Real Estate (Tables)

12 Months Ended

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

	2019			2018
Land	$	5,936,188		$	5,875,803
Depreciable property:
Buildings and improvements		18,904,686			18,232,625
Furniture, fixtures and equipment		1,916,458			1,722,231
In-Place lease intangibles		497,957			481,045
Projects under development:
Land		23,531			25,429
Construction-in-progress		158,099			83,980
Land held for development:
Land		64,460			61,038
Construction-in-progress		32,228			28,871
Investment in real estate		27,533,607			26,511,022
Accumulated depreciation		(7,276,786	)		(6,696,281	)
Investment in real estate, net	$	20,256,821		$	19,814,741

Acquired Properties From Unaffiliated Parties

During the year ended December 31, 2019, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		13		3,540	$	1,494,689
Land Parcels (four) (2)		—		—		19,832
Total		13		3,540	$	1,514,521

(1)	Purchase price includes an allocation of approximately $268.3 million to land and $1.229 billion to depreciable property (inclusive of capitalized closing costs).

(2)

Purchase price includes an allocation of approximately $16.7 million to vacant land and $4.9 million to construction-in-progress (inclusive of capitalized closing costs). Land parcels include entry into two long-term ground leases for land projects under development in the Washington D.C. market, of which one land parcel is subject to a fully prepaid ground lease. See Notes 6 and 8 for additional discussion.

During the year ended December 31, 2018, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		5		1,478	$	707,005
Total		5		1,478	$	707,005

(1)	Purchase price includes an allocation of approximately $113.7 million to land and $594.4 million to depreciable property (inclusive of capitalized closing costs).

Disposed Properties to Unaffiliated Parties

During the year ended December 31, 2019, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		11		2,361	$	1,080,675
Rental Properties – Unconsolidated (1)		2		945		394,500
Land Parcels (two)		—		—		2,100
Total		13		3,306	$	1,477,275

(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.

During the year ended December 31, 2018, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		5		1,292	$	706,120
Land Parcels (one)		—		—		2,700
Total		5		1,292	$	708,820