Real Estate (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

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 March 31, 2022 and December 31, 2021 (amounts in thousands):

	March 31, 2022			December 31, 2021
Land	$	5,836,951		$	5,814,790
Depreciable property:
Buildings and improvements		19,723,056			19,632,284
Furniture, fixtures and equipment		2,252,146			2,220,203
In-Place lease intangibles		521,105			518,324
Projects under development:
Construction-in-progress		36,718			24,307
Land held for development:
Land		49,360			46,160
Construction-in-progress		17,620			16,838
Investment in real estate		28,436,956			28,272,906
Accumulated depreciation		(8,578,131	)		(8,354,282	)
Investment in real estate, net	$	19,858,825		$	19,918,624

Acquired Properties From Unaffiliated Parties

During the quarter ended March 31, 2022, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		1		172	$	113,000
Total		1		172	$	113,000

(1) Purchase price includes an allocation of approximately $25.3 million to land and $87.7 million to depreciable property (inclusive of capitalized closing costs).