XML 48 R27.htm IDEA: XBRL DOCUMENT v3.22.4

Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Schedule of Investments in Real Estate

The following table summarizes our investments in real estate:

			2022						2021						Depreciable Lives (In years)
Land			$	579,094					$	567,507					—
Building			5,695,711						5,622,492						40
Furniture, fixtures and equipment			340,438						272,356						5-10
Total investments in real estate			$	6,615,243					$	6,462,355
Accumulated depreciation			(425,034)						(243,475)
Investments in real estate, net			$	6,190,209					$	6,218,880

Schedule of Held for Sale Property

The table below summarizes our held for sale properties.

Property Name - Market						Net Carrying Value						Units (unaudited)
Eagle Lake Landing - Indianapolis, IN						$	35,777					277

Schedule of Asset Acquisition

The below table summarizes asset acquisitions for the year ended December 31, 2022:

Property Name						Date of Purchase						Market						Units (unaudited)						Purchase Price
Views of Music City (phase I)						04/06/2022						Nashville, TN						96						$	25,440
Cyan Mallard Creek						08/16/2022						Charlotte, NC						234						80,000
The Enclave at Tranquility Lake						09/13/2022						Tampa, FL						348						98,000
Total																		678						$	203,440

The following table summarizes the aggregate fair value of the assets and liabilities associated with asset acquisition of properties during the year ended December 31, 2022, on the date of acquisition.

Description						Fair Value of Assets Acquired During the Year Ended December 31, 2022
Assets acquired:
Investments in real estate						$	201,611
Other assets						229
Intangible assets						1,136
Total assets acquired						$	202,976
Liabilities assumed:
Accounts payable and accrued expenses						$	872
Other liabilities						327
Total liabilities assumed						1,199
Estimated FV of net assets acquired						$	201,777

The below table summarizes asset acquisitions for the year ended December 31, 2021:

Property Name						Date of Purchase						Market						Units (unaudited)						Purchase Price
Vesta City Park						05/18/2021						Charlotte, NC						272						$	66,544
Cyan Craig Ranch						06/08/2021						Dallas, TX						322						73,372
Total																		594						$	139,916

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

Property Name						Date of Purchase						Market						Units (unaudited)						Purchase Price
Adley at Craig Ranch						2/11/2020						Dallas, TX						251						$	51,204
Legacy at Jones Farm						12/1/2020						Huntsville, AL						421						94,027
Total																		672						$	145,231

Schedule of Disposition of Property

The below table summarizes the dispositions for the year ended December 31, 2022:

Property Name						Date of Sale						Sale Price						Gain (loss) on Sale (1)
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
Meadows Apartments						10/26/2022						57,000						20,573
Sycamore Terrace (2)						12/06/2022						42,000						(3,529)
Total												$	257,050					$	111,756

			(1)			The gain (loss) for these properties is net of $409 of defeasance and debt prepayment gains.
			(2)			Impairment charge recognized following a fourth quarter amendment to the purchase and sale agreement which resulted in the carrying value of the property exceeding its fair value.

The below table summarizes the dispositions for the year ended December 31, 2021:

Property Name						Date of Sale						Sale Price						Gain on Sale (1)
King's Landing						07/28/2021						$	40,100					$	11,566
Crestmont						12/13/2021						48,500						33,067
Creekside						12/16/2021						91,000						43,104
Total												$	179,600					$	87,737

(1) The gain for these properties is net of $2,312 of defeasance costs and debt prepayment costs.

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

Property Name						Date of Sale						Sale Price						Gain (loss) on Sale (1)
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.

X

- Definition

Tabular disclosure of asset acquisition.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 50
-Section 15
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492

+ Details

Name:	us-gaap_AssetAcquisitionTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

+ Details

Name:	us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_RealEstateAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI https://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Name:	us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration