Investments in Real Estate

9 Months Ended

Sep. 30, 2024

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.