Real Estate (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019 (amounts in thousands):

	September 30, 2020			December 31, 2019
Land	$	5,794,771		$	5,936,188
Depreciable property:
Buildings and improvements		18,626,029			18,904,686
Furniture, fixtures and equipment		1,962,223			1,916,458
In-Place lease intangibles		487,970			497,957
Projects under development:
Land		23,531			23,531
Construction-in-progress		314,165			158,099
Land held for development:
Land		64,490			64,460
Construction-in-progress		39,410			32,228
Investment in real estate		27,312,589			27,533,607
Accumulated depreciation		(7,738,318	)		(7,276,786	)
Investment in real estate, net	$	19,574,271		$	20,256,821

Acquired Properties From Unaffiliated Parties

During the nine months ended September 30, 2020, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		1		158	$	48,860
Total		1		158	$	48,860

(1)	Purchase price includes an allocation of approximately $5.5 million to land and $43.4 million to depreciable property (inclusive of capitalized closing costs).

Disposed Properties to Unaffiliated Parties

During the nine months ended September 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