Real Estate

12 Months Ended

Dec. 31, 2021

4.	Real Estate

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

	2021			2020
Land	$	5,814,790		$	5,785,367
Depreciable property:
Buildings and improvements		19,632,284			18,464,484
Furniture, fixtures and equipment		2,220,203			1,970,033
In-Place lease intangibles		518,324			486,137
Projects under development:
Land		—			23,531
Construction-in-progress		24,307			387,603
Land held for development:
Land		46,160			46,160
Construction-in-progress		16,838			40,010
Investment in real estate		28,272,906			27,203,325
Accumulated depreciation		(8,354,282	)		(7,859,657	)
Investment in real estate, net	$	19,918,624		$	19,343,668

Acquisitions and Dispositions

During the year ended December 31, 2021, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		17		4,747	$	1,709,379
Total		17		4,747	$	1,709,379

(1)	Purchase price includes an allocation of approximately $226.3 million to land and $1.5 billion to depreciable property (inclusive of capitalized closing costs).

During the year ended December 31, 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).

During the year ended December 31, 2021, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		14		3,053	$	1,716,775
Total		14		3,053	$	1,716,775

The Company recognized a net gain on sales of real estate properties of approximately $1.1 billion on the above sales.

During the year ended December 31, 2020, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		6		2,231	$	1,066,861
Land Parcels (two)		—		—		55,510
Total		6		2,231	$	1,122,371

The Company recognized a net gain on sales of real estate properties of approximately $531.8 million and a net gain on sales of land parcels of approximately $34.2 million on the above sales.

Impairment

During the year ended December 31, 2021, the Company recorded an approximate $16.8 million non-cash asset impairment charge on a land parcel which is included in land held for development on the consolidated balance sheets and included in the non-same store/other segment discussed in Note 17. The charge was the result of an analysis of the parcel’s estimated fair value (determined using internally developed models based on market assumptions and potential sales data from the marketing process) compared to its current capitalized carrying value after reassessment of our expected hold period for the parcel. The parcel now has a carrying value of $15.0 million.