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Investments in Real Estate | 6 Months Ended
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Jun. 30, 2023
Real Estate [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of June 30, 2023, our investments in real estate consisted of 119 apartment properties (unaudited) that contain 35,249 units (unaudited). The following table summarizes our investments in real estate, excluding one property we classified as held for sale:
| As of June 30, 2023 |  | As of December 31, 2022 |  | Depreciable Lives (In years)
Land | $ | 575,936 |  |  | $ | 579,094 |  |  | —
Building | 5,631,952 |  |  | 5,695,711 |  |  | 40
Furniture, fixtures and equipment | 402,345 |  |  | 340,438 |  |  | 5-10
Total investments in real estate | $ | 6,610,233 |  |  | $ | 6,615,243 |  |  |
Accumulated depreciation | (519,680) |  |  | (425,034) |  |  |
Investments in real estate, net | $ | 6,090,553 |  |  | $ | 6,190,209 |  |  |
As of June 30, 2023, we owned one property, The Meadows at River Run, with 374 units (unaudited) in Chicago, Illinois that we classified as held for sale. We expect the sale to close in the second half of 2023. In connection with the sale of this property we expect to extinguish $40,033 of mortgage debt. Dispositions On February 28, 2023, we sold Eagle Lake Landing apartments located in Indianapolis, Indiana for $37,300 and recognized a gain on sale of $985.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-3 + Details
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