Investments in Real Estate

3 Months Ended

Mar. 31, 2022

As of March 31, 2022, our investments in real estate consisted of 119 apartment properties that contain 35,498 units. The following table summarizes our investments in real estate:


	As of March 31, 2022		As of December 31, 2021		Depreciable Lives (In years)
Land	$	557,926	$	567,507	—
Building	5,550,022		5,622,492		40
Furniture, fixtures and equipment	274,376		272,356		5-10
Total investment in real estate	$	6,382,324	$	6,462,355
Accumulated depreciation	(283,666)		(243,475)
Investments in real estate, net	$	6,098,658	$	6,218,880

As of March 31, 2022, we owned two properties that were classified as held for sale. We expect the sale of these properties to close in the second half of 2022. The table below summarizes our held for sale properties.


Property Name	Net Carrying Value		Units (unaudited)
Meadows Apartments - Louisville, KY	$	35,594	400
Sycamore Terrace - Terra Haute, IN	45,398		250
Total	$	80,992	650

Acquisitions

On April 6, 2022, we acquired Views of Music City (phase I), a 96-unit property located in Nashville, TN for $25,440. We purchased this property from one of our unconsolidated joint ventures. See Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations – Current Developments – Capital Recycling."

Dispositions

The following table summarizes our dispositions for the three months ended March 31, 2022:


Property Name	Date of Sale	Sale Price		Gain on sale
Riverchase	01/18/2022	$	31,000	$	12,901
Heritage Park	02/02/2022	48,500		31,366
Raindance	02/02/2022	47,500		33,748
Haverford	02/02/2022	31,050		16,697
Total		$	158,050	$	94,712