XML 21 R11.htm IDEA: XBRL DOCUMENT v3.23.2
Investments in Real Estate
 6 Months Ended
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 —
Building5,631,952 5,695,711 40
Furniture, fixtures and equipment402,345 340,438 
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.