Real Estate Assets

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Real Estate Assets

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:

	December 31, 2016			December 31, 2015
Land - operating	$	1,664,659		$	1,384,009
Land - development	26,982			17,313
Buildings, improvements and other intangibles	5,833,836			4,886,397
Intangible assets - tenant relationships	111,528			95,891
Intangible lease rights	12,443			8,877
	7,649,448			6,392,487
Less: accumulated depreciation and amortization	(900,861		)	(728,087		)
Net operating real estate assets	6,748,587			5,664,400
Real estate under development/redevelopment	21,860			24,909
Net real estate assets	$	6,770,447		$	5,689,309
Real estate assets held for sale included in net real estate assets	$	1,970		$	10,774

As of December 31, 2016, the Company had two parcels of undeveloped land classified as held for sale. The estimated fair value less selling costs of each of these assets is greater than the carrying value of the assets, and therefore no loss has been recorded. These assets held for sale are included in the property management, acquisition and development segment of the Company’s segment information. The Company expects this land to be sold by the end of 2017.

The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $21,133, $11,695, and $12,996 for the years ended December 31, 2016, 2015 and 2014, respectively. The remaining balance of the unamortized lease rights will be amortized over the next 2 years to 45 years.