Real Estate

3 Months Ended

Mar. 31, 2025

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of March 31, 2025 and December 31, 2024 (amounts in thousands):


	March 31, 2025			December 31, 2024
Land	$	5,572,591		$	5,606,531
Depreciable property:
Buildings and improvements		20,719,045			20,635,583
Furniture, fixtures and equipment		2,878,231			2,840,691
In-Place lease intangibles		561,325			563,138
Projects under development:
Land		36,786			40,034
Construction-in-progress		107,920			221,672
Land held for development:
Land		42,538			46,160
Construction-in-progress		17,234			16,982
Investment in real estate		29,935,670			29,970,791
Accumulated depreciation		(10,611,129	)		(10,412,463	)
Investment in real estate, net	$	19,324,541		$	19,558,328

During the quarter ended March 31, 2025, the Company disposed of the following to unaffiliated parties (sales price and net gain (loss) in thousands):


	Properties		Apartment Units		Sales Price		Net Gain (Loss)
Rental Properties – Consolidated		2		546	$	225,600	$	154,152
Land Parcel (one) – Consolidated		—		—		4,300		(67	)
Total		2		546	$	229,900	$	154,085