Investments in Single-Family Residential Properties

3 Months Ended

Mar. 31, 2024

Investments in Single-Family Residential Properties

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


	March 31, 2024		December 31, 2023
Land	$	4,869,884	$	4,881,890
Single-family residential property	16,041,330		15,977,256
Capital improvements	565,847		565,214
Equipment	127,974		127,536
Total gross investments in the properties	21,605,035		21,551,896
Less: accumulated depreciation	(4,418,164)		(4,262,682)
Investments in single-family residential properties, net	$	17,186,871	$	17,289,214

As of March 31, 2024 and December 31, 2023, the carrying amount of the residential properties above includes $135,683 and $135,004, respectively, of capitalized acquisition costs (excluding purchase price), along with $78,553 and $78,073, respectively, of capitalized interest, $30,829 and $30,531, respectively, of capitalized property taxes, $5,072 and $5,037, respectively, of capitalized insurance, and $3,709 and $3,691, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended March 31, 2024 and 2023, we recognized $171,918, and $162,084, respectively, of depreciation expense related to the components of the properties, and $3,395 and $2,589, 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, 2024 and 2023, impairments totaling $60 and $178, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.