REAL ESTATE OWNED (Tables)

12 Months Ended

Dec. 31, 2019

REAL ESTATE OWNED

Summary of carrying amounts for real estate owned (at cost)

	December 31,		December 31,
	2019		2018
Land	$	2,164,032	$	1,849,799
Depreciable property — held and used:
Land improvements		224,964		213,224
Building, improvements, and furniture, fixtures and equipment		10,102,758		8,133,136
Real estate intangible assets		40,570		—
Under development:
Land and land improvements		29,226		—
Building, improvements, and furniture, fixtures and equipment		40,551		—
Real estate owned		12,602,101		10,196,159
Accumulated depreciation		(4,131,353)		(3,654,160)
Real estate owned, net	$	8,470,748	$	6,541,999

Schedule of acquisition of properties from UDR/MetLife joint venture

Property	Type	Number of Homes	Location
Strata	Operating Community	163	San Diego, CA
Crescent Falls Church	Operating Community	214	Washington, D.C.
Charles River Landing	Operating Community	350	Boston, MA
Lodge at Ames Pond	Operating Community	364	Boston, MA
Lenox Farms	Operating Community	338	Boston, MA
Towson Promenade	Operating Community	379	Baltimore, MD
Savoye	Operating Community	394	Addison, TX
Savoye2	Operating Community	351	Addison, TX
Fiori on Vitruvian Park ®	Operating Community	391	Addison, TX
Vitruvian West	Operating Community	383	Addison, TX
Vitruvian West Phase 2 (a)	Development Community	366	Addison, TX
Vitruvian Park ®	4 Land Parcels	N/A	Addison, TX

(a) The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed.

Schedule of future amortization

The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter (in thousands):

	Unamortized Balance as of December 31, 2019		2020		2021		2022		2023		2024		Thereafter
Real estate intangible assets, net (a)	$	37,844	$	3,062	$	2,840	$	2,740	$	2,643	$	2,525	$	24,034
In-place lease intangible assets, net (b)		43,614		41,179		501		470		386		358		720
Total	$	81,458	$	44,241	$	3,341	$	3,210	$	3,029	$	2,883	$	24,754