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Investments in Real Estate (Tables)

3 Months Ended

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.

X

- 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

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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.

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