Real Estate

9 Months Ended

Sep. 30, 2021

4.	Real Estate

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2021 and December 31, 2020 (amounts in thousands):

	September 30, 2021			December 31, 2020
Land	$	5,779,686		$	5,785,367
Depreciable property:
Buildings and improvements		19,211,662			18,464,484
Furniture, fixtures and equipment		2,125,441			1,970,033
In-Place lease intangibles		503,241			486,137
Projects under development:
Land		4,121			23,531
Construction-in-progress		159,538			387,603
Land held for development:
Land		46,160			46,160
Construction-in-progress		35,866			40,010
Investment in real estate		27,865,715			27,203,325
Accumulated depreciation		(8,260,846	)		(7,859,657	)
Investment in real estate, net	$	19,604,869		$	19,343,668

During the nine months ended September 30, 2021, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		11		2,921	$	1,020,425
Total		11		2,921	$	1,020,425

(1)	Purchase price includes an allocation of approximately $134.2 million to land and $888.1 million to depreciable property (inclusive of capitalized closing costs).

During the nine months ended September 30, 2021, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		10		1,842	$	1,021,800
Total		10		1,842	$	1,021,800

The Company recognized a net gain on sales of real estate properties of approximately $587.6 million on the above sales.