Real Estate (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and December 31, 2018 (amounts in thousands):

	September 30, 2019			December 31, 2018
Land	$	5,955,121		$	5,875,803
Depreciable property:
Buildings and improvements		18,796,370			18,232,625
Furniture, fixtures and equipment		1,875,121			1,722,231
In-Place lease intangibles		496,764			481,045
Projects under development:
Land		23,531			25,429
Construction-in-progress		119,903			83,980
Land held for development:
Land		64,660			61,038
Construction-in-progress		26,357			28,871
Investment in real estate		27,357,827			26,511,022
Accumulated depreciation		(7,171,876	)		(6,696,281	)
Investment in real estate, net	$	20,185,951		$	19,814,741

Acquired Properties From Unaffiliated Parties

During the nine months ended September 30, 2019, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		10		2,728	$	1,124,580
Land Parcels (three) (2)		—		—		19,832
Total		10		2,728	$	1,144,412

(1)	Purchase price includes an allocation of approximately $193.4 million to land and $933.3 million to depreciable property (inclusive of capitalized closing costs).

(2)

Purchase price includes an allocation of approximately $16.7 million to vacant land and $3.8 million to construction-in-progress (inclusive of capitalized closing costs). Land parcels include entry into one long-term ground lease for a land project under development in the Washington D.C. market. See Notes 6 and 8 for additional discussion.

Disposed Properties to Unaffiliated Parties

During the nine months ended September 30, 2019, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		9		1,202	$	706,675
Rental Properties – Unconsolidated (1)		2		945		394,500
Land Parcels (one)		—		—		1,900
Total		11		2,147	$	1,103,075

(1)	The Company owned a 20% interest in both unconsolidated rental properties. Sales price listed is the gross sales price. The Company received net sales proceeds of approximately $78.3 million.