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Investments in Real Estate and Real Estate Under Construction | 12 Months Ended
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Dec. 31, 2015
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, 2015 and 2014:
|  | 2015 |  | 2014
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 3,032,457 |  |  | $ | 2,895,585 |
Land, land estates and land improvements |  | 743,125 |  |  | 755,168 |
Fixtures and equipment |  | 5,577 |  |  | 5,861 |
Construction in progress |  | 8,552 |  |  | 14,946 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 513,564 |  |  | 473,377 |
Tenant relationships |  | 123,796 |  |  | 133,796 |
Above-market leases |  | 55,418 |  |  | 98,393 |
Investments in real estate under construction |  | 95,402 |  |  | 106,238 |
|  | 4,577,891 |  |  | 4,483,364 |
Accumulated depreciation and amortization(1) |  | (1,179,969 | ) |  | (1,196,114 | )
Real estate, net |  | $ | 3,397,922 |  |  | $ | 3,287,250 |
(1) | Includes accumulated amortization of real estate intangible assets of $367,762 and $400,628 in 2015 and 2014, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $34,418 in 2016, $30,561 in 2017, $26,215 in 2018, $20,943 in 2019 and $16,722 in 2020.
The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $28,967 and $54,414, respectively as of December 31, 2015 and 2014. The estimated accretion for the next five years is $2,327 in 2016, $1,978 in 2017, $1,970 in 2018, $1,663 in 2019 and $1,494 in 2020. The Company completed the following acquisitions and build-to-suit transactions during 2015 and 2014: 2015:
|  |  |  |  |  |  |  |  | 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
Land/Infrastructure | Venice, FL | January 2015 | $ | 16,850 |  | 01/2055 | $ | 4,696 |  |  | $ | 11,753 |  |  | $ | 401 |
Office | Auburn Hills, MI | March 2015 | 40,025 |  | 03/2029 | 4,416 |  |  | 30,012 |  |  | 5,597 |
Industrial | Houston, TX | March 2015 | 28,650 |  | 03/2035 | 4,674 |  |  | 19,540 |  |  | 4,436 |
Industrial | Brookshire, TX | March 2015 | 22,450 |  | 03/2035 | 2,388 |  |  | 16,614 |  |  | 3,448 |
Industrial | Canton, MS | March 2015 | 89,300 |  | 02/2027 | 5,077 |  |  | 71,289 |  |  | 12,934 |
Industrial | Thomson, GA | May 2015 | 10,144 |  | 05/2030 | 909 |  |  | 7,746 |  |  | 1,489 |
Industrial | Oak Creek, WI | July 2015 | 22,139 |  | 06/2035 | 3,015 |  |  | 15,300 |  |  | 3,824 |
Industrial | Richland, WA | November 2015 | 152,000 |  | 08/2035 | 1,293 |  |  | 126,947 |  |  | 23,760 |
Office | Richmond, VA | December 2015 | 109,544 |  | 08/2030 | 7,331 |  |  | 88,021 |  |  | 14,192 |
|  |  | $ | 491,102 |  |  | $ | 33,799 |  |  | $ | 387,222 |  |  | $ | 70,081 |
Weighted-average life of intangible assets (years) |  |  |  |  |  | 16.8 |
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 |
The Company recognized aggregate acquisition and pursuit expenses of $2,404 and $1,901 in 2015 and 2014, 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, 2015, the Company had the following development arrangements outstanding:
Location | Property Type | Square Feet |  | Expected Maximum Commitment/Contribution |  | Lease Term (Years) |  | Estimated Acquisition/ Completion Date |  | GAAP Investment Balance as of 12/31/15
Anderson, SC | Industrial | 1,325,000 |  |  | $ | 70,012 |  |  | 20 |  | 2Q 16 |  | $ | 23,826 |
Lake Jackson, TX | Office | 664,000 |  |  | 166,164 |  |  | 20 |  | 4Q 16 |  | 62,353 |
Charlotte, NC | Office | 201,000 |  |  | 62,445 |  |  | 15 |  | 1Q 17 |  | 9,223 |
|  | 2,190,000 |  |  | $ | 298,621 |  |  |  |  |  |  | $ | 95,402 |
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, 2015 and 2014, the Company's aggregate investment in development arrangements was $95,402 and $106,238, respectively, which includes $2,726 and $2,828 of interest capitalized, respectively, and is presented as investments in real estate under construction in the accompanying Consolidated Balance Sheets.

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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 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 3: 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 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 + Details
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