Real Estate (Tables)

12 Months Ended

Dec. 31, 2010

Real Estate (Tables) [Abstract]

Table of Real Estate Owned

	2010			2009
Land	$	4,110,275		$	3,650,324
Depreciable property:
Buildings and improvements		13,995,121			12,781,543
Furniture, fixtures and equipment		1,231,391			1,111,978
Projects under development:
Land		28,260			106,716
Construction-in-progress		102,077			562,263
Land held for development:
Land		198,465			181,430
Construction-in-progress		36,782			70,890
Investment in real estate		19,702,371			18,465,144
Accumulated depreciation		(4,337,357	)		(3,877,564	)
Investment in real estate, net	$	15,365,014		$	14,587,580

Acquired Properties Table

					Purchase
	Properties		Apartment Units		Price
Rental Properties		16		4,445	$	1,485,701
Land Parcels (six)		—		—		68,869
Total		16		4,445	$	1,554,570

     In addition to the properties discussed above, the Company acquired the 75% equity interest it did not own in seven previously unconsolidated properties containing 1,811 apartment units with a real estate value of $105.1 million.

     During the year ended December 31, 2009, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

					Purchase
	Properties		Apartment Units		Price
Rental Properties		2		566	$	145,036
Land Parcel (one)		—		—		11,500
Total		2		566	$	156,536

Disposed Properties Table

	Properties		Apartment Units		Sales Price
Rental Properties:
Consolidated		35		7,171	$	718,352
Unconsolidated (1)		27		6,275		417,779
Land Parcel (one)		—		—		4,000
Condominium Conversion Properties		1		2		360
Total		63		13,448	$	1,140,491

(1) The Company owned a 25% interest in these unconsolidated rental properties. Sales price listed is the gross sales price.

     The Company recognized a net gain on sales of discontinued operations of approximately $298.0 million, a net gain on sales of unconsolidated entities of approximately $28.1 million and a net loss on sales of land parcels of approximately $1.4 million on the above sales.

     During the year ended December 31, 2009, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties:
Consolidated		54		11,055	$	905,219
Unconsolidated (1)		6		1,434		96,018
Condominium Conversion Properties		1		62		12,021
Total		61		12,551	$	1,013,258

(1) The Company owned a 25% interest in these unconsolidated rental properties. Sales price listed is the gross sales price. The Company’s buyout of its partner’s interest in one previously unconsolidated property is not included in the above totals.