Real Estate (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025 and December 31, 2024 (amounts in thousands):

	June 30, 2025			December 31, 2024
Land	$	5,636,458		$	5,606,531
Depreciable property:
Buildings and improvements		21,180,210			20,635,583
Furniture, fixtures and equipment		2,949,071			2,840,691
In-Place lease intangibles		582,459			563,138
Projects under development:
Land		36,779			40,034
Construction-in-progress		131,847			221,672
Land held for development:
Land		42,538			46,160
Construction-in-progress		17,418			16,982
Investment in real estate		30,576,780			29,970,791
Accumulated depreciation		(10,816,579	)		(10,412,463	)
Investment in real estate, net	$	19,760,201		$	19,558,328

Acquired Properties From Unaffiliated Parties

During the six months ended June 30, 2025, 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		8		2,064	$	533,843	$	67,972	$	466,883

(1)Purchase price allocation includes capitalized closing costs.

Disposed Properties to Unaffiliated Parties

During the six months ended June 30, 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		3		835	$	346,600	$	212,432
Land Parcel (one) – Consolidated		—		—		4,300		(78	)
Total		3		835	$	350,900	$	212,354