Investments in real estate, net (Tables)

12 Months Ended

Dec. 31, 2013

Finite-Lived Intangible Assets [Line Items]

Our investments in real estate, net, consisted of the following as of December 31, 2013 and 2012 (in thousands):



	December 31, 2013				December 31, 2012
Rental properties:
Land (related to rental properties)	$	553,388			$	522,664
Buildings and building improvements	5,714,673				4,933,314
Other improvements	174,147				189,793
Rental properties	6,442,208				5,645,771
Less: accumulated depreciation	(952,106		)		(875,035		)
Rental properties, net	5,490,102				4,770,736

Construction in progress (“CIP”)/current value-creation projects:
Current development in North America	511,838				431,578
Investment in unconsolidated joint venture	46,644			⁽¹⁾	28,656			⁽¹⁾
Current redevelopment in North America	8,856				199,744
Current development and redevelopment in Asia	60,928				101,602
Generic infrastructure/building improvement projects in North America	—				80,599			⁽²⁾
	628,266				842,179
Subtotal	6,118,368				5,612,915

Land/value-creation projects:
Land undergoing predevelopment activities (CIP) in North America	367,225				433,310
Land held for development in North America	191,127				296,039
Land held for development/undergoing predevelopment activities (CIP) in Asia	77,251				82,314
Land subject to sale negotiations	22,943				—
	658,546				811,663
Investments in real estate, net	$	6,776,914			$	6,424,578


(1)	The book value for this unconsolidated joint venture represents our equity investment in the 360 Longwood Avenue development project.


(2)	Includes the book value associated with 205,164 square feet at eight projects undergoing construction of generic laboratory/office improvements as of December 31, 2012, which were delivered during the year ended December 31, 2013.

Schedule of future minimum lease payments

Minimum lease payments to be received under the terms of the operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2013, are outlined in the table below (in thousands):



Year	Amount
2014	$	443,942
2015	466,037
2016	444,082
2017	408,935
2018	362,370
Thereafter	2,161,810
Total	$	4,287,176

Leases, Acquired-in-Place

Finite-Lived Intangible Assets [Line Items]

Schedule of above and below market leases, net of related amortization

The balances of our other identified intangible assets (primarily acquired in-place leases, net of related amortization) are classified in other assets in the accompanying consolidated balance sheets. As of December 31, 2013 and 2012, these amounts were as follows (in thousands):



	December 31,
	2013			2012
Acquired in-place leases	$	48,189		$	45,225
Accumulated amortization	(28,927		)	(26,600		)
Acquired in-place leases, net	$	19,262		$	18,625

Schedule of estimated annual amortization of the acquired above and below market leases

As of December 31, 2013, the estimated annual amortization expense for acquired in-place leases is expected to be recognized over a weighted average period of approximately 8.6 years, and is as follows (in thousands):



Year	Amount
2014	$	2,633
2015	2,506
2016	2,299
2017	2,124
2018	1,949
Thereafter	7,751
Total	$	19,262

Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Schedule of above and below market leases, net of related amortization

The balances of acquired below market leases, net of related amortization, classified in accounts payable, accrued expenses, and tenant security deposits as of December 31, 2013 and 2012, were as follows (in thousands):



	December 31,
	2013			2012
Acquired below market leases	$	55,599		$	55,599
Accumulated amortization	(44,194		)	(40,878		)
Acquired below market leases, net	$	11,405		$	14,721

Schedule of estimated annual amortization of the acquired above and below market leases

The estimated annual amortization of the value of acquired below market leases is as follows (in thousands):



Year	Amount
2014	$	3,223
2015	3,011
2016	2,641
2017	2,038
2018	492
Thereafter	—
Total	$	11,405