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.