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Investments in real estate (Tables)

12 Months Ended

Dec. 31, 2015

Our consolidated investments in real estate consisted of the following as of December 31, 2015 and 2014 (in thousands):



	December 31, 2015			December 31, 2014
Land (related to rental properties)	$	678,752		$	624,681
Buildings and building improvements	6,790,612			6,171,504
Other improvements	274,430			192,128
Rental properties	7,743,794			6,988,313

Development and redevelopment projects (under construction or pre-construction)	917,706			986,819
Future value-creation projects	283,761			253,723

Value-creation pipeline	1,201,467			1,240,542

Gross investments in real estate	8,945,261			8,228,855
Less: accumulated depreciation	(1,315,339		)	(1,120,245		)
Investments in real estate	$	7,629,922		$	7,108,610

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, 2015, are outlined in the table below (in thousands):



Year	Amount
2016	$	525,944
2017	558,299
2018	584,777
2019	549,771
2020	502,810
Thereafter	3,072,185
Total	$	5,793,786

Schedule of Consolidated Joint Ventures

The following table summarizes the financial position of our consolidated VIEs as of December 31, 2015 (in thousands):



	As of December 31, 2015
	Consolidated Real Estate Joint Ventures at 100%
	225 Binney Street		1500 Owens Street		409/499 Illinois Street
Investments in real estate	$	163,359	$	82,712	$	362,403
Cash and cash equivalents	1,247		16		797
Other assets	6,877		6,382		24,374
Total assets	$	171,483	$	89,110	$	387,574

Secured notes payable	$	—	$	—	$	—
Other liabilities	2,752		9,704		26,210
Total liabilities	2,752		9,704		26,210
Redeemable noncontrolling interests	—		—		—
Company’s share	50,619		39,783		216,818
Noncontrolling interest’s share	118,112		39,623		144,546
Total liabilities and equity	$	171,483	$	89,110	$	387,574

Acquired-in-Place Leases

Real Estate Properties [Line Items]

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

The balances of acquired in-place leases, and related accumulated amortization, are classified in other assets in the accompanying consolidated balance sheets. As of December 31, 2015 and 2014, these amounts were as follows (in thousands):



	December 31, 2015			December 31, 2014
Acquired in-place leases	$	65,397		$	51,395
Accumulated amortization	(37,400		)	(32,123		)
	$	27,997		$	19,272

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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



Year	Amount
2016	$	4,414
2017	3,959
2018	3,834
2019	3,544
2020	3,332
Thereafter	8,914
Total	$	27,997

Other Intangible Assets

Real Estate Properties [Line Items]

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

The balances of acquired below-market leases, and related accumulated amortization, classified in accounts payable, accrued expenses, and tenant security deposits in the accompanying consolidated balance sheets as of December 31, 2015 and 2014, were as follows (in thousands):



	December 31, 2015			December 31, 2014
Acquired below-market leases	$	79,744		$	55,955
Accumulated amortization	(53,726		)	(47,145		)
	$	26,018		$	8,810

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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



Year	Amount
2016	$	4,101
2017	3,888
2018	2,343
2019	1,846
2020	1,834
Thereafter	12,006
Total	$	26,018

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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