Real Estate (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Real Estate Investments And Accumlated Depreciation [Table Text Block}

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of March 31, 2015 and December 31, 2014 (amounts in thousands):

	March 31, 2015			December 31, 2014
Land	$	6,357,580		$	6,295,404
Depreciable property:
Buildings and improvements	18,109,892			17,974,337
Furniture, fixtures and equipment	1,401,801			1,365,276
In-Place lease intangibles	512,804			511,891
Projects under development:
Land	423,359			466,764
Construction-in-progress	846,425			877,155
Land held for development:
Land	109,726			145,366
Construction-in-progress	34,271			39,190
Investment in real estate	27,795,858			27,675,383
Accumulated depreciation	(5,600,485		)	(5,432,805		)
Investment in real estate, net	$	22,195,373		$	22,242,578

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of March 31, 2015 and December 31, 2014 (amounts in thousands):

Description	Balance Sheet Location	March 31, 2015			December 31, 2014
Assets
Ground lease intangibles – below market	Other Assets	$	178,251		$	178,251
Retail lease intangibles – above market	Other Assets	1,260			1,260
Lease intangible assets		179,511			179,511
Accumulated amortization		(10,050		)	(8,913		)
Lease intangible assets, net		$	169,461		$	170,598
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities	5,270			5,270
Lease intangible liabilities		7,670			7,670
Accumulated amortization		(2,549		)	(2,258		)
Lease intangible liabilities, net		$	5,121		$	5,412

Schedule of Expected Amortization Expense [Table Text Block]

The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands):

	Remaining
	2015			2016			2017			2018			2019			2020
Ground lease intangibles	$	3,241		$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(705		)	(896		)	(540		)	(71		)	(71		)	(71		)
Total	$	2,536		$	3,425		$	3,781		$	4,250		$	4,250		$	4,250

Acquired and Disposed Properties [Table Text Block]

During the quarter ended March 31, 2015, the Company acquired the entire equity interest in the following from an unaffiliated party (purchase price in thousands):

	Properties	Apartment Units	Purchase Price
Land Parcel (one)	—	—	$	5,968
Total	—	—	$	5,968

During the quarter ended March 31, 2015, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Rental Properties	3	550	$	145,400
Total	3	550	$	145,400