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Investments in Real Estate (Tables) | 6 Months Ended
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Jun. 30, 2024
Real Estate [Abstract] |
Summary of Investments in Real Estate | The following table summarizes our investments in real estate, excluding one property we classified as held for sale:
| As of June 30, 2024 |  | As of December 31, 2023 |  | Depreciable Lives (In years)
Land | $ | 538,151 |  |  | $ | 540,950 |  |  | —
Building | 5,210,283 |  |  | 5,288,956 |  |  | 40
Furniture, fixtures and equipment | 469,585 |  |  | 429,306 |  |  | 5-10
Total investments in real estate | $ | 6,218,019 |  |  | $ | 6,259,212 |  |  |
Accumulated depreciation | (667,681) |  |  | (582,760) |  |  |
Investments in real estate, net | $ | 5,550,338 |  |  | $ | 5,676,452 |  |  |
Summary of Held for Sale Property | The table below summarizes our dispositions for the six months ended June 30, 2024:
Property (1) |  | Market |  | Units (unaudited) |  | Sale Date |  | Sale Price |  | Gain on Sale (Loss on Impairment), Net
Villas of Kingwood (2) |  | Houston, TX |  | 330 |  | 2/13/2024 |  | $ | 53,700 |  |  | $ | 62 |
Belmar Villas (2) |  | Denver, CO |  | 318 |  | 2/13/2024 |  | 74,300 |  |  | 46 |
Hearthstone at City Center (2) |  | Denver, CO |  | 360 |  | 3/12/2024 |  | 74,000 |  |  | 88 |
Villas at Huffmeister (2) |  | Houston, TX |  | 294 |  | 3/25/2024 |  | 44,250 |  |  | (415) |
Westmont Commons |  | Asheville, NC |  | 252 |  | 3/28/2024 |  | 49,875 |  |  | 25,856 |
Reserve at Creekside (2) |  | Chattanooga, TN |  | 192 |  | 4/30/2024 |  | 28,500 |  |  | (152) |
|  |  |  | 1,746 |  |  |  |  | $ | 324,625 |  |  | $ | 25,485 |
(1)Included in the Portfolio Optimization and Deleveraging Strategy. (2)The gain on sale (loss on impairment), net is exclusive of an aggregate $32,956 impairment charge recognized during the three months ended December 31, 2023, net of $1,105 of defeasance and debt prepayment gains. The table below summarizes our property held for sale as of June 30, 2024 and subsequently sold.
Property |  | Market |  | Units (Unaudited) |  |  |  | Sale Date |  | Sale Price
Tapestry Park (1) |  | Birmingham, AL |  | 354 |  |  |  | 7/17/2024 |  | $ | 70,800 |
(1)A loss on impairment of $15,107 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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