Investments in Single-Family Residential Properties

12 Months Ended

Dec. 31, 2022

Investments in Single-Family Residential Properties

The following table sets forth the net carrying amount associated with our properties by component:


	December 31, 2022		December 31, 2021
Land	$	4,800,110	$	4,737,938
Single-family residential property	15,228,631		14,610,188
Capital improvements	548,700		540,252
Equipment	123,494		120,003
Total gross investments in the properties	20,700,935		20,008,381
Less: accumulated depreciation	(3,670,561)		(3,073,059)
Investments in single-family residential properties, net	$	17,030,374	$	16,935,322

As of December 31, 2022 and 2021, the carrying amount of the residential properties above includes $129,341 and $125,236, respectively, of capitalized acquisition costs (excluding purchase price), along with $76,408 and $70,145, respectively, of capitalized interest, $30,435 and $28,211, respectively, of capitalized property taxes, $4,982 and $4,762, respectively, of capitalized insurance, and $3,627 and $3,280, respectively, of capitalized HOA fees.

During the years ended December 31, 2022, 2021, and 2020, we recognized $629,301, $585,101, and $546,419, respectively, of depreciation expense related to the components of the properties, and $8,813, $7,034, and $6,111, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the consolidated statements of operations. Further, during the years ended December 31, 2022, 2021, and 2020, impairments totaling $310, $650, and $4,578, respectively, have been recognized and are included in impairment and other in the consolidated statements of operations. See Note 11 for additional information regarding these impairments.