Real Estate (Tables)

9 Months Ended

Sep. 30, 2017

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.

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

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