Real Estate (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Summary of Carrying Amounts of Investment in Real Estate

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

	2022			2021
Land	$	5,580,878		$	5,814,790
Depreciable property:
Buildings and improvements		19,471,503			19,632,284
Furniture, fixtures and equipment		2,352,050			2,220,203
In-Place lease intangibles		510,816			518,324
Projects under development:
Land		3,201			—
Construction-in-progress		109,739			24,307
Land held for development:
Land		46,160			46,160
Construction-in-progress		14,407			16,838
Investment in real estate		28,088,754			28,272,906
Accumulated depreciation		(9,027,850	)		(8,354,282	)
Investment in real estate, net	$	19,060,904		$	19,918,624

Acquired Properties From Unaffiliated Parties

During the year ended December 31, 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 year ended December 31, 2021, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		17		4,747	$	1,709,379
Total		17		4,747	$	1,709,379

(1)Purchase price includes an allocation of approximately $226.3 million to land and $1.5 billion to depreciable property (inclusive of capitalized closing costs).

Disposed Properties to Unaffiliated Parties

During the year ended December 31, 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

During the year ended December 31, 2021, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		14		3,053	$	1,716,775
Total		14		3,053	$	1,716,775