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Real Estate | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 (amounts in thousands):
|  |  | 2023 |  |  | 2022 |
Land |  |  | $ | 5,581,876 |  |  | $ | 5,580,878 |
Depreciable property: |  |  |  |  |  |  |
Buildings and improvements |  |  |  | 19,809,432 |  |  |  | 19,471,503 |
Furniture, fixtures and equipment |  |  |  | 2,609,600 |  |  |  | 2,352,050 |
In-Place lease intangibles |  |  |  | 519,394 |  |  |  | 510,816 |
Projects under development: |  |  |  |  |  |  |
Land |  |  |  | 3,201 |  |  |  | 3,201 |
Construction-in-progress |  |  |  | 74,835 |  |  |  | 109,739 |
Land held for development: |  |  |  |  |  |  |
Land |  |  |  | 82,026 |  |  |  | 46,160 |
Construction-in-progress |  |  |  | 32,274 |  |  |  | 14,407 |
Investment in real estate |  |  |  | 28,712,638 |  |  |  | 28,088,754 |
Accumulated depreciation |  |  |  | (9,810,337 | ) |  |  | (9,027,850 | )
Investment in real estate, net |  |  | $ | 18,902,301 |  |  | $ | 19,060,904 |
During the year ended December 31, 2023, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands):
|  |  |  |  |  |  |  |  |  |  | Purchase Price Allocation (1), (2) |
|  | Properties |  |  | Apartment Units |  |  | Purchase Price (1) |  |  | Land |  |  | Depreciable Property |
Rental Properties – Consolidated |  |  | 4 |  |  |  | 1,183 |  |  | $ | 366,334 |  |  | $ | 41,142 |  |  | $ | 325,611 |
Total |  |  | 4 |  |  |  | 1,183 |  |  | $ | 366,334 |  |  | $ | 41,142 |  |  | $ | 325,611 |
(1) Purchase price and purchase price allocation are both net of a mark-to-market discount of approximately $11.2 million on a mortgage assumed in connection with the purchase of a property. (2) Purchase price allocation includes capitalized closing costs. During the year ended December 31, 2022, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands):
|  |  |  |  |  |  |  |  |  |  | Purchase Price Allocation (1) |
|  | Properties |  |  | Apartment Units |  |  | Purchase Price |  |  | Land |  |  | Depreciable Property |
Rental Properties – Consolidated |  |  | 1 |  |  |  | 172 |  |  | $ | 113,000 |  |  | $ | 25,361 |  |  | $ | 87,685 |
Total |  |  | 1 |  |  |  | 172 |  |  | $ | 113,000 |  |  | $ | 25,361 |  |  | $ | 87,685 |
(1) Purchase price allocation includes capitalized closing costs. During the year ended December 31, 2023, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |  |  | Net Gain |
Rental Properties – Consolidated |  |  | 11 |  |  |  | 912 |  |  | $ | 379,893 |  |  | $ | 282,539 |
Total |  |  | 11 |  |  |  | 912 |  |  | $ | 379,893 |  |  | $ | 282,539 |
During the year ended December 31, 2022, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |  |  | Net Gain |
Rental Properties – Consolidated |  |  | 3 |  |  |  | 945 |  |  | $ | 746,150 |  |  | $ | 304,325 |
Total |  |  | 3 |  |  |  | 945 |  |  | $ | 746,150 |  |  | $ | 304,325 |
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. As of December 31, 2023 and 2022, the land parcel's carrying value was $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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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