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Investments in Real Estate | 9 Months Ended
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Sep. 30, 2023
Real Estate [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of September 30, 2023, our investments in real estate consisted of 120 apartment properties (unaudited, including one consolidated joint venture) that contain 35,427 units (unaudited). The following table summarizes our investments in real estate, excluding one property we classified as held for sale:
| As of September 30, 2023 |  | As of December 31, 2022 |  | Depreciable Lives (In years)
Land | $ | 586,361 |  |  | $ | 579,094 |  |  | —
Building | 5,728,541 |  |  | 5,695,711 |  |  | 40
Furniture, fixtures and equipment | 439,120 |  |  | 340,438 |  |  | 5-10
Total investments in real estate | $ | 6,754,022 |  |  | $ | 6,615,243 |  |  |
Accumulated depreciation | (567,200) |  |  | (425,034) |  |  |
Investments in real estate, net | $ | 6,186,822 |  |  | $ | 6,190,209 |  |  |
As of September 30, 2023, we owned one property, The Meadows at River Run, with 374 units (unaudited) in Chicago, Illinois that we initially classified as held for sale as of June 30, 2023 and that continued to be classified as held for sale. Based on ongoing negotiations, we recognized a $11,268 impairment charge during the three months ended September 30, 2023 due to the carrying value exceeding the expected sales price less transaction costs. We expect the sale to close in the fourth quarter of 2023 and expect to extinguish $40,593 of mortgage debt in connection with the sale. 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. Portfolio Optimization and Deleveraging Strategy On October 26, 2023, our Board of Directors approved a plan, which we refer to as our Portfolio Optimization and Deleveraging Strategy, to exit or reduce our presence in certain markets while also deleveraging our balance sheet. Our Portfolio Optimization and Deleveraging Strategy targets sales of up to 10 properties that are located in seven markets including the one property in Chicago, Illinois that was previously identified and continues to be held for sale as of September 30, 2023. Under the plan, certain properties may be sold for proceeds that are less than the current carrying value. This could result in the recognition of an impairment loss in the fourth quarter 2023 with respect to some of these properties based on the outcome of sale negotiations. During the fourth quarter of 2023, we will continuously reevaluate the properties covered by our Portfolio Optimization and Deleveraging Strategy under the held for sale guidance as additional information becomes available during the sales process. If circumstances indicate a held for sale classification is appropriate for any of these properties, we will classify the identified properties as held for sale as of December 31, 2023 at the lower of carrying value or the expected sales price less transaction costs. The proceeds of these contemplated sales will be utilized to delever the balance sheet. We are in various stages of marketing, negotiations, and buyer due diligence with respect to the properties targeted for sale. There can be no assurance that any of the sales will be consummated at expected pricing levels, within expected time frames, or at all.

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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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