Real Estate

6 Months Ended

Jun. 30, 2020

4.	Real Estate

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2020 and December 31, 2019 (amounts in thousands):

	June 30, 2020			December 31, 2019
Land	$	5,789,307		$	5,936,188
Depreciable property:
Buildings and improvements		18,574,877			18,904,686
Furniture, fixtures and equipment		1,936,039			1,916,458
In-Place lease intangibles		486,987			497,957
Projects under development:
Land		23,531			23,531
Construction-in-progress		251,294			158,099
Land held for development:
Land		64,460			64,460
Construction-in-progress		37,901			32,228
Investment in real estate		27,164,396			27,533,607
Accumulated depreciation		(7,537,713	)		(7,276,786	)
Investment in real estate, net	$	19,626,683		$	20,256,821

During the six months ended June 30, 2020, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		5		1,552	$	754,361
Total		5		1,552	$	754,361

The Company recognized a net gain on sales of real estate properties of approximately $352.2 million on the above sales.