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Investments in Real Estate | 3 Months Ended
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Mar. 31, 2024
Real Estate [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of March 31, 2024, our investments in real estate consisted of 111 operating apartment properties (unaudited, including one owned through a consolidated joint venture) that contain an aggregate of 32,877 units (unaudited). 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 |  |  |
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, which targeted the sale of ten properties located in seven markets in order to exit or reduce our presence in these markets while also deleveraging our balance sheet. As of March 31, 2024, nine of the ten properties had been sold for total gross sales price of $496,800 and proceeds from the sales were used to repay $488,900 of debt. On April 30, 2024, we sold the tenth and final property under our Portfolio Optimization and Deleveraging Strategy for a gross sales price of $28,500 and proceeds from the sale were used to repay debt. Dispositions 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. During the three months ended March 31, 2024, we identified an asset in Birmingham, Alabama as held for sale and recorded an impairment charge of $15,107 since the expected sales proceeds less transaction costs exceed the asset’s carrying value. 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 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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