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Investments in Real Estate (Tables)

6 Months Ended

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.

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.

+ References

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