Real Estate

12 Months Ended

Dec. 31, 2024

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

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.

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