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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2024 and 2023 (amounts in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
Land |  | $ | 5,606,531 |  |  | $ | 5,581,876 |
Depreciable property: |  |  |  |  |  |
Buildings and improvements |  |  | 20,635,583 |  |  |  | 19,809,432 |
Furniture, fixtures and equipment |  |  | 2,840,691 |  |  |  | 2,609,600 |
In-Place lease intangibles |  |  | 563,138 |  |  |  | 519,394 |
Projects under development: |  |  |  |  |  |
Land |  |  | 40,034 |  |  |  | 3,201 |
Construction-in-progress |  |  | 221,672 |  |  |  | 74,835 |
Land held for development: |  |  |  |  |  |
Land |  |  | 46,160 |  |  |  | 82,026 |
Construction-in-progress |  |  | 16,982 |  |  |  | 32,274 |
Investment in real estate |  |  | 29,970,791 |  |  |  | 28,712,638 |
Accumulated depreciation |  |  | (10,412,463 | ) |  |  | (9,810,337 | )
Investment in real estate, net |  | $ | 19,558,328 |  |  | $ | 18,902,301 |
Acquired Properties From Unaffiliated Parties | During the year ended December 31, 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) |  |  | Real Estate Tax Intangible (3) |
Rental Properties – Consolidated |  |  | 18 |  |  |  | 5,373 |  |  | $ | 1,592,095 |  |  | $ | 181,178 |  |  | $ | 1,391,905 |  |  | $ | 12,727 |  |  | $ | 8,453 |
(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. (3) One of the properties benefits from a real estate tax abatement, recorded as a below market real estate tax intangible asset included in other assets on the consolidated balance sheets. 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 |
(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.
Disposed Properties to Unaffiliated Parties | During the year ended December 31, 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 |  |  | 13 |  |  |  | 2,598 |  |  | $ | 975,641 |  |  | $ | 546,797 |
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 |

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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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