Real Estate (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021 (amounts in thousands):

	June 30, 2022			December 31, 2021
Land	$	5,733,412		$	5,814,790
Depreciable property:
Buildings and improvements		19,654,296			19,632,284
Furniture, fixtures and equipment		2,271,136			2,220,203
In-Place lease intangibles		517,881			518,324
Projects under development:
Land		3,200			—
Construction-in-progress		61,961			24,307
Land held for development:
Land		46,160			46,160
Construction-in-progress		13,413			16,838
Investment in real estate		28,301,459			28,272,906
Accumulated depreciation		(8,740,806	)		(8,354,282	)
Investment in real estate, net	$	19,560,653		$	19,918,624

Acquired Properties From Unaffiliated Parties

During the six months ended June 30, 2022, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		1		172	$	113,000
Total		1		172	$	113,000

(1)	Purchase price includes an allocation of approximately $25.3 million to land and $87.7 million to depreciable property (inclusive of capitalized closing costs).

Disposed Properties to Unaffiliated Parties

During the six months ended June 30, 2022, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		1		354	$	265,650
Total		1		354	$	265,650