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, 2017 and December 31, 2016 (amounts in thousands):

	March 31, 2017			December 31, 2016
Land	$	5,902,186		$	5,899,862
Depreciable property:
Buildings and improvements		16,952,975			16,913,430
Furniture, fixtures and equipment		1,374,730			1,346,300
In-Place lease intangibles		470,849			470,849
Projects under development:
Land		111,540			115,876
Construction-in-progress		554,688			521,292
Land held for development:
Land		73,840			84,440
Construction-in-progress		35,296			34,376
Investment in real estate		25,476,104			25,386,425
Accumulated depreciation		(5,526,586	)		(5,360,389	)
Investment in real estate, net	$	19,949,518		$	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 March 31, 2017 and December 31, 2016 (amounts in thousands):

Description	Balance Sheet Location	March 31, 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			(19,091	)		(17,972	)
Lease intangible assets, net		$	160,420		$	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			(4,772	)		(4,509	)
Lease intangible liabilities, net		$	2,898		$	3,161

During the quarters ended March 31, 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. During the quarters ended March 31, 2017 and 2016, the Company amortized approximately $0.2 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	$	3,241		$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles		(316	)		(71	)		(71	)		(71	)		(71	)		(27	)
Total	$	2,925		$	4,250		$	4,250		$	4,250		$	4,250		$	4,294

During the quarter ended March 31, 2017, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		1		304	$	47,600
Land Parcels (one)		—		—		33,450
Total		1		304	$	81,050

The Company recognized a net gain on sales of real estate properties of approximately $36.7 million and a net gain on sales of land parcels of approximately $19.2 million on the above sales.