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Real Estate | 6 Months Ended
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Jun. 30, 2019
Real Estate [Abstract] |
Real Estate |
4. | Real Estate
The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2019 and December 31, 2018 (amounts in thousands):
|  | June 30, 2019 |  |  | December 31, 2018 |
Land |  | $ | 5,889,308 |  |  | $ | 5,875,803 |
Depreciable property: |  |  |  |  |  |  |  |
Buildings and improvements |  |  | 18,529,097 |  |  |  | 18,232,625 |
Furniture, fixtures and equipment |  |  | 1,813,243 |  |  |  | 1,722,231 |
In-Place lease intangibles |  |  | 481,713 |  |  |  | 481,045 |
Projects under development: |  |  |  |  |  |  |  |
Land |  |  | 25,429 |  |  |  | 25,429 |
Construction-in-progress |  |  | 146,440 |  |  |  | 83,980 |
Land held for development: |  |  |  |  |  |  |  |
Land |  |  | 74,187 |  |  |  | 61,038 |
Construction-in-progress |  |  | 36,358 |  |  |  | 28,871 |
Investment in real estate |  |  | 26,995,775 |  |  |  | 26,511,022 |
Accumulated depreciation |  |  | (7,026,622 | ) |  |  | (6,696,281 | )
Investment in real estate, net |  | $ | 19,969,153 |  |  | $ | 19,814,741 |
During the six months ended June 30, 2019, the Company acquired the following from unaffiliated parties (purchase price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Purchase Price |
Rental Properties – Consolidated (1) |  |  | 6 |  |  |  | 1,644 |  |  | $ | 634,650 |
Land Parcels (one) (2) |  |  | — |  |  |  | — |  |  |  | 16,232 |
Total |  |  | 6 |  |  |  | 1,644 |  |  | $ | 650,882 |
(1) | Purchase price includes an allocation of approximately $88.1 million to land and $548.5 million to depreciable property (inclusive of capitalized closing costs).
(2) | Purchase price includes an allocation of approximately $13.1 million to vacant land and $3.4 million to construction-in-progress (inclusive of capitalized closing costs). See Note 6 for additional discussion.
During the six months ended June 30, 2019, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |
Rental Properties – Consolidated |  |  | 2 |  |  |  | 561 |  |  | $ | 402,750 |
Rental Properties – Unconsolidated (1) |  |  | 2 |  |  |  | 945 |  |  |  | 394,500 |
Total |  |  | 4 |  |  |  | 1,506 |  |  | $ | 797,250 |
(1) | The Company owned a 20% interest in both unconsolidated rental properties. Sales price listed is the gross sales price. The Company received net sales proceeds of approximately $78.3 million.
The Company recognized a net gain on sales of real estate properties of approximately $138.8 million and a net gain on sales of unconsolidated entities of approximately $69.5 million on the above sales.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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