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Real Estate | 12 Months Ended
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Dec. 31, 2021
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, 2021 and 2020 (amounts in thousands):
|  | 2021 |  |  | 2020 |
Land |  | $ | 5,814,790 |  |  | $ | 5,785,367 |
Depreciable property: |  |  |  |  |  |  |  |
Buildings and improvements |  |  | 19,632,284 |  |  |  | 18,464,484 |
Furniture, fixtures and equipment |  |  | 2,220,203 |  |  |  | 1,970,033 |
In-Place lease intangibles |  |  | 518,324 |  |  |  | 486,137 |
Projects under development: |  |  |  |  |  |  |  |
Land |  |  | — |  |  |  | 23,531 |
Construction-in-progress |  |  | 24,307 |  |  |  | 387,603 |
Land held for development: |  |  |  |  |  |  |  |
Land |  |  | 46,160 |  |  |  | 46,160 |
Construction-in-progress |  |  | 16,838 |  |  |  | 40,010 |
Investment in real estate |  |  | 28,272,906 |  |  |  | 27,203,325 |
Accumulated depreciation |  |  | (8,354,282 | ) |  |  | (7,859,657 | )
Investment in real estate, net |  | $ | 19,918,624 |  |  | $ | 19,343,668 |
Acquisitions and Dispositions During the year ended December 31, 2021, the Company acquired the following from unaffiliated parties (purchase price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Purchase Price |
Rental Properties – Consolidated (1) |  |  | 17 |  |  |  | 4,747 |  |  | $ | 1,709,379 |
Total |  |  | 17 |  |  |  | 4,747 |  |  | $ | 1,709,379 |
(1) | Purchase price includes an allocation of approximately $226.3 million to land and $1.5 billion to depreciable property (inclusive of capitalized closing costs).
During the year ended December 31, 2020, the Company acquired the following from unaffiliated parties (purchase price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Purchase Price |
Rental Properties – Consolidated (1) |  |  | 1 |  |  |  | 158 |  |  | $ | 48,860 |
Total |  |  | 1 |  |  |  | 158 |  |  | $ | 48,860 |
(1) | Purchase price includes an allocation of approximately $5.5 million to land and $43.4 million to depreciable property (inclusive of capitalized closing costs).
During the year ended December 31, 2021, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |
Rental Properties – Consolidated |  |  | 14 |  |  |  | 3,053 |  |  | $ | 1,716,775 |
Total |  |  | 14 |  |  |  | 3,053 |  |  | $ | 1,716,775 |
The Company recognized a net gain on sales of real estate properties of approximately $1.1 billion on the above sales. During the year ended December 31, 2020, the Company disposed of the following to unaffiliated parties (sales price in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |
Rental Properties – Consolidated |  |  | 6 |  |  |  | 2,231 |  |  | $ | 1,066,861 |
Land Parcels (two) |  |  | — |  |  |  | — |  |  |  | 55,510 |
Total |  |  | 6 |  |  |  | 2,231 |  |  | $ | 1,122,371 |
The Company recognized a net gain on sales of real estate properties of approximately $531.8 million and a net gain on sales of land parcels of approximately $34.2 million on the above sales. Impairment During the year ended December 31, 2021, the Company recorded an approximate $16.8 million non-cash asset impairment charge on a land parcel 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 after reassessment of our expected hold period for the parcel. The parcel now has a carrying value of $15.0 million.

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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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