Investments in Single-Family Residential Properties

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Investments in Single-Family Residential Properties

Note 3—Investments in Single-Family Residential Properties

The following table sets forth the net carrying amount associated with our properties by component:

	March 31, 2018			December 31, 2017
Land	$	4,637,540		$	4,646,917
Single-family residential property	13,103,690			13,084,156
Capital improvements	536,314			536,297
Equipment	119,955			120,528
Total gross investments in the properties	18,397,499			18,387,898
Less: accumulated depreciation	(1,197,520		)	(1,075,634		)
Investments in single-family residential properties, net	$	17,199,979		$	17,312,264

As of March 31, 2018 and December 31, 2017, the carrying amount of the residential properties above includes $122,011 and $125,903, respectively, of capitalized acquisition costs (excluding purchase price), along with $64,687 and $62,938, respectively, of capitalized interest, $25,976 and $25,966, respectively, of capitalized property taxes, $4,731 and $4,727, respectively, of capitalized insurance, and $2,794 and $2,818, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended March 31, 2018 and 2017, we recognized $126,661 and $66,653, respectively, of depreciation expense related to the components of the properties, $16,447 and $0, respectively, of amortization related to in-place lease intangible assets, and $1,392 and $924, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the three months ended March 31, 2018 and 2017, impairments totaling $603 and $1,037, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations.