Real Estate

3 Months Ended

Mar. 31, 2019

4.	Real Estate

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of March 31, 2019 and December 31, 2018 (amounts in thousands):

	March 31, 2019			December 31, 2018
Land	$	5,918,994		$	5,875,803
Depreciable property:
Buildings and improvements		18,440,716			18,232,625
Furniture, fixtures and equipment		1,761,906			1,722,231
In-Place lease intangibles		488,682			481,045
Projects under development:
Land		25,430			25,429
Construction-in-progress		109,761			83,980
Land held for development:
Land		61,038			61,038
Construction-in-progress		30,609			28,871
Investment in real estate		26,837,136			26,511,022
Accumulated depreciation		(6,900,496	)		(6,696,281	)
Investment in real estate, net	$	19,936,640		$	19,814,741

During the quarter ended March 31, 2019, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		3		579	$	258,650
Total		3		579	$	258,650

(1)	Purchase price includes an allocation of approximately $43.2 million to land and $215.7 million to depreciable property (inclusive of capitalized closing costs).