Real Estate

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2012 and December 31, 2011 (amounts in thousands):



	June 30, 2012			December 31, 2011
Land	$	4,565,646		$	4,367,816
Depreciable property:
Buildings and improvements	14,550,970			14,262,616
Furniture, fixtures and equipment	1,335,862			1,292,124
Projects under development:
Land	75,453			75,646
Construction-in-progress	123,459			84,544
Land held for development:
Land	323,146			299,096
Construction-in-progress	48,962			26,104
Investment in real estate	21,023,498			20,407,946
Accumulated depreciation	(4,777,887		)	(4,539,583		)
Investment in real estate, net	$	16,245,611		$	15,868,363

During the six months ended June 30, 2012, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):



	Properties	Apartment Units	Purchase Price
Rental Properties – Consolidated	5	1,356	$	669,969
Land Parcels (two)	—	—	23,740
Total	5	1,356	$	693,709

During the six months ended June 30, 2012, the Company disposed of the following to unaffiliated parties (sales price in thousands):



	Properties	Apartment Units	Sales Price
Rental Properties – Consolidated	12	3,184	$	336,250
Total	12	3,184	$	336,250

The Company recognized a net gain on sales of discontinued operations of approximately $204.1 million on the above sales.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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