Real Estate (Tables)

9 Months Ended

Sep. 30, 2024

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)

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