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Investment in Real Estate
 6 Months Ended
Jun. 30, 2020
Asset Acquisition [Abstract]  
Investment in Real Estate Investment in Real Estate
We account for our property acquisitions as asset acquisitions. The acquired property's results of operations are included in our results of operations from the respective acquisition date.

Six Months Ended June 30, 2020

During six months ended June 30, 2020, we did not purchase any properties.

Six Months Ended June 30, 2019

On June 7, 2019, we acquired The Glendon, a residential community in Westwood, and on June 28, 2019, we contributed the property to a consolidated JV that we manage and in which we own a twenty percent capital interest. The table below summarizes the purchase price allocation for the acquisition. The contract and purchase prices differ due to prorations and similar adjustments:
(In thousands, except number of units)The Glendon
SubmarketWest Los Angeles
Acquisition dateJune 7, 2019
Contract price$365,100  
Number of multifamily units350
Retail square footage50  
Investment in real estate: 
Land$32,773  
Buildings and improvements333,624  
Tenant improvements and lease intangibles2,301  
Acquired above- and below-market leases, net(2,114) 
Net assets and liabilities acquired$366,584