Real Estate (Tables)

3 Months Ended

Mar. 31, 2016

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.

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

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