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.