Investments in Real Estate

6 Months Ended

Jun. 30, 2021

NOTE 3: Investments in Real Estate

As of June 30, 2021, our investments in real estate consisted of 58 apartment properties that contain 16,261 units. The following table summarizes our investments in real estate:

	As of June 30, 2021			As of December 31, 2020			Depreciable Lives (In years)
Land	$	260,581		$	251,365			—
Building		1,625,329			1,527,535			40
Furniture, fixtures and equipment		150,078			137,870		5-10
Total investment in real estate	$	2,035,988		$	1,916,770
Accumulated depreciation		(231,866	)		(208,618	)
Investments in real estate, net	$	1,804,122		$	1,708,152

As of June 30, 2021, we owned one property that was classified as held for sale. We expect the sale of this property to close in the third quarter of 2021. The table below summarizes our held for sale property.

Property Name	Location	Units		Net Carrying Value
King's Landing	St. Louis, MO		152	$	27,910
Total			152	$	27,910

Acquisitions

In May 2021, we acquired a 272-unit property located in Charlotte, NC for $66,544.

In June 2021, we acquired a 322-unit property located in McKinney, TX for $73,372.

The following table summarizes the aggregate relative fair value of the assets and liabilities associated with the properties acquired during the six-month period ended June 30, 2021, on the date of acquisition, accounted for under FASB ASC Topic 805-50-15-3.

Description	Fair Value of Assets Acquired During the Six Months Ended June 30, 2021
Assets acquired:
Investments in real estate (a)	$	139,336
Other assets		33
Intangible assets		757
Total assets acquired	$	140,126
Liabilities assumed:
Accounts payable and accrued expenses	$	795
Other liabilities		100
Total liabilities assumed		895
Estimated fair value of net assets acquired	$	139,231

(a)

Included $177 of property related acquisition costs capitalized during the six months ended June 30, 2021.