Investments in Real Estate and Real Estate Under Construction (Tables)

12 Months Ended

Dec. 31, 2015

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 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

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