Real Estate (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019 (amounts in thousands):

	2020			2019
Land	$	5,785,367		$	5,936,188
Depreciable property:
Buildings and improvements		18,464,484			18,904,686
Furniture, fixtures and equipment		1,970,033			1,916,458
In-Place lease intangibles		486,137			497,957
Projects under development:
Land		23,531			23,531
Construction-in-progress		387,603			158,099
Land held for development:
Land		46,160			64,460
Construction-in-progress		40,010			32,228
Investment in real estate		27,203,325			27,533,607
Accumulated depreciation		(7,859,657	)		(7,276,786	)
Investment in real estate, net	$	19,343,668		$	20,256,821

Acquired Properties From Unaffiliated Parties

During the year ended December 31, 2020, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		1		158	$	48,860
Total		1		158	$	48,860

(1)	Purchase price includes an allocation of approximately $5.5 million to land and $43.4 million to depreciable property (inclusive of capitalized closing costs).

During the year ended December 31, 2019, the Company acquired the following from unaffiliated parties (purchase price in thousands):

	Properties		Apartment Units		Purchase Price
Rental Properties – Consolidated (1)		13		3,540	$	1,494,689
Land Parcels (four) (2)		—		—		19,832
Total		13		3,540	$	1,514,521

(1)	Purchase price includes an allocation of approximately $268.3 million to land and $1.229 billion to depreciable property (inclusive of capitalized closing costs).

(2)

Purchase price includes an allocation of approximately $16.7 million to vacant land and $4.9 million to construction-in-progress (inclusive of capitalized closing costs). Land parcels include entry into two long-term ground leases for land projects under development in the Washington D.C. market, of which one land parcel is subject to a fully prepaid ground lease. See Notes 6 and 8 for additional discussion.

Disposed Properties to Unaffiliated Parties

During the year ended December 31, 2020, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		6		2,231	$	1,066,861
Land Parcels (two)		—		—		55,510
Total		6		2,231	$	1,122,371

During the year ended December 31, 2019, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties		Apartment Units		Sales Price
Rental Properties – Consolidated		11		2,361	$	1,080,675
Rental Properties – Unconsolidated (1)		2		945		394,500
Land Parcels (two)		—		—		2,100
Total		13		3,306	$	1,477,275

(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.