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Real Estate | 9 Months Ended
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Sep. 30, 2015
Real Estate [Abstract] |
Real Estate | Real Estate The Company’s components of Real estate, net consisted of the following:
| September 30, 2015 |  | December 31, 2014
Land | $ | 2,015,176 |  |  | $ | 2,000,415 |
Buildings and improvements: |  |  |
Building | 7,355,922 |  |  | 7,332,073 |
Building and tenant improvements | 652,530 |  |  | 552,351 |
Other rental property (1) | 886,729 |  |  | 917,410 |
| 10,910,357 |  |  | 10,802,249 |
Accumulated depreciation and amortization (1) | (1,798,676 | ) |  | (1,549,234 | )
Total | $ | 9,111,681 |  |  | $ | 9,253,015 |
(1) | At September 30, 2015 and December 31, 2014, Other rental property consisted of intangible assets including: (i) $805.7 million and $833.3 million, respectively, of in-place lease value, (ii) $81.1 million and $84.1 million, respectively, of above-market leases, and (iii) $592.7 million and $550.4 million, respectively, of accumulated amortization. These intangible assets are amortized over the term of each related lease.
In addition, at September 30, 2015 and December 31, 2014, the Company had intangible liabilities relating to below-market leases of $515.2 million and $528.7 million, respectively, and accumulated amortization of $230.9 million and $202.7 million, respectively. These intangible liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the Company’s unaudited Condensed Consolidated Balance Sheets, are accreted over the term of each related lease, including any renewal periods, with fixed rentals that are considered to be below market. Amortization expense associated with the above mentioned intangible assets and liabilities recognized for the three months ended September 30, 2015 and 2014 was $10.8 million and $18.1 million, respectively. Amortization expense associated with the above mentioned intangible assets and liabilities recognized for the nine months ended September 30, 2015 and 2014 was $33.5 million and $58.4 million, respectively. The estimated net amortization expense associated with the Company’s intangible assets and liabilities for the next five years is as follows:
Year Ended December 31, |  | Estimated net amortization expense
2015 (remaining three months) |  | $ | 9,400 |
2016 |  | 22,995 |
2017 |  | 11,161 |
2018 |  | 5,029 |
2019 |  | 2,908 |
On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.

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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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