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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Number of PropertiesInitial CostCost of ImprovementsGross Carrying AmountAccumulated
MarketLandBuilding LandBuildingLandBuildingEncumbrances (a)Year(s) of Acquisition
Asheville, NC1$2,750 $25,225 $— $1,235 $2,750 $26,460 $(5,107)2015
Atlanta, GA13102,866 903,813 — 55,055 102,866 958,868 (57,014)(b)
2015-2021
Austin, TX13,857 48,719 — 3,206 3,857 51,925 (1,665)2021
Birmingham, AL210,682 213,996 — 7,234 10,682 221,230 (6,942)(b)2021
Charleston, SC29,260 69,104 — 2,844 9,260 71,948 (13,733)2015
Charlotte, NC317,352 170,531 — 1,333 17,352 171,864 (10,347)
2015 - 2022
Chattanooga, TN13,683 32,370 — 889 3,683 33,259 (1,005)(b)2021
Chicago, IL15,587 82,485 — 2,054 5,587 84,539 (2,524)(b)2021
Cincinnati, OH26,939 111,937 — 3,228 6,939 115,165 (3,473)2021
Columbus, OH1028,870 308,917 — 29,418 28,870 338,335 (31,490)(b)
2014 - 2021
Dallas, TX1468,829 749,578 — 30,937 68,829 780,515 (39,969)(b)
2015 - 2021
Denver, CO945,373 537,301 — 22,645 45,373 559,946 (18,067)(b)2021
Fort Wayne, IN12,590 39,542 — 2,008 2,590 41,550 (1,415)(b)2021
Greenville, SC17,330 111,833 — 4,002 7,330 115,835 (3,665)2021
Houston, TX729,049 284,339 — 8,688 29,049 293,027 (8,941)(b)2021
Huntsville, AL320,794 166,020 — 2,876 20,794 168,896 (9,250)
2015 - 2021
Indianapolis, IN (c)824,888 284,590 — 16,601 24,888 301,191 (20,613)(b)
2012 - 2021
Lexington, KY39,467 145,715 — 4,659 9,467 150,374 (4,652)2021
Louisville, KY421,228 102,521 — 24,815 21,228 127,336 (35,876)(b)
2014 - 2014
Memphis, TN410,730 124,023 — 24,544 10,730 148,567 (33,611)
2014 - 2015
Myrtle Beach, SC - Wilmington, NC34,580 55,797 — 7,389 4,580 63,186 (10,492)(b)2017
Nashville, TN533,939 318,936 — 12,595 33,939 331,531 (10,166)(b)2021 - 2022
Norfolk, VA12,808 50,093 — 1,157 2,808 51,250 (1,516)(b)2021
Oklahoma City, OK817,099 280,770 — 20,698 17,099 301,468 (18,668)(b)
2014 - 2021
Orlando, FL15,500 41,752 — 2,886 5,500 44,639 (8,803)2015
Raleigh - Durham, NC634,409 199,323 — 21,560 34,409 220,883 (40,432)
2014 - 2019
San Antonio, TX14,604 50,501 — 1,935 4,604 52,436 (1,706)2021
Tampa-St. Petersburg, FL545,554 218,130 1,081 26,033 46,635 244,162 (24,955)
2017 - 2022
120$580,617 $5,727,861 $1,081 $342,524 $581,698 $6,070,385 $(426,097)
(a)
Encumbrances exclude the principal balance of $635,128 and associated deferred financing costs related to the secured credit facilities.
(b)
Represents properties with gross assets of $3,538,113 and mortgage note indebtedness of $1,185,246.
(c)Includes one property classified as held for sale as of December 31, 2022.
Investments in Real Estate
December 31, 2022 (1)
December 31, 2021December 31, 2020
Balance, beginning of period$6,534,563 $1,916,770 $1,796,365 
Additions during period:
Acquisitions201,611 4,686,943 145,340 
Improvements to land and building85,227 43,035 35,783 
Deductions during period:
Dispositions of real estate(161,836)(106,916)(56,797)
Asset write-offs(7,482)(5,269)(3,921)
Balance, end of period:$6,652,083 $6,534,563 $1,916,770 
Accumulated Depreciation
December 31, 2022 (1)
December 31, 2021December 31, 2020
Balance, beginning of period$254,123 $208,618 $158,435 
Depreciation expense197,539 70,156 59,717 
Dispositions of real estate(18,083)(19,382)(5,613)
Asset write-off(7,482)(5,269)(3,921)
Balance, end of period:$426,097 $254,123 $208,618 
(1)
Includes one property classified as held for sale as of December 31, 2022.