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Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2021

Real Estate [Abstract]

Summary of Investments in Real Estate

The following table summarizes our investments in real estate:

		As of September 30, 2021				As of December 31, 2020				Depreciable Lives (In years)
Land		$	238,221			$	251,365				—
Building			1,525,395				1,527,535				40
Furniture, fixtures and equipment			141,144				137,870			5-10
Total investment in real estate		$	1,904,760			$	1,916,770
Accumulated depreciation			(223,244	)			(208,618	)
Investments in real estate, net		$	1,681,516			$	1,708,152

Summary of Held for Sale Property

The table below summarizes our held for sale properties.

Property Name		Location		Units				Net Carrying Value
Crestmont		Atlanta, GA		228				$	14,791
Creekside Corners		Atlanta, GA		444					44,478
Riverchase		Indianapolis, IN		216					17,672
Heritage Park		Oklahoma City, OK		453					16,405
Raindance		Oklahoma City, OK		504					13,163
Haverford Place		Louisville, KY		160					13,900
Total					2,005			$	120,409

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, 2021, 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, 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 nine months ended September 30, 2021.

Summary of Disposition of Property

Dispositions

The following table summarizes the dispositions for the nine months ended September 30, 2021:

Property Name		Date of Sale		Sale Price				Gain on sale (1)
Kings Landing		07/28/2021		$	40,100			$	11,492
Total				$	40,100			$	11,492

(1) The gain for this property is net of $295 of debt prepayment costs.

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