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Investments in Single-Family Residential Properties
 3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
Investments in Single-Family Residential Properties
Note 3—Investments in Single-Family Residential Properties
The following table sets forth the net carrying amount associated with our properties by component:
 
 
March 31,
2017
 
December 31,
2016
Land
 
$
2,701,437

 
$
2,703,388

Single-family residential property
 
6,818,318

 
6,829,579

Capital improvements
 
228,643

 
229,890

Equipment
 
31,717

 
31,988

Total gross investments in the properties
 
9,780,115

 
9,794,845

Less: accumulated depreciation
 
(853,399
)
 
(792,330
)
Investments in single-family residential properties, net
 
$
8,926,716

 
$
9,002,515



As of March 31, 2017 and December 31, 2016, the carrying amount of the residential property above included $121,727 and $122,009, respectively, of capitalized acquisition costs (excluding purchase price), along with $61,989 and $62,169, respectively, of capitalized interest, $25,957 and $26,050, respectively, of capitalized property taxes, $4,739 and $4,764, respectively, of capitalized insurance, and $2,884 and $2,890, respectively, of capitalized HOA fees.
During the three months ended March 31, 2017 and 2016, we recognized $66,653 and $64,409, respectively, of depreciation expense related to the components of the properties, and $924 and $1,293, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization on the condensed consolidated statements of operations. Further, during the years ended March 31, 2017 and 2016, impairments totaling $1,037 and $0, respectively, have been recognized and are included in impairment and other on the condensed consolidated statements of operations.