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Investments in Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2024
Real Estate [Abstract] |
Summary of Investments in Real Estate | The following table summarizes our investments in real estate, excluding two properties we classified as held for sale:
| As of March 31, 2024 |  | As of December 31, 2023 |  | Depreciable Lives (In years)
Land | $ | 536,997 |  |  | $ | 540,950 |  |  | —
Building | 5,190,512 |  |  | 5,288,956 |  |  | 40
Furniture, fixtures and equipment | 455,500 |  |  | 429,306 |  |  | 5-10
Total investments in real estate | $ | 6,183,009 |  |  | $ | 6,259,212 |  |  |
Accumulated depreciation | (622,713) |  |  | (582,760) |  |  |
Investments in real estate, net | $ | 5,560,296 |  |  | $ | 5,676,452 |  |  |
Summary of Held for Sale Property | The table below summarizes our dispositions for the three months ended March 31, 2024:
Property (1) |  | Market |  | Units (unaudited) |  | Sale Date |  | Sale Price |  | Gain on Sale (Loss on Impairment), Net (2)
Villas of Kingwood |  | Houston, TX |  | 330 |  |  | 2/13/2024 |  | $ | 53,700 |  |  | $ | 62 |
Belmar Villas |  | Denver, CO |  | 318 |  |  | 2/13/2024 |  | 74,300 |  |  | 46 |
Hearthstone at City Center |  | Denver, CO |  | 360 |  |  | 3/12/2024 |  | 74,000 |  |  | 88 |
Villas at Huffmeister |  | Houston, TX |  | 294 |  |  | 3/25/2024 |  | 44,250 |  |  | (415) |
Westmont Commons |  | Asheville, NC |  | 252 |  |  | 3/28/2024 |  | 49,875 |  |  | 25,856 |
|  |  |  | 1,554 |  |  |  |  | $ | 296,125 |  |  | $ | 25,637 |
(1)Included in the Portfolio Optimization and Deleveraging Strategy. (2)The gain on sale (loss on impairment) at Villas at Kingwood, Belmar Villas, Hearthstone at City Center and Villas at Huffmeister is exclusive of an aggregate $25,821 impairment charge recognized during the three months ended December 31, 2023, and net of $921 of defeasance and debt prepayment gains. The $25,637 of our gain on sale does not account for the $15,107 impairment charge recognized during the three months ended March 31, 2024, as described below. The table below summarizes our properties held for sale as of March 31, 2024.
Property |  | Market |  | Units (Unaudited) |  | Carrying Value |  | Loss on Impairment
Reserve at Creekside (1) |  | Chattanooga, TN |  | 192 |  | $ | 28,363 |  |  | $ | — |
Tapestry Park (2) |  | Birmingham, AL |  | 354 |  | 70,240 |  |  | (15,107) |
|  |  |  | 546 |  |  | $ | 98,603 |  |  | $ | (15,107) |
(1)Included in the Portfolio Optimization and Deleveraging Strategy. A loss on impairment of $7,135 was recognized during the three months ended December 31, 2023. The property was sold on April 30, 2024, as described above. (2)A loss on impairment was recognized during the three months ended March 31, 2024.

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-3 + Details
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- 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
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