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Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Summary of Investments in Real Estate

The table below summarizes our investments in real estate:  

		2020				2019				Depreciable Lives (In years)
Land		$	251,365			$	234,050			-
Building			1,527,535				1,453,052			40
Furniture, fixtures and equipment			137,870				109,263			5-10
Total investments in real estate		$	1,916,770			$	1,796,365
Accumulated depreciation			(208,618	)			(158,435	)
Investments in real estate, net		$	1,708,152			$	1,637,930

Summary of Acquisitions

Acquisitions

The below table summarizes the acquisitions for the year ended December 31, 2020:

Property Name		Date of Purchase		Market		Units (unaudited)				Purchase Price
Adley at Craig Ranch		02/11/2020		Dallas, TX			251			$	51,204
Legacy at Jones Farm		12/01/2020		Huntsville, AL			421			$	94,027
Total							672			$	145,231

The below table summarizes the acquisitions for the year ended December 31, 2019:

Property Name		Date of Purchase		Market		Units (unaudited)				Purchase Price
North Park		04/30/2019		Atlanta, GA			224			$	28,000
Rocky Creek		07/11/2019		Tampa, FL			264				48,000
Thornhill		10/01/2019		Raleigh, NC			318				52,925
Total							806			$	128,925

Summary of Fair Value of Assets and Liabilities

The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2020, on the date of acquisition.

Description		Fair Value of Asset Acquired During the Year Ended December 31, 2020
Assets acquired:
Investments in real estate (a)		$	145,340
Other assets			89
Intangible assets			1,013
Total assets acquired		$	146,442
Liabilities assumed:
Accounts payable and accrued expenses			261
Other liabilities			382
Total liabilities assumed		$	643
Estimated fair value of net assets acquired		$	145,799

(a) Includes $84 of property related acquisition costs capitalized during the year ended December 31, 2020.

Summary of Disposition of Property

Dispositions

The below table summarizes the dispositions for the year ended December 31, 2020:

Property Name		Date of Sale		Sale Price				Gain (impairment loss) on sale
Trails at Signal Mountain		10/27/2020		$	20,000			$	6,237
Live Oak Trace (1)		11/10/2020			25,400				(1,931	)
Lakeshore on the Hill		11/23/2020			14,330				3,537
Total				$	59,730			$	7,843

(1) Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020.

The below table summarizes the dispositions for the year ended December 31, 2019:

Property Name		Date of Sale		Sale Price				Gain on sale (1)
Reserve at Eagle Ridge		04/30/2019		$	42,000			$	12,294
Little Rock, AR Portfolio		07/18/2019			56,500				2,220
Iron Rock		12/17/2019			56,000				20,683
Total				$	154,500			$	35,197

(1) The gain for these properties is net of $7,417 of defeasance and debt prepayment costs.

The below table summarizes the dispositions for the year ended December 31, 2018:        

Property Name		Date of Sale		Sale Price				Gain on sale (1)
Aventine Greenville		12/20/2018		$	52,500			$	6,119
Arbors at the Reservoir		12/27/2018			24,800				4,445
Total				$	77,300			$	10,564

(1) The gain for these properties is net of $911 of debt prepayment costs.

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