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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2019
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 December 31, 2019 and 2018 (amounts in thousands):
|  | 2019 |  |  | 2018 |
Land |  | $ | 5,936,188 |  |  | $ | 5,875,803 |
Depreciable property: |  |  |  |  |  |  |  |
Buildings and improvements |  |  | 18,904,686 |  |  |  | 18,232,625 |
Furniture, fixtures and equipment |  |  | 1,916,458 |  |  |  | 1,722,231 |
In-Place lease intangibles |  |  | 497,957 |  |  |  | 481,045 |
Projects under development: |  |  |  |  |  |  |  |
Land |  |  | 23,531 |  |  |  | 25,429 |
Construction-in-progress |  |  | 158,099 |  |  |  | 83,980 |
Land held for development: |  |  |  |  |  |  |  |
Land |  |  | 64,460 |  |  |  | 61,038 |
Construction-in-progress |  |  | 32,228 |  |  |  | 28,871 |
Investment in real estate |  |  | 27,533,607 |  |  |  | 26,511,022 |
Accumulated depreciation |  |  | (7,276,786 | ) |  |  | (6,696,281 | )
Investment in real estate, net |  | $ | 20,256,821 |  |  | $ | 19,814,741 |
Acquired Properties From Unaffiliated Parties | During the year ended December 31, 2019, the Company acquired the following from unaffiliated parties (purchase price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Purchase Price |
Rental Properties – Consolidated (1) |  |  | 13 |  |  |  | 3,540 |  |  | $ | 1,494,689 |
Land Parcels (four) (2) |  |  | — |  |  |  | — |  |  |  | 19,832 |
Total |  |  | 13 |  |  |  | 3,540 |  |  | $ | 1,514,521 |
(1) | Purchase price includes an allocation of approximately $268.3 million to land and $1.229 billion to depreciable property (inclusive of capitalized closing costs).
(2) | Purchase price includes an allocation of approximately $16.7 million to vacant land and $4.9 million to construction-in-progress (inclusive of capitalized closing costs). Land parcels include entry into two long-term ground leases for land projects under development in the Washington D.C. market, of which one land parcel is subject to a fully prepaid ground lease. See Notes 6 and 8 for additional discussion.
During the year ended December 31, 2018, the Company acquired the following from unaffiliated parties (purchase price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Purchase Price |
Rental Properties – Consolidated (1) |  |  | 5 |  |  |  | 1,478 |  |  | $ | 707,005 |
Total |  |  | 5 |  |  |  | 1,478 |  |  | $ | 707,005 |
(1) | Purchase price includes an allocation of approximately $113.7 million to land and $594.4 million to depreciable property (inclusive of capitalized closing costs).
Disposed Properties to Unaffiliated Parties | During the year ended December 31, 2019, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |
Rental Properties – Consolidated |  |  | 11 |  |  |  | 2,361 |  |  | $ | 1,080,675 |
Rental Properties – Unconsolidated (1) |  |  | 2 |  |  |  | 945 |  |  |  | 394,500 |
Land Parcels (two) |  |  | — |  |  |  | — |  |  |  | 2,100 |
Total |  |  | 13 |  |  |  | 3,306 |  |  | $ | 1,477,275 |
(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.
During the year ended December 31, 2018, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |
Rental Properties – Consolidated |  |  | 5 |  |  |  | 1,292 |  |  | $ | 706,120 |
Land Parcels (one) |  |  | — |  |  |  | — |  |  |  | 2,700 |
Total |  |  | 5 |  |  |  | 1,292 |  |  | $ | 708,820 |

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