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Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Schedule of Investments in Real Estate

The following table summarizes our investments in real estate:

			2023						2022						Depreciable  Lives (In years)
Land			$	540,950					$	579,094					—
Building			5,288,956						5,695,711						40
Furniture, fixtures and equipment			429,306						340,438						5-10
Total investments in real estate			$	6,259,212					$	6,615,243
Accumulated depreciation			(582,760)						(425,034)
Investments in real estate, net			$	5,676,452					$	6,190,209

The following table summarizes the assets and liabilities recognized upon the consolidation of Virtuoso, our former unconsolidated real estate entity, during the year ended December 31, 2023, on the date of consolidation.

						Assets and Liabilities Consolidated During the Year Ended December 31, 2023
Assets:
Investments in real estate						$	49,939
Cash and cash equivalents						816
Restricted cash						1,329
Other assets						396
Intangible assets						398
Total assets						$	52,878
Liabilities:
Indebtedness						$	39,281
Accounts payable and accrued expenses						255
Accrued interest payable						283
Other liabilities						112
Total liabilities						39,931
Noncontrolling interest						256
Derecognition of investments in unconsolidated real estate entities						12,691
Total Liabilities and equity						$	52,878

Schedule of Held for Sale Property

For the year ended December 31, 2023, we recorded impairment charges that are included in (loss on impairment) gain on sale of real estate assets, net on the consolidated statements of operations as detailed in the following table.

Property Name						Market						Units (Unaudited)						Sale Date						Sale Price			(Loss on Impairment) Gain on Sale(1)
Eagle Lake Landing						Indianapolis, IN						277						2/28/2023						$	37,300		$	1,179
The Meadows at River Run (2)						Chicago, IL						374						12/20/2023						72,700			(14,612)
Fielders Creek (2)						Denver, CO						217						12/21/2023						44,100			(11,019)
Cottage Trails at Culpepper Landing (2)						Norfolk, VA						183						12/28/2023						40,750			(10,168)
Oak Crossing (2)						Fort Wayne, IN						222						12/28/2023						43,100			1,029
Belmar Villas (2)(3)						Denver, CO						318						2/13/2024						74,300			(7,195)
Villas at Kingwood (2)(3)						Houston, TX						330						2/13/2024						53,700			(4,634)
Villas at Huffmeister (2)(3)						Houston, TX						294						(5)						44,250			(4,097)
Hearthstone at City Center (2)(3)						Denver, CO						360						(5)						74,000			(9,895)
Reserve at Creekside (2)(3)						Chattanooga, TN						192						(5)						28,500			(7,135)
Westmont Commons (2)(3)(4)						Asheville, NC						252						(5)						49,875			—
Totals												3,019												$	562,575		$	(66,547)

(1)(Loss on impairment) gain on sale of real estate sold in 2023 is net of $1,900 of defeasance and debt prepayment gains.

(2)Included in the Portfolio Optimization and Deleveraging Strategy.

(3)Held for sale as of December 31, 2023.

(4)A gain on sale of real estate is expected as a result of the sales proceeds less transactions costs exceeding the carrying value.

(5)We expect the sale of these properties to close in the first quarter of 2024.

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 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

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 on sale (loss on impairment) (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 on sale (loss on impairment) 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 on sale for these properties is net of $2,312 of defeasance costs and debt prepayment costs.

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