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Real Estate (Tables)
 9 Months Ended
Sep. 30, 2015
Schedule of Real Estate Investments And Accumlated Depreciation [Table Text Block}
The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2015 and December 31, 2014 (amounts in thousands):
 
 
September 30,
2015
 
December 31,
2014
Land
 
$
6,424,887

 
$
6,295,404

Depreciable property:
 
 
 
 
Buildings and improvements
 
18,527,779

 
17,974,337

Furniture, fixtures and equipment
 
1,497,314

 
1,365,276

In-Place lease intangibles
 
515,154

 
511,891

Projects under development:
 
 
 
 
Land
 
295,798

 
466,764

Construction-in-progress
 
743,859

 
877,155

Land held for development:
 
 
 
 
Land
 
120,007

 
145,366

Construction-in-progress
 
34,683

 
39,190

Investment in real estate
 
28,159,481

 
27,675,383

Accumulated depreciation
 
(5,914,695
)
 
(5,432,805
)
Investment in real estate, net
 
$
22,244,786

 
$
22,242,578
Schedule of Finite-Lived Intangible Assets [Table Text Block]
The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of September 30, 2015 and December 31, 2014 (amounts in thousands):
Description
 
Balance Sheet Location
 
September 30,
2015
 
December 31,
2014
Assets
 
 
 
 
 
 
Ground lease intangibles – below market
 
Other Assets
 
$
178,251

 
$
178,251

Retail lease intangibles – above market
 
Other Assets
 
1,260

 
1,260

Lease intangible assets
 
 
 
179,511

 
179,511

Accumulated amortization
 
 
 
(12,318
)
 
(8,913
)
Lease intangible assets, net
 
 
 
$
167,193

 
$
170,598

 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Ground lease intangibles – above market
 
Other Liabilities
 
$
2,400

 
$
2,400

Retail lease intangibles – below market
 
Other Liabilities
 
5,270

 
5,270

Lease intangible liabilities
 
 
 
7,670

 
7,670

Accumulated amortization
 
 
 
(3,129
)
 
(2,258
)
Lease intangible liabilities, net
 
 
 
$
4,541

 
$
5,412
Schedule of Expected Amortization Expense [Table Text Block]
The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands):
        
 
 
Remaining
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
2016
 
2017
 
2018
 
2019
 
2020
 
 
 
 
 
 
 
 
 
 
 
 
 
Ground lease intangibles
 
$
1,080

 
$
4,321

 
$
4,321

 
$
4,321

 
$
4,321

 
$
4,321

Retail lease intangibles
 
(232
)
 
(896
)
 
(540
)
 
(71
)
 
(71
)
 
(71
)
Total
 
$
848

 
$
3,425

 
$
3,781

 
$
4,250

 
$
4,250

 
$
4,250
Acquired and Disposed Properties [Table Text Block]

During the nine months ended September 30, 2015, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):
 
 
Properties
 
Apartment Units
 
Purchase Price
Rental Properties
 
1

 
202

 
$
130,275

Land Parcels (1)
 
—

 
—

 
27,800

Total
 
1

 
202

 
$
158,075



(1) During the third quarter of 2015, the Company acquired two land parcels in San Francisco which will be combined with an additional land parcel acquired earlier in the year for future development.

During the nine months ended September 30, 2015, the Company disposed of the following to unaffiliated parties (sales price in thousands):
 
 
Properties
 
Apartment Units
 
Sales Price
Rental Properties (1)
 
7

 
1,707

 
$
464,812

Total
 
7

 
1,707

 
$
464,812



(1) Includes a 193,230 square foot medical office building adjacent to our Longfellow Place property in Boston with a sales price of approximately $123.3 million which is not included in the Company's property and apartment unit counts.