4.	Real Estate and Lease Intangibles

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2017 and December 31, 2016 (amounts in thousands):

	June 30, 2017			December 31, 2016
Land	$	5,927,949		$	5,899,862
Depreciable property:
Buildings and improvements		17,214,313			16,913,430
Furniture, fixtures and equipment		1,441,413			1,346,300
In-Place lease intangibles		467,845			470,849
Projects under development:
Land		61,400			115,876
Construction-in-progress		264,423			521,292
Land held for development:
Land		73,841			84,440
Construction-in-progress		38,633			34,376
Investment in real estate		25,489,817			25,386,425
Accumulated depreciation		(5,671,510	)		(5,360,389	)
Investment in real estate, net	$	19,818,307		$	20,026,036

The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of June 30, 2017 and December 31, 2016 (amounts in thousands):

Description	Balance Sheet Location	June 30, 2017			December 31, 2016
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			(20,193	)		(17,972	)
Lease intangible assets, net		$	159,318		$	161,539

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			(5,013	)		(4,509	)
Lease intangible liabilities, net		$	2,657		$	3,161

During the six months ended June 30, 2017 and 2016, the Company amortized approximately $2.2 million in both periods of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and comprehensive income, and amortized approximately $0.5 million in both periods of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations and comprehensive income. During the quarters ended June 30, 2017 and 2016, the Company amortized approximately $1.1 million in both periods of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and comprehensive income, and amortized approximately $0.3 million in both periods of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations and comprehensive income.

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
	2017			2018			2019			2020			2021			2022
Ground lease intangibles	$	2,161		$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles		(97	)		(71	)		(71	)		(71	)		(71	)		(27	)
Total	$	2,064		$	4,250		$	4,250		$	4,250		$	4,250		$	4,294

During the six months ended June 30, 2017, the Company acquired the entire equity interest in the following from an unaffiliated party (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		1		136	$	57,028
Total		1		136	$	57,028

(1)	Purchase price includes an allocation of approximately $9.2 million to land and $47.9 million to depreciable property (inclusive of capitalized closing costs).

During the six months ended June 30, 2017, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		3		904	$	266,700
Land Parcels (one)		—		—		33,450
Total		3		904	$	300,150

The Company recognized a net gain on sales of real estate properties of approximately $124.4 million and a net gain on sales of land parcels of approximately $19.2 million on the above sales.