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Investments in Real Estate | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of September 30, 2024, our investments in real estate consisted of 110 operating apartment properties (unaudited), including one owned through a consolidated joint venture that contain an aggregate of 32,670 units (unaudited). The following table summarizes our investments in real estate:
| As of September 30, 2024 |  | As of December 31, 2023 |  | Depreciable Lives (In years)
Land | $ | 552,008 |  |  | $ | 540,950 |  |  | —
Building | 5,311,757 |  |  | 5,288,956 |  |  | 40
Furniture, fixtures and equipment | 477,739 |  |  | 429,306 |  |  | 5-10
Total investments in real estate | $ | 6,341,504 |  |  | $ | 6,259,212 |  |  |
Accumulated depreciation | (715,702) |  |  | (582,760) |  |  |
Investments in real estate, net | $ | 5,625,802 |  |  | $ | 5,676,452 |  |  |
Acquisitions The table below summarizes our acquisitions for the nine months ended September 30, 2024:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  | Purchase Price
Gateway at Pinellas |  | 8/13/2024 |  | Tampa-St. Petersburg, FL |  | 288 |  | $ | 82,000 |
The following table summarizes the relative fair value of the assets and liabilities associated with acquisitions during the nine months ended September 30, 2024, on the date of acquisition accounted for under FASB ASC Topic 805-50-15-3.
|  | Fair Value of Assets Acquired During the Nine Months Ended September 30, 2024
Assets acquired: |  |
Investments in real estate |  | $ | 80,551 |
Other assets |  | 88 |
Intangible assets |  | 1,584 |
Total assets acquired |  | 82,223 |
Liabilities assumed: |  |
Accounts payable and accrued expenses |  | 858 |
Other liabilities |  | 145 |
Total liabilities assumed |  | 1,003 |
Estimated fair value of net assets acquired |  | $ | 81,220 |
Dispositions The table below summarizes our dispositions for the nine months ended September 30, 2024:
Property |  | Market |  | Units (unaudited) |  | Sale Date |  | Sale Price |  | Gain on Sale (Loss on Impairment), Net
Villas of Kingwood (1) |  | Houston, TX |  | 330 |  | 2/13/2024 |  | $ | 53,700 |  |  | $ | 62 |
Belmar Villas (1) |  | Denver, CO |  | 318 |  | 2/13/2024 |  | 74,300 |  |  | 46 |
Hearthstone at City Center (1) |  | Denver, CO |  | 360 |  | 3/12/2024 |  | 74,000 |  |  | 88 |
Villas at Huffmeister (1) |  | Houston, TX |  | 294 |  | 3/25/2024 |  | 44,250 |  |  | (415) |
Westmont Commons |  | Asheville, NC |  | 252 |  | 3/28/2024 |  | 49,875 |  |  | 25,856 |
Reserve at Creekside (1) |  | Chattanooga, TN |  | 192 |  | 4/30/2024 |  | 28,500 |  |  | (152) |
Tapestry Park (2) |  | Birmingham, AL |  | 354 |  |  | 7/17/2024 |  | 70,800 |  |  | (14,419) |
|  |  |  | 2,100 |  |  |  |  | $ | 395,425 |  |  | $ | 11,066 |
(1)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. (2) A loss on impairment of $15,107 was recognized during the three months ended March 31, 2024.

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- References No definition available. + Details
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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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