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Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (amounts in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Land |  | $ | 5,675,037 |  |  | $ | 5,581,876 |
Depreciable property: |  |  |  |  |  |
Buildings and improvements |  |  | 20,760,047 |  |  |  | 19,809,432 |
Furniture, fixtures and equipment |  |  | 2,822,816 |  |  |  | 2,609,600 |
In-Place lease intangibles |  |  | 565,180 |  |  |  | 519,394 |
Projects under development: |  |  |  |  |  |
Land |  |  | 40,031 |  |  |  | 3,201 |
Construction-in-progress |  |  | 182,024 |  |  |  | 74,835 |
Land held for development: |  |  |  |  |  |
Land |  |  | 46,160 |  |  |  | 82,026 |
Construction-in-progress |  |  | 18,953 |  |  |  | 32,274 |
Investment in real estate |  |  | 30,110,248 |  |  |  | 28,712,638 |
Accumulated depreciation |  |  | (10,386,783 | ) |  |  | (9,810,337 | )
Investment in real estate, net |  | $ | 19,723,465 |  |  | $ | 18,902,301 |
During the nine months ended September 30, 2024, 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 |  |  | Lease Intangible (2) |
Rental Properties – Consolidated |  |  | 15 |  |  |  | 4,578 |  |  | $ | 1,317,845 |  |  | $ | 154,777 |  |  | $ | 1,152,251 |  |  | $ | 12,727 |
(1) Purchase price allocation includes capitalized closing costs. (2) One of the properties is subject to fully prepaid below market long-term ground and parking leases, recorded as a lease intangible asset included in right-of-use assets on the consolidated balance sheets.
Acquired Properties From Unaffiliated Parties | During the nine months ended September 30, 2024, 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 |  |  | Lease Intangible (2) |
Rental Properties – Consolidated |  |  | 15 |  |  |  | 4,578 |  |  | $ | 1,317,845 |  |  | $ | 154,777 |  |  | $ | 1,152,251 |  |  | $ | 12,727 |
(1) Purchase price allocation includes capitalized closing costs. (2) One of the properties is subject to fully prepaid below market long-term ground and parking leases, recorded as a lease intangible asset included in right-of-use assets on the consolidated balance sheets.
Disposed Properties to Unaffiliated Parties | During the nine months ended September 30, 2024, 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 |  |  | 6 |  |  |  | 969 |  |  | $ | 365,500 |  |  | $ | 227,829 |

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- Definition Discloses properties and associated units that the Company disposed of to unaffiliated parties as well as sales price. Includes both rental properties and condominium conversion properties. + References No definition available. + Details
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- Definition Tabular disclosure of the cost of land, buildings and improvements, furniture and fixtures and accumulated depreciation in aggregate for all consolidated properties owned at the balance sheet date. + References No definition available. + Details
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- References No definition available. + Details
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