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Real Estate and Lease Intangibles (Tables) | 6 Months Ended
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Jun. 30, 2017
Real Estate [Abstract] |
Summary of Carrying Amounts of Investment in Real Estate | The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2017 and December 31, 2016 (amounts in thousands):
|  | June 30, 2017 |  |  | December 31, 2016 |
Land |  | $ | 5,927,949 |  |  | $ | 5,899,862 |
Depreciable property: |  |  |  |  |  |  |  |
Buildings and improvements |  |  | 17,214,313 |  |  |  | 16,913,430 |
Furniture, fixtures and equipment |  |  | 1,441,413 |  |  |  | 1,346,300 |
In-Place lease intangibles |  |  | 467,845 |  |  |  | 470,849 |
Projects under development: |  |  |  |  |  |  |  |
Land |  |  | 61,400 |  |  |  | 115,876 |
Construction-in-progress |  |  | 264,423 |  |  |  | 521,292 |
Land held for development: |  |  |  |  |  |  |  |
Land |  |  | 73,841 |  |  |  | 84,440 |
Construction-in-progress |  |  | 38,633 |  |  |  | 34,376 |
Investment in real estate |  |  | 25,489,817 |  |  |  | 25,386,425 |
Accumulated depreciation |  |  | (5,671,510 | ) |  |  | (5,360,389 | )
Investment in real estate, net |  | $ | 19,818,307 |  |  | $ | 20,026,036 |
Summary of Carrying Amounts of Above and Below Market Ground And Retail Lease Intangibles | The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of June 30, 2017 and December 31, 2016 (amounts in thousands):
Description |  | Balance Sheet Location |  | June 30, 2017 |  |  | December 31, 2016 |
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 |  |  |  |  | (20,193 | ) |  |  | (17,972 | )
Lease intangible assets, net |  |  |  | $ | 159,318 |  |  | $ | 161,539 |
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 |  |  |  |  | (5,013 | ) |  |  | (4,509 | )
Lease intangible liabilities, net |  |  |  | $ | 2,657 |  |  | $ | 3,161 |
Summary of Aggregate Amortization Expense for Above and Below Market Ground And Retail Lease Intangibles | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |
Ground lease intangibles |  | $ | 2,161 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |  |  | $ | 4,321 |
Retail lease intangibles |  |  | (97 | ) |  |  | (71 | ) |  |  | (71 | ) |  |  | (71 | ) |  |  | (71 | ) |  |  | (27 | )
Total |  | $ | 2,064 |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  | $ | 4,294 |
Acquired Properties From Unaffiliated Parties | During the six months ended June 30, 2017, the Company acquired the entire equity interest in the following from an unaffiliated party (purchase price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Purchase Price |
Rental Properties – Consolidated (1) |  |  | 1 |  |  |  | 136 |  |  | $ | 57,028 |
Total |  |  | 1 |  |  |  | 136 |  |  | $ | 57,028 |
(1) | Purchase price includes an allocation of approximately $9.2 million to land and $47.9 million to depreciable property (inclusive of capitalized closing costs).
Disposed Properties to Unaffiliated Parties | During the six months ended June 30, 2017, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |
Rental Properties – Consolidated |  |  | 3 |  |  |  | 904 |  |  | $ | 266,700 |
Land Parcels (one) |  |  | — |  |  |  | — |  |  |  | 33,450 |
Total |  |  | 3 |  |  |  | 904 |  |  | $ | 300,150 |

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- Definition Tabular disclosure of the cost of land, buildings and improvements, furniture and fixtures and accumulated depreciation in aggregate for all consolidated properties owned at the balance sheet date. + References No definition available. + Details
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