce aggregate indebtedness in order to make the transaction leverage neutral. See Note 8 for further discussion.

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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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