Investment in Real Estate

6 Months Ended

Jun. 30, 2022

The table below summarizes our investment in real estate:


(In thousands)	June 30, 2022		December 31, 2021

Land	$	1,172,907	$	1,150,821
Buildings and improvements(1)	9,775,617		9,344,087
Tenant improvements and lease intangibles	954,257		935,639
Property under development(1)	325,391		388,530
Investment in real estate, gross	$	12,228,172	$	11,819,077

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(1) During the six months ended June 30, 2022, Property under development balances transferred to Building and improvements for real estate placed into service was $94.7 million.

Acquisition of 1221 Ocean Avenue

On April 26, 2022, we paid $330.0 million, excluding acquisition costs, to acquire a luxury multifamily apartment building with 120 units, located at 1221 Ocean Avenue in Santa Monica. We acquired the property through a new consolidated JV that we manage and in which we own a 55% interest. We accounted for the acquisition as an asset acquisition and the acquired property's operating results are included in our consolidated operating results from the date of acquisition. The table below summarizes the purchase price allocation for the acquisition. The contract price and the purchase price allocation total in the table below differ due to acquisition costs, prorations and similar adjustments:


(In thousands)	Purchase Price Allocation

Land	$	22,086
Buildings and improvements	319,666
Tenant improvements and lease intangibles	8,879
Acquired below-market leases	(18,542)
Other liabilities assumed	(1,619)
Net assets and liabilities acquired	$	330,470