Real Estate (Tables)

12 Months Ended

Dec. 31, 2021

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, 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

Acquired Properties From Unaffiliated Parties

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).

Disposed Properties to Unaffiliated Parties

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

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