Real Estate (Tables)

6 Months Ended

Jun. 30, 2019

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, 2019 and December 31, 2018 (amounts in thousands):

	June 30, 2019			December 31, 2018
Land	$	5,889,308		$	5,875,803
Depreciable property:
Buildings and improvements		18,529,097			18,232,625
Furniture, fixtures and equipment		1,813,243			1,722,231
In-Place lease intangibles		481,713			481,045
Projects under development:
Land		25,429			25,429
Construction-in-progress		146,440			83,980
Land held for development:
Land		74,187			61,038
Construction-in-progress		36,358			28,871
Investment in real estate		26,995,775			26,511,022
Accumulated depreciation		(7,026,622	)		(6,696,281	)
Investment in real estate, net	$	19,969,153		$	19,814,741

Acquired Properties From Unaffiliated Parties

During the six months ended June 30, 2019, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		6		1,644	$	634,650
Land Parcels (one) (2)		—		—		16,232
Total		6		1,644	$	650,882

(1)	Purchase price includes an allocation of approximately $88.1 million to land and $548.5 million to depreciable property (inclusive of capitalized closing costs).

(2)	Purchase price includes an allocation of approximately $13.1 million to vacant land and $3.4 million to construction-in-progress (inclusive of capitalized closing costs). See Note 6 for additional discussion.

Disposed Properties to Unaffiliated Parties

During the six months ended June 30, 2019, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		2		561	$	402,750
Rental Properties – Unconsolidated (1)		2		945		394,500
Total		4		1,506	$	797,250

(1)	The Company owned a 20% interest in both unconsolidated rental properties. Sales price listed is the gross sales price. The Company received net sales proceeds of approximately $78.3 million.