Real Estate (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 (amounts in thousands):

	2023			2022
Land	$	5,581,876		$	5,580,878
Depreciable property:
Buildings and improvements		19,809,432			19,471,503
Furniture, fixtures and equipment		2,609,600			2,352,050
In-Place lease intangibles		519,394			510,816
Projects under development:
Land		3,201			3,201
Construction-in-progress		74,835			109,739
Land held for development:
Land		82,026			46,160
Construction-in-progress		32,274			14,407
Investment in real estate		28,712,638			28,088,754
Accumulated depreciation		(9,810,337	)		(9,027,850	)
Investment in real estate, net	$	18,902,301		$	19,060,904

Acquired Properties From Unaffiliated Parties

During the year ended December 31, 2023, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands):

							Purchase Price Allocation (1), (2)
	Properties		Apartment Units		Purchase Price (1)		Land		Depreciable Property
Rental Properties – Consolidated		4		1,183	$	366,334	$	41,142	$	325,611
Total		4		1,183	$	366,334	$	41,142	$	325,611

(1)Purchase price and purchase price allocation are both net of a mark-to-market discount of approximately $11.2 million on a mortgage assumed
in connection with the purchase of a property.

(2)Purchase price allocation includes capitalized closing costs.

During the year ended December 31, 2022, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands):

							Purchase Price Allocation (1)
	Properties		Apartment Units		Purchase Price		Land		Depreciable Property
Rental Properties – Consolidated		1		172	$	113,000	$	25,361	$	87,685
Total		1		172	$	113,000	$	25,361	$	87,685

(1)Purchase price allocation includes capitalized closing costs.

Disposed Properties to Unaffiliated Parties

During the year ended December 31, 2023, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands):

	Properties		Apartment Units		Sales Price		Net Gain
Rental Properties – Consolidated		11		912	$	379,893	$	282,539
Total		11		912	$	379,893	$	282,539

During the year ended December 31, 2022, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands):

	Properties		Apartment Units		Sales Price		Net Gain
Rental Properties – Consolidated		3		945	$	746,150	$	304,325
Total		3		945	$	746,150	$	304,325