Real Estate

9 Months Ended

Sep. 30, 2011

Real Estate [Abstract]

Real Estate

4. Real Estate

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2011 and December 31, 2010 (amounts in thousands):

	September 30, 2011			December 31, 2010
Land	$	4,158,288		$	4,110,275
Depreciable property:
Buildings and improvements		13,822,345			13,995,121
Furniture, fixtures and equipment		1,233,225			1,231,391
Projects under development:
Land		26,772			28,260
Construction-in-progress		92,661			102,077
Land held for development:
Land		162,355			198,465
Construction-in-progress		43,121			36,782
Investment in real estate		19,538,767			19,702,371
Accumulated depreciation		(4,405,479	)		(4,337,357	)
Investment in real estate, net	$	15,133,288		$	15,365,014

During the nine months ended September 30, 2011, 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		10		2,529	$	701,748
Land Parcels (three) (1)		—		—		18,450
Other (2)		—		—		11,750
Total		10		2,529	$	731,948

(1) Includes entry into a long-term ground lease for a land parcel in New York City.

(2) Represents the acquisition of a 97,000 square foot commercial building adjacent to our Harbor Steps apartment property in downtown Seattle for potential redevelopment.

During the nine months ended September 30, 2011, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		45		13,528	$	1,383,414
Land Parcel (one) (1)		—		—		22,786
Total		45		13,528	$	1,406,200

(1) Represents the sale of a land parcel, on which the Company no longer planned to develop, in suburban Washington, D.C.

The Company recognized a net gain on sales of discontinued operations of approximately $759.1 million and a net gain on sales of land parcels of approximately $4.2 million on the above sales.