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Real Estate | 3 Months Ended
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Mar. 31, 2016
Real Estate [Abstract] |
Real Estate | Real Estate The Company’s components of Real estate, net consisted of the following:
| March 31, 2016 |  | December 31, 2015
Land | $ | 2,012,905 |  |  | $ | 2,011,947 |
Buildings and improvements: |  |  |
Building | 7,359,342 |  |  | 7,359,342 |
Building and tenant improvements | 708,327 |  |  | 683,983 |
Lease intangibles (1) | 866,637 |  |  | 877,578 |
| 10,947,211 |  |  | 10,932,850 |
Accumulated depreciation and amortization (1) | (1,957,169 | ) |  | (1,880,685 | )
Total | $ | 8,990,042 |  |  | $ | 9,052,165 |
(1) | At March 31, 2016 and December 31, 2015, Lease intangibles consisted of the following: (i) $786.9 million and $796.8 million, respectively, of in-place lease value, (ii) $79.7 million and $80.8 million, respectively, of above-market leases, and (iii) $615.9 million and $606.5 million, respectively, of accumulated amortization. These intangible assets are amortized over the term of each related lease.
In addition, at March 31, 2016 and December 31, 2015, the Company had intangible liabilities relating to below-market leases of $500.7 million and $505.8 million, respectively, and accumulated amortization of $245.3 million and $237.2 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, that is considered to be below market. Net above and below market lease intangible accretion income for the three months ended March 31, 2016 and 2015 was $11.0 million and $13.5 million, respectively. Amortization expense associated with tenant relationships and leases in place for the three months ended March 31, 2016 and 2015 was $18.1 million and $25.1 million, respectively. The estimated net accretion income and amortization expense associated with the Company’s above and below market leases, tenant relationships and leases in place for the next five years are as follows:
Year ending December 31, |  | Above- and below-market lease accretion, net |  | Tenant relationships and leases in place amortization
2016 (remaining nine months) |  | $ | (25,207 | ) |  | $ | 41,111 |
2017 |  | (29,557 | ) |  | 41,560 |
2018 |  | (26,609 | ) |  | 32,252 |
2019 |  | (22,303 | ) |  | 25,428 |
2020 |  | (17,749 | ) |  | 19,160 |
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. During the three months ended March 31, 2016, the Company acquired two land parcels and one outparcel in or adjacent to existing shopping centers in connection with its repositioning activities at those centers for an aggregate purchase price of $1.2 million. These amounts are included in Improvements to and investments in real estate assets on the Company's unaudited Condensed Consolidated Statement of Cash Flows.

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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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