Investments in Single-Family Residential Properties

9 Months Ended

Sep. 30, 2018

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:



	September 30, 2018			December 31, 2017
Land	$	4,575,697		$	4,646,917
Single-family residential property	12,996,911			13,084,156
Capital improvements	536,157			536,297
Equipment	117,407			120,528
Total gross investments in the properties	18,226,172			18,387,898
Less: accumulated depreciation	(1,423,820		)	(1,075,634		)
Investments in single-family residential properties, net	$	16,802,352		$	17,312,264

As of September 30, 2018 and December 31, 2017, the carrying amount of the residential properties above includes $122,085 and $125,903, respectively, of capitalized acquisition costs (excluding purchase price), along with $66,071 and $62,938, respectively, of capitalized interest, $25,523 and $25,966, respectively, of capitalized property taxes, $4,701 and $4,727, respectively, of capitalized insurance, and $2,780 and $2,818, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended September 30, 2018 and 2017, we recognized $127,544 and $66,671, respectively, of depreciation expense related to the components of the properties, $4,624 and $0, respectively, of amortization related to in-place lease intangible assets, and $7,203 and $795, 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 September 30, 2018 and 2017, impairments totaling $1,296 and $424, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations.

During the nine months ended September 30, 2018 and 2017, we recognized $382,706 and $200,023, respectively, of depreciation expense related to the components of the properties, $37,517 and $0, respectively, of amortization related to in-place lease intangible assets, and $10,098 and $2,535, 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 nine months ended September 30, 2018 and 2017, impairments totaling $3,570 and $1,556, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations.