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Investments in Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2020
Real Estate [Abstract] |
Summary of Investments in Real Estate | The following table summarizes our investments in real estate:
|  | As of September 30, 2020 |  |  | As of December 31, 2019 |  |  | Depreciable Lives (In years) |
Land |  | $ | 236,428 |  |  | $ | 234,050 |  |  |  | — |
Building |  |  | 1,450,823 |  |  |  | 1,453,052 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 128,505 |  |  |  | 109,263 |  |  | 5-10 |
Total investment in real estate |  | $ | 1,815,756 |  |  | $ | 1,796,365 |  |  |  |  |
Accumulated depreciation |  |  | (194,646 | ) |  |  | (158,435 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,621,110 |  |  | $ | 1,637,930 |  |  |  |  |
Summary of Properties Classified As Held for Sale | The table below summaries our held for sale properties.
Property Name |  | Location |  | Units |  |  | Net Carrying Value |
Lakeshore on the Hill |  | Chattanooga, TN |  |  | 123 |  |  | $ | 10,613 |
Trails at Signal Mountain |  | Chattanooga, TN |  |  | 172 |  |  |  | 13,487 |
Live Oak Trace |  | Baton Rouge, LA |  |  | 264 |  |  |  | 25,164 |
Total |  |  |  |  | 559 |  |  | $ | 49,264 |
Summary of Fair Value of Assets and Liabilities | The following table summarizes the aggregate relative fair value of the assets and liabilities associated with the properties acquired during the nine-month period ended September 30, 2020, on the date of acquisition, accounted for under FASB ASC Topic 805-50-15-3.
Description |  | Fair Value of Assets Acquired During The Nine Months Ended September 30, 2020 |
Assets acquired: |  |  |  |
Investments in real estate (a) |  | $ | 51,052 |
Other assets |  |  | 35 |
Intangible assets |  |  | 221 |
Total assets acquired |  | $ | 51,308 |
Liabilities assumed: |  |  |  |
Accounts payable and accrued expenses |  | $ | 126 |
Other liabilities |  |  | 83 |
Total liabilities assumed |  |  | 209 |
Estimated fair value of net assets acquired |  | $ | 51,099 |
| (a) | Includes $69 of property related acquisition costs capitalized during the nine months ended September 30, 2020.

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- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 + Details
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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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