Real Estate (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 (amounts in thousands):

	September 30, 2023			December 31, 2022
Land	$	5,593,425		$	5,580,878
Depreciable property:
Buildings and improvements		19,825,567			19,471,503
Furniture, fixtures and equipment		2,565,554			2,352,050
In-Place lease intangibles		520,343			510,816
Projects under development:
Land		3,201			3,201
Construction-in-progress		58,210			109,739
Land held for development:
Land		46,160			46,160
Construction-in-progress		16,373			14,407
Investment in real estate		28,628,833			28,088,754
Accumulated depreciation		(9,634,013	)		(9,027,850	)
Investment in real estate, net	$	18,994,820		$	19,060,904

Acquired Properties From Unaffiliated Parties

During the nine months ended September 30, 2023, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands):

							Purchase Price Allocation (1), (2)
	Properties		Apartment Units		Purchase Price (1)		Land		Depreciable Property
Rental Properties – Consolidated		4		1,183	$	366,334	$	41,142	$	325,611
Total		4		1,183	$	366,334	$	41,142	$	325,611

(1)Purchase price and purchase price allocation are both net of a mark-to-market discount of approximately $11.2 million on a mortgage assumed in connection with the purchase of a property.

(2)Purchase price allocation includes capitalized closing costs.

Disposed Properties to Unaffiliated Parties

During the nine months ended September 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		8		413	$	195,400	$	127,034
Total		8		413	$	195,400	$	127,034