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Real Estate | 9 Months Ended
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Sep. 30, 2025
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 September 30, 2025 and December 31, 2024 (amounts in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Land |  | $ | 5,615,228 |  |  | $ | 5,606,531 |
Depreciable property: |  |  |  |  |  |
Buildings and improvements |  |  | 21,176,007 |  |  |  | 20,635,583 |
Furniture, fixtures and equipment |  |  | 3,008,401 |  |  |  | 2,840,691 |
In-Place lease intangibles |  |  | 582,725 |  |  |  | 563,138 |
Projects under development: |  |  |  |  |  |
Land |  |  | 31,779 |  |  |  | 40,034 |
Construction-in-progress |  |  | 131,415 |  |  |  | 221,672 |
Land held for development: |  |  |  |  |  |
Land |  |  | 42,538 |  |  |  | 46,160 |
Construction-in-progress |  |  | 14,415 |  |  |  | 16,982 |
Investment in real estate |  |  | 30,602,508 |  |  |  | 29,970,791 |
Accumulated depreciation |  |  | (10,976,770 | ) |  |  | (10,412,463 | )
Investment in real estate, net |  | $ | 19,625,738 |  |  | $ | 19,558,328 |
During the nine months ended September 30, 2025, 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 |  |  | 9 |  |  |  | 2,439 |  |  | $ | 636,843 |  |  | $ | 81,352 |  |  | $ | 556,580 |
(1) Purchase price allocation includes capitalized closing costs. During the nine months ended September 30, 2025, the Company also acquired its joint venture partner's 10% interest in a previously unconsolidated 270-unit apartment property, and the property is now wholly owned. The Company recorded real estate basis of $88.4 million upon consolidation, allocated as $8.5 million to land and $79.9 million to depreciable property. See Note 5 for further discussion. During the nine months ended September 30, 2025, the Company disposed of the following to unaffiliated parties (sales price and net gain (loss) in thousands):
|  | Properties |  |  | Apartment Units |  |  | Sales Price |  |  | Net Gain (Loss) |
Rental Properties – Consolidated |  |  | 5 |  |  |  | 1,330 |  |  | $ | 594,450 |  |  | $ | 355,117 |
Land Parcel (one) – Consolidated |  |  | — |  |  |  | — |  |  |  | 4,300 |  |  |  | (80 | )
Total |  |  | 5 |  |  |  | 1,330 |  |  | $ | 598,750 |  |  | $ | 355,037 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: 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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