| Schedule of real estate properties |
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. |
|
| Schedule of expected net amortization expense associated with intangible assets and liabilities |
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 |
|
|