Real Estate (Tables)

6 Months Ended

Jun. 30, 2023

Real Estate [Abstract]

Summary of Carrying Amounts of Investment in Real Estate

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2023 and December 31, 2022 (amounts in thousands):

	June 30, 2023			December 31, 2022
Land	$	5,579,211		$	5,580,878
Depreciable property:
Buildings and improvements		19,702,354			19,471,503
Furniture, fixtures and equipment		2,479,945			2,352,050
In-Place lease intangibles		515,298			510,816
Projects under development:
Land		3,200			3,201
Construction-in-progress		47,716			109,739
Land held for development:
Land		46,160			46,160
Construction-in-progress		15,174			14,407
Investment in real estate		28,389,058			28,088,754
Accumulated depreciation		(9,428,549	)		(9,027,850	)
Investment in real estate, net	$	18,960,509		$	19,060,904

Acquired Properties From Unaffiliated Parties

During the six months ended June 30, 2023, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		2		549	$	186,600
Total		2		549	$	186,600

(1)Purchase price includes an allocation of approximately $19.3 million to land and $167.4 million to depreciable property (inclusive of capitalized closing costs).

Disposed Properties to Unaffiliated Parties

During the six months ended June 30, 2023, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands):

	Properties		Apartment Units		Sales Price		Net Gain
Rental Properties – Consolidated		7		247	$	135,300	$	100,122
Total		7		247	$	135,300	$	100,122