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Real Estate | 3 Months Ended
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Mar. 31, 2017
Real Estate [Abstract] |
Real Estate and Lease Intangibles |
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 March 31, 2017 and December 31, 2016 (amounts in thousands):
|  | March 31, 2017 |  |  | December 31, 2016 |
Land |  | $ | 5,902,186 |  |  | $ | 5,899,862 |
Depreciable property: |  |  |  |  |  |  |  |
Buildings and improvements |  |  | 16,952,975 |  |  |  | 16,913,430 |
Furniture, fixtures and equipment |  |  | 1,374,730 |  |  |  | 1,346,300 |
In-Place lease intangibles |  |  | 470,849 |  |  |  | 470,849 |
Projects under development: |  |  |  |  |  |  |  |
Land |  |  | 111,540 |  |  |  | 115,876 |
Construction-in-progress |  |  | 554,688 |  |  |  | 521,292 |
Land held for development: |  |  |  |  |  |  |  |
Land |  |  | 73,840 |  |  |  | 84,440 |
Construction-in-progress |  |  | 35,296 |  |  |  | 34,376 |
Investment in real estate |  |  | 25,476,104 |  |  |  | 25,386,425 |
Accumulated depreciation |  |  | (5,526,586 | ) |  |  | (5,360,389 | )
Investment in real estate, net |  | $ | 19,949,518 |  |  | $ | 20,026,036 |
The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of March 31, 2017 and December 31, 2016 (amounts in thousands):
Description |  | Balance Sheet Location |  | March 31, 2017 |  |  | December 31, 2016 |
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 |  |  |  |  | (19,091 | ) |  |  | (17,972 | )
Lease intangible assets, net |  |  |  | $ | 160,420 |  |  | $ | 161,539 |
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 |  |  |  |  | (4,772 | ) |  |  | (4,509 | )
Lease intangible liabilities, net |  |  |  | $ | 2,898 |  |  | $ | 3,161 |
During the quarters ended March 31, 2017 and 2016, the Company amortized approximately $1.1 million in both periods 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. During the quarters ended March 31, 2017 and 2016, the Company amortized approximately $0.2 million in both periods 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |
Ground lease intangibles |  | $ | 3,241 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |
Retail lease intangibles |  |  | (316 | ) |  |  | (71 | ) |  |  | (71 | ) |  |  | (71 | ) |  |  | (71 | ) |  |  | (27 | )
Total |  | $ | 2,925 |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  | $ | 4,294 |
During the quarter ended March 31, 2017, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |
Rental Properties – Consolidated |  |  | 1 |  |  |  | 304 |  |  | $ | 47,600 |
Land Parcels (one) |  |  | — |  |  |  | — |  |  |  | 33,450 |
Total |  |  | 1 |  |  |  | 304 |  |  | $ | 81,050 |
The Company recognized a net gain on sales of real estate properties of approximately $36.7 million and a net gain on sales of land parcels of approximately $19.2 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 946 -SubTopic 210 -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-06(1)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e604059-122996 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(d)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 235 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-24) -URI http://asc.fasb.org/extlink&oid=34714203&loc=d3e608456-123001 + Details
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