Real Estate
 3 Months Ended
Mar. 31, 2018
Real Estate [Abstract]  
Real Estate
Real Estate
The Company’s components of Real estate, net consisted of the following:
 
March 31, 2018
 
December 31, 2017
Land
$
1,962,364

 
$
1,984,309

Buildings and improvements:
 
 
 
Buildings and tenant improvements(1)
8,121,758

 
8,145,085

Lease intangibles(2)
774,344

 
792,097

 
10,858,466

 
10,921,491

Accumulated depreciation and amortization(3)
(2,405,579
)
 
(2,361,070
)
Total
$
8,452,887

 
$
8,560,421

(1) 
As of March 31, 2018 and December 31, 2017, Buildings and tenant improvements included accrued amounts of $20.3 million and $22.8 million, respectively, related to construction in progress, net of any anticipated insurance proceeds. 
(2) 
As of March 31, 2018 and December 31, 2017, Lease intangibles consisted of $700.0 million and $715.1 million, respectively, of in-place leases and $74.4 million and $77.0 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.
(3) 
As of March 31, 2018 and December 31, 2017, Accumulated depreciation and amortization included $623.1 million and $629.1 million, respectively, of accumulated amortization related to Lease intangibles.
In addition, as of March 31, 2018 and December 31, 2017, the Company had intangible liabilities relating to below-market leases of $455.8 million and $463.3 million, respectively, and accumulated accretion of $284.3 million and $281.5 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities in the Company’s unaudited Condensed Consolidated Balance Sheets. These intangible assets are accreted over the term of each related lease.

Below-market lease accretion income, net of above-market lease amortization expense for the three months ended March 31, 2018 and 2017 was $6.8 million and $7.8 million, respectively. These amounts are included in Rental income in the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended March 31, 2018 and 2017 was $9.3 million and $12.1 million, respectively. These amounts are included in Depreciation and amortization in the Company’s unaudited Condensed Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense, for the next five years are as follows:
Year ending December 31,
 
Below-market lease accretion (income), net of above-market lease amortization
 
In-place lease amortization expense
2018 (remaining nine months)
 
$
(17,909
)
 
$
24,663

2019
 
(20,384
)
 
26,802

2020
 
(16,624
)
 
19,840

2021
 
(13,782
)
 
14,295

2022
 
(11,539
)
 
10,811