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Investments in Real Estate and Real Estate Under Construction | 12 Months Ended
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Dec. 31, 2014
Real Estate Investments, Net [Abstract] |
Investments in Real Estate and Real Estate Under Construction | Investments in Real Estate and Real Estate Under Construction The Company's real estate, net, consists of the following at December 31, 2014 and 2013:
|  | 2014 |  | 2013
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 2,895,585 |  |  | $ | 3,008,709 |
Land, land estates and land improvements |  | 755,168 |  |  | 793,418 |
Fixtures and equipment |  | 5,861 |  |  | 5,861 |
Construction in progress |  | 14,946 |  |  | 4,306 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 473,377 |  |  | 486,743 |
Tenant relationships |  | 133,796 |  |  | 172,640 |
Above-market leases |  | 98,393 |  |  | 102,774 |
Investments in real estate under construction |  | 106,238 |  |  | 74,350 |
|  | 4,483,364 |  |  | 4,648,801 |
Accumulated depreciation and amortization(1) |  | (1,196,114 | ) |  | (1,223,381 | )
Real estate, net |  | $ | 3,287,250 |  |  | $ | 3,425,420 |
(1) | Includes accumulated amortization of real estate intangible assets of $400,628 and $447,764 in 2014 and 2013, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $35,894 in 2015, $30,221 in 2016, $26,905 in 2017, $23,179 in 2018 and $18,014 in 2019.
The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $54,414 and $59,781, respectively as of December 31, 2014 and 2013. The estimated accretion for the next five years is $4,383 in 2015, $3,312 in 2016, $2,918 in 2017, $2,911 in 2018 and $2,603 in 2019. The Company completed the following acquisitions and build-to-suit transactions during 2014 and 2013: 2014:
|  |  |  |  |  |  |  |  | Real Estate Intangible
Property Type | Location | Acquisition/Completion Date | Initial Cost Basis | Lease Expiration | Land and Land Estate |  | Building and Improvements |  | Lease in-place Value
Industrial | Rantoul, IL | January 2014 | $ | 41,277 |  | 10/2033 | $ | 1,304 |  |  | $ | 32,562 |  |  | $ | 7,411 |
Office | Parachute, CO | January 2014 | $ | 13,928 |  | 10/2032 | $ | 1,400 |  |  | $ | 10,751 |  |  | $ | 1,777 |
Office | Rock Hill, SC | March 2014 | $ | 24,715 |  | 03/2034 | $ | 1,601 |  |  | $ | 18,989 |  |  | $ | 4,125 |
Industrial | Lewisburg, TN | May 2014 | $ | 13,320 |  | 03/2026 | $ | 173 |  |  | $ | 10,865 |  |  | $ | 2,282 |
Industrial | North Las Vegas, NV | May 2014 | $ | 28,249 |  | 09/2034 | $ | 3,244 |  |  | $ | 21,444 |  |  | $ | 3,561 |
Industrial | Bingen, WA | May 2014 | $ | 20,391 |  | 05/2024 | $ | — |  |  | $ | 18,075 |  |  | $ | 2,316 |
Land | New York, NY | October 2014 | $ | 30,426 |  | 10/2113 | $ | 22,000 |  |  | $ | — |  |  | $ | 8,426 |
Rehab Hospital | Vineland, NJ | October 2014 | $ | 19,100 |  | 02/2043 | $ | 2,698 |  |  | $ | 12,790 |  |  | $ | 3,612 |
Industrial | Anniston, AL | December 2014 | $ | 20,907 |  | 11/2029 | $ | 1,201 |  |  | $ | 16,771 |  |  | $ | 2,935 |
|  |  | $ | 212,313 |  |  | $ | 33,621 |  |  | $ | 142,247 |  |  | $ | 36,445 |
Weighted-average life of intangible assets (years) |  |  |  |  |  | 37.5 |
2013:
|  |  |  |  |  |  |  |  | Real Estate Intangibles
Property Type | Location | Acquisition/Completion Date | Initial Cost Basis | Lease Expiration | Land and Land Estate |  | Building and Improvements |  | Above Market Lease Value |  | Lease in-place Value
Industrial | Long Island City, NY | February 2013 | $ | 42,124 |  | 03/2028 | $ | — |  |  | $ | 42,124 |  |  | $ | — |  |  | $ | — |
Industrial | Houston, TX | March 2013 | $ | 81,400 |  | 03/2038 | $ | 15,055 |  |  | $ | 57,949 |  |  | $ | — |  |  | $ | 8,396 |
Office (1) | Denver, CO | April 2013 | $ | 34,547 |  | 04/2028 | $ | 2,207 |  |  | $ | 26,724 |  |  | $ | — |  |  | $ | 5,616 |
Retail(2) | Tuscaloosa, AL | May 2013 | $ | 8,397 |  | 05/2028 | $ | 2,793 |  |  | $ | 5,604 |  |  | $ | — |  |  | $ | — |
Land(3) | New York, NY | October 2013 | $ | 302,000 |  | 10/2112 | $ | 224,935 |  |  | $ | — |  |  | $ | — |  |  | $ | 77,065 |
Land | Danville, VA | October 2013 | $ | 4,727 |  | 01/2029 | $ | 3,454 |  |  | $ | — |  |  | $ | 673 |  |  | $ | 600 |
Retail(4) | Albany, GA | November 2013 | $ | 7,074 |  | 11/2028 | $ | 1,468 |  |  | $ | 5,606 |  |  | $ | — |  |  | $ | — |
Office(5) | Various | December 2013 | $ | 13,144 |  | 12/2033 | $ | 1,522 |  |  | $ | 10,374 |  |  | $ | — |  |  | $ | 1,248 |
Office | Omaha, NE | December 2013 | $ | 39,125 |  | 11/2033 | $ | 2,058 |  |  | $ | 32,343 |  |  | $ | — |  |  | $ | 4,724 |
|  |  | $ | 532,538 |  |  | $ | 253,492 |  |  | $ | 180,724 |  |  | $ | 673 |  |  | $ | 97,649 |
Weighted-average life of intangible assets (years) |  |  |  |  |  | 15.3 |  |  | 82.5 |
(1) | The Company incurred additional tenant related costs of $3,825.
(2) | The Company incurred leasing costs of $323. The property was sold in September 2013.
(3) | Includes three properties.
(4) | The Company incurred leasing costs of $338.
(5) | Includes four properties. One property was under construction at December 31, 2013, $1,969 of construction in progress costs are included in building and improvements above.
The Company recognized aggregate acquisition and pursuit expenses of $1,901 and $1,349 in 2014 and 2013, respectively, which are included in property operating expenses within the Company's Consolidated Statements of Operations. The Company is engaged in various forms of build-to-suit development activities. The Company may enter into the following acquisition, development and construction arrangements: (1) lend funds to construct build-to-suit projects subject to a single-tenant lease and agree to purchase the properties upon completion of construction and commencement of a single-tenant lease, (2) hire developers to construct built-to-suit projects on owned properties leased to single tenants, (3) fund the construction of build-to-suit projects on owned properties pursuant to the terms in single-tenant lease agreements or (4) enter into purchase and sale agreements with developers to acquire single-tenant build-to-suit properties upon completion. As of December 31, 2014, the Company had the following development arrangements outstanding:
Location | Property Type | Square Feet |  | Expected Maximum Commitment/Contribution |  | Lease Term (Years) |  | Estimated Completion Date
Oak Creek, WI | Industrial | 164,000 |  |  | $ | 22,609 |  |  | 20 |  | 2Q 15
Thomson, GA | Industrial | 208,000 |  |  | $ | 10,245 |  |  | 15 |  | 2Q 15
Richmond, VA | Office | 330,000 |  |  | $ | 110,137 |  |  | 15 |  | 3Q 15
Lake Jackson, TX | Office/R&D | 664,000 |  |  | $ | 166,164 |  |  | 20 |  | 4Q 16
|  | 1,366,000 |  |  | $ | 309,155 |  |  |  |  |
The Company has variable interests in certain developer entities constructing the facilities but is not the primary beneficiary of the entities as the Company does not have a controlling financial interest. As of December 31, 2014 and 2013, the Company's aggregate investment in development arrangements was $106,238 and $74,350, respectively, which includes $2,828 and $1,472 of interest capitalized, respectively, and is presented as investments in real estate under construction in the accompanying Consolidated Balance Sheets. On September 1, 2012, the Company, together with an operating partnership subsidiary, acquired the remaining common equity interest in Net Lease Strategic Assets Fund L.P. (“NLS”) from Inland American (Net Lease) Sub, LLC that the Company did not already own for a cash payment of $9,438 and the assumption of all outstanding liabilities. The Company recognized a gain on the transaction in the Consolidated Statement of Operations of $167,864 primarily related to the revaluation of the Company's equity interest in NLS for the difference between its carrying value in NLS and the fair value of its ownership interest at acquisition.

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: 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 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 + Details
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