Real Estate

12 Months Ended

Dec. 31, 2022

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2022 and 2021 (amounts in thousands):


	2022			2021
Land	$	5,580,878		$	5,814,790
Depreciable property:
Buildings and improvements		19,471,503			19,632,284
Furniture, fixtures and equipment		2,352,050			2,220,203
In-Place lease intangibles		510,816			518,324
Projects under development:
Land		3,201			—
Construction-in-progress		109,739			24,307
Land held for development:
Land		46,160			46,160
Construction-in-progress		14,407			16,838
Investment in real estate		28,088,754			28,272,906
Accumulated depreciation		(9,027,850	)		(8,354,282	)
Investment in real estate, net	$	19,060,904		$	19,918,624

During the year ended December 31, 2022, the Company acquired the following from unaffiliated parties (purchase price in thousands):


	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		1		172	$	113,000
Total		1		172	$	113,000

(1)

Purchase price includes an allocation of approximately $25.3 million to land and $87.7 million to depreciable property (inclusive of capitalized closing costs).

During the year ended December 31, 2021, the Company acquired the following from unaffiliated parties (purchase price in thousands):


	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		17		4,747	$	1,709,379
Total		17		4,747	$	1,709,379

(1)

Purchase price includes an allocation of approximately $226.3 million to land and $1.5 billion to depreciable property (inclusive of capitalized closing costs).

During the year ended December 31, 2022, the Company disposed of the following to unaffiliated parties (sales price in thousands):


	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		3		945	$	746,150
Total		3		945	$	746,150

The Company recognized a net gain on sales of real estate properties of approximately $304.3 million on the above sales.

During the year ended December 31, 2021, the Company disposed of the following to unaffiliated parties (sales price in thousands):


	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		14		3,053	$	1,716,775
Total		14		3,053	$	1,716,775

The Company recognized a net gain on sales of real estate properties of approximately $1.1 billion on the above sales.

Impairment

During the year ended December 31, 2021, the Company recorded an approximate $16.8 million non-cash asset impairment charge on a land parcel which is included in land held for development on the consolidated balance sheets and included in the non-same store/other segment discussed in Note 17. The charge was the result of an analysis of the parcel’s estimated fair value (determined using internally developed models based on market assumptions and potential sales data from the marketing process) compared to its current capitalized carrying value after reassessment of our expected hold period for the parcel. As of December 31, 2022, the land parcel's carrying value was $15.0 million and the Company has entered into an agreement to dispose of it for $16.0 million as of the date of filing.