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Real Estate and Lease Intangibles (Tables) | 12 Months Ended
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Dec. 31, 2017
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 December 31, 2017 and 2016 (amounts in thousands):
|  | 2017 |  |  | 2016 |
Land |  | $ | 5,996,024 |  |  | $ | 5,899,862 |
Depreciable property: |  |  |  |  |  |  |  |
Buildings and improvements |  |  | 17,743,042 |  |  |  | 16,913,430 |
Furniture, fixtures and equipment |  |  | 1,548,961 |  |  |  | 1,346,300 |
In-Place lease intangibles |  |  | 476,359 |  |  |  | 470,849 |
Projects under development: |  |  |  |  |  |  |  |
Land |  |  | 43,226 |  |  |  | 115,876 |
Construction-in-progress |  |  | 120,321 |  |  |  | 521,292 |
Land held for development: |  |  |  |  |  |  |  |
Land |  |  | 62,538 |  |  |  | 84,440 |
Construction-in-progress |  |  | 36,425 |  |  |  | 34,376 |
Investment in real estate |  |  | 26,026,896 |  |  |  | 25,386,425 |
Accumulated depreciation |  |  | (6,040,378 | ) |  |  | (5,360,389 | )
Investment in real estate, net |  | $ | 19,986,518 |  |  | $ | 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 December 31, 2017 and 2016 (amounts in thousands):
Description |  | Balance Sheet Location |  | 2017 |  |  | 2016 |
Assets |  |  |  |  |  |  |  |  |  |
Ground lease intangibles – below market |  | Other Assets |  | $ | 191,918 |  |  | $ | 178,251 |
Retail lease intangibles – above market |  | Other Assets |  |  | 1,260 |  |  |  | 1,260 |
Lease intangible assets |  |  |  |  | 193,178 |  |  |  | 179,511 |
Accumulated amortization |  |  |  |  | (22,434 | ) |  |  | (17,972 | )
Lease intangible assets, net |  |  |  | $ | 170,744 |  |  | $ | 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 |  |  |  |  | (5,143 | ) |  |  | (4,509 | )
Lease intangible liabilities, net |  |  |  | $ | 2,527 |  |  | $ | 3,161 |
Summary of the Effect of the Amortization for Above and Below Market Ground and Retail Lease Intangibles | The following table provides a summary of the effect of the amortization for above and below market ground and retail lease intangibles on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2017, 2016 and 2015 (amounts in thousands):
Description |  | Income Statement Location |  | 2017 |  |  | 2016 |  |  | 2015 |
Ground lease intangible amortization |  | Property and Maintenance |  | $ | (4,369 | ) |  | $ | (4,321 | ) |  | $ | (4,321 | )
Retail lease intangible amortization |  | Rental Income |  |  | 541 |  |  |  | 895 |  |  |  | 939 |
Total amortization of above/below market lease intangibles |  |  |  | $ | (3,828 | ) |  | $ | (3,426 | ) |  | $ | (3,382 | )
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 for above and below market ground and retail lease intangibles for each of the next five years (amounts in thousands):
|  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |
Ground lease intangibles |  | $ | (4,463 | ) |  | $ | (4,463 | ) |  | $ | (4,463 | ) |  | $ | (4,463 | ) |  | $ | (4,463 | ) |
Retail lease intangibles |  | 71 |  |  |  | 71 |  |  |  | 71 |  |  |  | 71 |  |  |  | 27 |  |
Total |  | $ | (4,392 | ) |  | $ | (4,392 | ) |  | $ | (4,392 | ) |  | $ | (4,392 | ) |  | $ | (4,436 | ) |
Acquired Properties From Unaffiliated Parties | During the year ended December 31, 2017, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Purchase Price |
Rental Properties – Consolidated (1) |  |  | 4 |  |  |  | 947 |  |  | $ | 468,050 |
Total |  |  | 4 |  |  |  | 947 |  |  | $ | 468,050 |
| (1) | Purchase price includes an allocation of approximately $68.3 million to land, $386.2 million to depreciable property (inclusive of capitalized closing costs) and $13.7 million to ground lease intangible (included in other assets). For one of the property acquisitions, the Company owns the building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2113. This property is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease.
During the year ended December 31, 2016, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Purchase Price |
Rental Properties – Consolidated (1) |  |  | 4 |  |  |  | 573 |  |  | $ | 249,334 |
Total |  |  | 4 |  |  |  | 573 |  |  | $ | 249,334 |
| (1) | Purchase price includes an allocation of approximately $98.0 million to land and $151.3 million to depreciable property.
Disposed Properties to Unaffiliated Parties | During the year ended December 31, 2017, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |
Rental Properties – Consolidated |  |  | 5 |  |  |  | 1,194 |  |  | $ | 354,950 |
Land Parcels (one) |  |  | — |  |  |  | — |  |  |  | 33,450 |
Total |  |  | 5 |  |  |  | 1,194 |  |  | $ | 388,400 |
During the year ended December 31, 2016, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |
Rental Properties (1) |  |  | 98 |  |  |  | 29,440 |  |  | $ | 6,811,503 |
Land Parcels |  |  | — |  |  |  | — |  |  |  | 57,455 |
Unconsolidated: |  |  |  |  |  |  |  |  |  |  |  |
Rental Properties (2) |  |  | 1 |  |  |  | 336 |  |  |  | 74,500 |
Total |  |  | 99 |  |  |  | 29,776 |  |  | $ | 6,943,458 |
| (1) | Includes the Starwood Portfolio sale (see further discussion below) representing 72 operating properties consisting of 23,262 apartment units for $5.365 billion.
| (2) | The Company owned a 20% interest in this unconsolidated rental property. Sale price listed is the gross sale price. The Company’s share of the net sales proceeds approximated $12.4 million.
Ownership Breakdown | The ownership breakdown includes (table does not include various uncompleted development properties):
|  | Properties |  |  | Apartment Units |
Wholly Owned Properties |  |  | 283 |  |  |  | 73,598 |
Master-Leased Properties – Consolidated |  |  | 3 |  |  |  | 853 |
Partially Owned Properties – Consolidated |  |  | 17 |  |  |  | 3,215 |
Partially Owned Properties – Unconsolidated |  |  | 2 |  |  |  | 945 |
|  |  | 305 |  |  |  | 78,611 |
Starwood Portfolio [Member] |
Ownership Breakdown | The following table provides the operating segments/locations of the properties and apartment units sold in the Starwood Transaction. The sale of these properties represents the continuation of the Company’s long-term strategy of investing in the urban and high-density suburban areas of its coastal gateway markets. See Note 11 for further discussion.
Markets/Metro Areas |  | Properties |  |  | Apartment Units |
South Florida |  |  | 33 |  |  |  | 10,742 |
Denver |  |  | 18 |  |  |  | 6,635 |
Washington D.C. |  |  | 10 |  |  |  | 3,020 |
Seattle |  |  | 8 |  |  |  | 1,721 |
Los Angeles |  |  | 3 |  |  |  | 1,144 |
Total |  |  | 72 |  |  |  | 23,262 |

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