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Real Estate | 9 Months Ended
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Sep. 30, 2017
Real Estate [Abstract] |
Real Estate | Real Estate The Company’s components of Real estate, net consisted of the following:
| September 30, 2017 |  | December 31, 2016
Land | $ | 1,985,781 |  |  | $ | 2,006,655 |
Buildings and improvements: |  |  |
Buildings and tenant improvements | 8,143,978 |  |  | 8,165,672 |
Lease intangibles (1) | 800,760 |  |  | 836,731 |
| 10,930,519 |  |  | 11,009,058 |
Accumulated depreciation and amortization (2) | (2,320,090 | ) |  | (2,167,054 | )
Total | $ | 8,610,429 |  |  | $ | 8,842,004 |
(1) | At September 30, 2017 and December 31, 2016, Lease intangibles consisted of $723.2 million and $758.0 million, respectively, of in-place leases and $77.6 million and $78.7 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.
(2) | At September 30, 2017 and December 31, 2016, Accumulated depreciation and amortization included $630.0 million and $632.8 million, respectively, of accumulated amortization related to Lease intangibles.
In addition, at September 30, 2017 and December 31, 2016, the Company had intangible liabilities relating to below-market leases of $468.6 million and $485.2 million, respectively, and accumulated accretion of $277.2 million and $261.7 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities in the Company’s unaudited Condensed Consolidated Balance Sheets. Net above and below market lease intangible accretion income for the three months ended September 30, 2017 and 2016 was $7.6 million and $9.4 million, respectively. Net above and below market lease intangible accretion income for the nine months ended September 30, 2017 and 2016 was $23.0 million and $29.5 million, respectively. These amounts are included in Rental income in the Company's unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended September 30, 2017 and 2016 was $10.8 million and $14.5 million, respectively. Amortization expense associated with in-place lease value for the nine months ended September 30, 2017 and 2016 was $36.3 million and $47.7 million, respectively. These amounts are included in Depreciation and amortization in the Company's unaudited Condensed Consolidated Statements of Operations. The estimated net accretion (income) and amortization expense associated with the Company’s above and below market leases and in-place leases for the next five years are as follows:
Year ending December 31, |  | Above- and below-market lease accretion (income), net |  | In-place lease amortization expense
2017 (remaining three months) |  | $ | (6,590 | ) |  | $ | 9,642 |
2018 |  | (24,797 | ) |  | 33,291 |
2019 |  | (20,882 | ) |  | 26,284 |
2020 |  | (17,036 | ) |  | 19,611 |
2021 |  | (14,066 | ) |  | 14,151 |

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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 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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