Real Estate

9 Months Ended

Sep. 30, 2022

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2022 and December 31, 2021 (amounts in thousands):


	September 30, 2022			December 31, 2021
Land	$	5,580,878		$	5,814,790
Depreciable property:
Buildings and improvements		19,445,470			19,632,284
Furniture, fixtures and equipment		2,295,387			2,220,203
In-Place lease intangibles		510,816			518,324
Projects under development:
Land		3,201			—
Construction-in-progress		86,146			24,307
Land held for development:
Land		46,160			46,160
Construction-in-progress		14,005			16,838
Investment in real estate		27,982,063			28,272,906
Accumulated depreciation		(8,813,578	)		(8,354,282	)
Investment in real estate, net	$	19,168,485		$	19,918,624

During the nine months ended September 30, 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).

During the nine months ended September 30, 2022, the Company disposed of the following to unaffiliated parties (sales price in thousands):


	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		3		945	$	746,150
Total		3		945	$	746,150

The Company recognized a net gain on sales of real estate properties of approximately $304.3 million on the above sales.