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Real Estate | 12 Months Ended
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Dec. 31, 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 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 |
Acquisitions and Dispositions 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).
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.
The Company recognized a net gain on sales of real estate properties of approximately $447.6 million, a net gain on sales of unconsolidated entities of approximately $69.5 million and a net gain on sales of land parcels of approximately $2.0 million on the above sales. 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 |
The Company recognized a net gain on sales of real estate properties of approximately $256.8 million and a net gain on sales of land parcels of approximately $1.0 million on the above sales. Impairment During the year ended December 31, 2018, the Company recorded an approximate $0.7 million non-cash asset impairment charge on a property located in the San Francisco market due to physical property damage as a result of a fire at one of the buildings at the property. During the year ended December 31, 2017, the Company recorded an approximate $1.7 million non-cash asset impairment charge on a land parcel that was being marketed for sale, which is included in land held for development on the consolidated balance sheets and included in the non-same store/other segment discussed in Note 17. The charge was the result of an analysis of the parcel’s estimated fair value (determined using internally developed models based on market assumptions and potential sales data from the marketing process) compared to its current capitalized carrying value. The parcel was sold in 2019.

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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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