Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

Investments in real estate, net consisted of the following ($ in thousands):

	June 30, 2020			December 31, 2019
Building and building improvements	$	23,146,835		$	20,950,147
Land and land improvements		6,486,661			5,639,678
Furniture, fixtures and equipment		441,627			377,645
Right of use asset - operating leases(1)		114,535			114,011
Right of use asset - financing leases(1)		56,008			56,008
Total		30,245,666			27,137,489
Accumulated depreciation and amortization		(1,306,055	)		(810,621	)
Investments in real estate, net	$	28,939,611		$	26,326,868

⁽¹⁾ Refer to Note 13 for additional details on the Company’s leases.

Schedule of Details of Properties Acquired

The following table provides further details of the properties acquired during the six months ended June 30, 2020 ($ in thousands):

Segments	Number of Transactions		Number of Properties		Sq. Feet (in thousands)/ Units/ Keys	Purchase Price(1)
Multifamily properties		6		32	12,110 units	$	2,019,239
Industrial properties		4		77	11,129 sq. ft.		849,599
Retail properties		1		6	689 sq. ft.		287,392
Other properties		1		2	111 sq. ft.		13,236
		12		117		$	3,169,466

⁽¹⁾ Purchase price is inclusive of acquisition related costs.

Schedule of Purchase Price Allocation of Properties

The following table summarizes the purchase price allocation for the properties acquired during the six months ended June 30, 2020 ($ in thousands):

	Amount
Building and building improvements	$	2,127,042
Land and land improvements		843,275
Furniture, fixtures and equipment		42,364
In-place lease intangibles		169,515
Above-market lease intangibles		6,915
Below-market lease intangibles		(20,194	)
Other		549
Total purchase price		3,169,466
Assumed mortgage notes(1)		224,123
Net purchase price	$	2,945,343

⁽¹⁾ Refer to Note 6 for additional details on the Company’s mortgage notes.

Summary of Assets and Liabilities of Properties Classified as Held for Sale

The following table is a summary of the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands):

Assets:	June 30, 2020		December 31, 2019
Investments in real estate, net	$	135,296	$	141,344
Other assets		1,405		2,035
Total assets	$	136,701	$	143,379
Liabilities:
Mortgage notes	$	102,718	$	104,314
Other liabilities		2,715		4,097
Total liabilities	$	105,433	$	108,411