Investments in Single-Family Residential Properties

3 Months Ended

Mar. 31, 2020

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, 2020			December 31, 2019
Land	$	4,498,591		$	4,499,346
Single-family residential property	13,218,445			13,121,179
Capital improvements	512,520			513,269
Equipment	113,334			113,370
Total gross investments in the properties	18,342,890			18,247,164
Less: accumulated depreciation	(2,126,400		)	(2,003,972		)
Investments in single-family residential properties, net	$	16,216,490		$	16,243,192

As of March 31, 2020 and December 31, 2019, the carrying amount of the residential properties above includes $119,709 and $119,608, respectively, of capitalized acquisition costs (excluding purchase price), along with $68,086 and $65,747, respectively, of capitalized interest, $26,262 and $25,565, respectively, of capitalized property taxes, $4,645 and $4,616, respectively, of capitalized insurance, and $2,951 and $2,836, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended March 31, 2020 and 2019, we recognized $133,914 and $132,520, respectively, of depreciation expense related to the components of the properties and $1,113 and $1,089, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the three months ended March 31, 2020 and 2019, impairments totaling $2,471 and $3,253, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations.