Real Estate

9 Months Ended

Sep. 30, 2025

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