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.