Real Estate (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Real Estate Investments And Accumlated Depreciation [Table Text Block}

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2016 and December 31, 2015 (amounts in thousands):

	June 30, 2016			December 31, 2015
Land	$	5,835,195		$	5,864,046
Depreciable property:
Buildings and improvements	16,735,299			16,346,829
Furniture, fixtures and equipment	1,269,413			1,207,098
In-Place lease intangibles	469,679			483,160
Projects under development:
Land	188,563			284,995
Construction-in-progress	611,384			837,381
Land held for development:
Land	98,549			120,007
Construction-in-progress	39,672			38,836
Investment in real estate	25,247,754			25,182,352
Accumulated depreciation	(5,119,342		)	(4,905,406		)
Investment in real estate, net	$	20,128,412		$	20,276,946

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of June 30, 2016 and December 31, 2015 (amounts in thousands):

Description	Balance Sheet Location	June 30, 2016			December 31, 2015
Assets
Ground lease intangibles – below market	Other Assets	$	178,251		$	178,251
Retail lease intangibles – above market	Other Assets	1,260			1,260
Lease intangible assets		179,511			179,511
Accumulated amortization		(15,712		)	(13,451		)
Lease intangible assets, net		$	163,799		$	166,060
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities	5,270			5,270
Lease intangible liabilities		7,670			7,670
Accumulated amortization		(3,967		)	(3,414		)
Lease intangible liabilities, net		$	3,703		$	4,256

Schedule of Expected Amortization Expense [Table Text Block]

The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands):

	Remaining
	2016			2017			2018			2019			2020			2021
Ground lease intangibles	$	2,161		$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(444		)	(540		)	(71		)	(71		)	(71		)	(67		)
Total	$	1,717		$	3,781		$	4,250		$	4,250		$	4,250		$	4,254

Acquired and Disposed Properties [Table Text Block]

During the six months ended June 30, 2016, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties	Apartment Units	Purchase Price
Rental Properties – Consolidated (1)	3	479	$	204,134
Total	3	479	$	204,134

(1) Purchase price includes an allocation of approximately $80.9 million to land and $123.2 million to depreciable property.

During the six months ended June 30, 2016, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Rental Properties – Consolidated (1)	83	26,890	$	6,427,403
Land Parcels – Consolidated	—	—	27,455
Total	83	26,890	$	6,454,858

(1) Includes the Starwood Portfolio sale (see further discussion below) representing 72 operating properties consisting of 23,262 apartment units for $5.365 billion.

Disclosure of Long Lived Assets Held-for-sale [Table Text Block]

In accordance with this classification, the Company ceased depreciation on all assets in the Starwood Portfolio as of November 1, 2015 and the following assets were classified as held for sale in the accompanying consolidated balance sheets at December 31, 2015 (amounts in thousands):

	December 31, 2015
Land	$	602,737
Depreciable property:
Buildings and improvements	2,386,489
Furniture, fixtures and equipment	335,565
In-Place lease intangibles	35,554
Real estate held for sale before accumulated depreciation	3,360,345
Accumulated depreciation	(1,179,210		)
Real estate held for sale	$	2,181,135

Schedule of Real Estate Properties [Table Text Block]

The ownership breakdown includes (table does not include various uncompleted development properties):

	Properties	Apartment Units
Wholly Owned Properties	291	73,853
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	18	3,471
Partially Owned Properties – Unconsolidated	3	1,281
	315	79,458

Starwood Portfolio [Member]

Schedule of Real Estate Properties [Table Text Block]

The following table provides the operating segments/locations of the properties and apartment units sold in the Starwood Transaction, which represents substantially all of the assets in the Company's South Florida and Denver markets and certain assets in the Washington D.C., Seattle and Los Angeles markets. The sale of these properties represents the continuation of the Company's long-term strategy of investing in high barrier to entry urban markets. See Note 11 for further discussion.

Markets/Metro Areas	Properties	Apartment Units
South Florida	33	10,742
Denver	18	6,635
Washington D.C.	10	3,020
Seattle	8	1,721
Los Angeles	3	1,144
Total	72	23,262