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REAL ESTATE OWNED (Tables) | 12 Months Ended
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Dec. 31, 2019
REAL ESTATE OWNED |
Summary of carrying amounts for real estate owned (at cost) |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2019 | ​ | 2018
Land | ​ | $ | 2,164,032 | ​ | $ | 1,849,799
Depreciable property — held and used: | ​ |  |  | ​ |  |
Land improvements | ​ |  | 224,964 | ​ |  | 213,224
Building, improvements, and furniture, fixtures and equipment | ​ |  | 10,102,758 | ​ |  | 8,133,136
Real estate intangible assets | ​ | ​ | 40,570 | ​ | ​ | —
Under development: | ​ |  |  | ​ |  |
Land and land improvements | ​ |  | 29,226 | ​ |  | —
Building, improvements, and furniture, fixtures and equipment | ​ |  | 40,551 | ​ |  | —
Real estate owned | ​ |  | 12,602,101 | ​ |  | 10,196,159
Accumulated depreciation | ​ |  | (4,131,353) | ​ |  | (3,654,160)
Real estate owned, net | ​ | $ | 8,470,748 | ​ | $ | 6,541,999
Schedule of acquisition of properties from UDR/MetLife joint venture | ​
​ | ​ | ​ | ​
Property | Type | Number of Homes | Location
Strata | Operating Community | 163 | San Diego, CA
Crescent Falls Church | Operating Community | 214 | Washington, D.C.
Charles River Landing | Operating Community | 350 | Boston, MA
Lodge at Ames Pond | Operating Community | 364 | Boston, MA
Lenox Farms | Operating Community | 338 | Boston, MA
Towson Promenade | Operating Community | 379 | Baltimore, MD
Savoye | Operating Community | 394 | Addison, TX
Savoye2 | Operating Community | 351 | Addison, TX
Fiori on Vitruvian Park ® | Operating Community | 391 | Addison, TX
Vitruvian West | Operating Community | 383 | Addison, TX
Vitruvian West Phase 2 (a) | Development Community | 366 | Addison, TX
Vitruvian Park ® | 4 Land Parcels | N/A | Addison, TX
| (a) | The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed.
Schedule of future amortization | The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unamortized Balance as of December 31, 2019 | ​ | 2020 | ​ | 2021 | ​ | 2022 | ​ | 2023 | ​ | 2024 | ​ | Thereafter
Real estate intangible assets, net (a) | ​ | $ | 37,844 | ​ | $ | 3,062 | ​ | $ | 2,840 | ​ | $ | 2,740 | ​ | $ | 2,643 | ​ | $ | 2,525 | ​ | $ | 24,034
In-place lease intangible assets, net (b) | ​ | ​ | 43,614 | ​ | ​ | 41,179 | ​ | ​ | 501 | ​ | ​ | 470 | ​ | ​ | 386 | ​ | ​ | 358 | ​ | ​ | 720
Total | ​ | $ | 81,458 | ​ | $ | 44,241 | ​ | $ | 3,341 | ​ | $ | 3,210 | ​ | $ | 3,029 | ​ | $ | 2,883 | ​ | $ | 24,754

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