Real Estate (Tables)

9 Months Ended

Sep. 30, 2015

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.

Schedule of expected net amortization expense associated with intangible assets and liabilities

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