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 March 31, 2018 and December 31, 2017 (amounts in thousands):

	March 31, 2018			December 31, 2017
Land	$	5,960,804		$	5,996,024
Depreciable property:
Buildings and improvements		17,748,897			17,743,042
Furniture, fixtures and equipment		1,575,934			1,548,961
In-Place lease intangibles		473,522			476,359
Projects under development:
Land		30,605			43,226
Construction-in-progress		66,004			120,321
Land held for development:
Land		62,538			62,538
Construction-in-progress		40,313			36,425
Investment in real estate		25,958,617			26,026,896
Accumulated depreciation		(6,173,047	)		(6,040,378	)
Investment in real estate, net	$	19,785,570		$	19,986,518

The following table summarizes the carrying amounts for the Company’s above and below market ground and retail lease intangibles as of March 31, 2018 and December 31, 2017 (amounts in thousands):

Description	Balance Sheet Location	March 31, 2018			December 31, 2017
Assets
Ground lease intangibles – below market	Other Assets	$	191,918		$	191,918
Retail lease intangibles – above market	Other Assets		1,260			1,260
Lease intangible assets			193,178			193,178
Accumulated amortization			(23,562	)		(22,434	)
Lease intangible assets, net		$	169,616		$	170,744

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			(5,173	)		(5,143	)
Lease intangible liabilities, net		$	2,497		$	2,527

The following table provides a summary of the effect of the amortization for above and below market ground and retail lease intangibles on the Company’s accompanying consolidated statements of operations and comprehensive income for the quarters ended March 31, 2018 and 2017, respectively (amounts in thousands):

		Quarter Ended March 31,
Description	Income Statement Location	2018			2017
Ground lease intangible amortization	Property and Maintenance	$	(1,116	)	$	(1,080	)
Retail lease intangible amortization	Rental Income		18			224
Total amortization of above/below market lease intangibles		$	(1,098	)	$	(856	)

The following table provides a summary of the aggregate amortization for above and below market ground and retail lease intangibles for each of the next five years (amounts in thousands):

	Remaining
	2018			2019			2020			2021			2022			2023
Ground lease intangibles	$	(3,347	)	$	(4,463	)	$	(4,463	)	$	(4,463	)	$	(4,463	)	$	(4,463	)
Retail lease intangibles		53			71			71			71			27			19
Total	$	(3,294	)	$	(4,392	)	$	(4,392	)	$	(4,392	)	$	(4,436	)	$	(4,444	)

During the quarter ended March 31, 2018, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		1		117	$	53,700
Total		1		117	$	53,700

(1)

Purchase price includes an allocation of approximately $14.8 million to land and $39.3 million to depreciable property (inclusive of capitalized closing costs).

During the quarter ended March 31, 2018, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		4		786	$	290,020
Total		4		786	$	290,020

The Company recognized a net gain on sales of real estate properties of approximately $142.2 million on the above sales.