XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.20.2

Investments in Real Estate | 9 Months Ended
--- | ---
Sep. 30, 2020
Real Estate [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of September 30, 2020, our investments in real estate consisted of 58 apartment properties that contain 15,805 units. 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 |  |  |  |  |
During the three months ended September 30, 2020, we committed to a plan to sell three properties that have been classified as held for sale as of September 30, 2020. Our plan to sell our 264-unit property in Baton Rouge, LA resulted in management concluding that the carrying value of that property was not recoverable. Based on the expected sale price, we recorded a $1,840 impairment charge during the three months ended September 30, 2020. We expect the sale of this property and the other two held for sale properties to close during the fourth quarter 2020. 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 |
Acquisitions In February 2020, we acquired a 251-unit property located in McKinney, TX for $51,204. 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.
Dispositions In October 2020, we sold a 172-unit property located in Chattanooga, TN for $20,000.

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121593590&loc=d3e4437-111522 + Details
Name: | us-gaap_RealEstateOwnedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration