INVESTMENT PROPERTY

Investment property consisted of the following amounts as of March 31, 2018 and December 31, 2017 (in thousands):



	March 31, 2018			December 31, 2017
Buildings and improvements	$	2,288,189		$	2,255,267
Less: accumulated depreciation	(253,543		)	(237,767		)
Buildings and improvements, net	2,034,646			2,017,500
Land	672,919			671,776
Investment property, net	$	2,707,565		$	2,689,276

Recent Dispositions of Real Estate Investments

The Company sold its interests in six properties during the year ended December 31, 2017. The aggregate sale price of these properties was approximately $1.0 billion and the Company recorded aggregate gains of $364.3 million on the sales of these properties. The Company did not dispose of any properties during the three months ended March 31, 2018. Additionally, in April 2018, the Company sold One Westferry Circus. See Note 11 — Subsequent Events for additional information regarding the sale in April 2018.

As of March 31, 2018, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands):



	Lease Intangibles
				Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
	In-Place Leases			Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
Cost	$	652,711		$	66,116		$	(107,984	)
Less: accumulated amortization	(284,353		)	(40,579		)	42,372
Net	$	368,358		$	25,537		$	(65,612	)

As of December 31, 2017, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands):



	Lease Intangibles
				Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
	In-Place Leases			Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
Cost	$	662,854		$	69,510		$	(108,043	)
Less: accumulated amortization	(283,774		)	(42,333		)	38,477
Net	$	379,080		$	27,177		$	(69,566	)

Amortization expense of in-place leases was $18.3 million and $20.5 million for the three months ended March 31, 2018 and 2017, respectively. Net amortization of out-of-market leases resulted in an increase to rental revenue of $2.2 million for the three months ended March 31, 2018 and a decrease to rental revenue of $0.4 million for the three months ended March 31, 2017.

Anticipated amortization of in-place leases and out-of-market leases, net, for the period from April 1, 2018 through December 31, 2018 and for each of the years ending December 31, 2019 through December 31, 2022 are as follows (in thousands):



	In-Place Leases		Out-of-Market Leases, Net
April 1, 2018 through December 31, 2018	$	35,962	$	(1,529	)
2019	41,196		(3,141		)
2020	34,420		(3,231		)
2021	23,552		(851		)
2022	18,596		(1,577		)

Leases

The Company has entered into non-cancelable lease agreements with tenants for space. As of March 31, 2018, the approximate fixed future minimum rentals for the period from April 1, 2018 through December 31, 2018, for each of the years ending December 31, 2019 through December 31, 2022 and for the period thereafter are as follows (in thousands):



	Fixed Future Minimum Rentals
April 1, 2018 through December 31, 2018	$	197,405
2019	252,116
2020	225,353
2021	183,173
2022	157,441
Thereafter	617,924
Total	$	1,633,412

During the three months ended March 31, 2018 and 2017, the Company did not earn more than 10% of its total rental revenue from any individual tenant.