Investments in Single-Family Residential Properties

3 Months Ended

Mar. 31, 2022

Investments in Single-Family Residential Properties

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


	March 31, 2022		December 31, 2021
Land	$	4,769,620	$	4,737,938
Single-family residential property	14,810,026		14,610,188
Capital improvements	545,983		540,252
Equipment	121,051		120,003
Total gross investments in the properties	20,246,680		20,008,381
Less: accumulated depreciation	(3,221,040)		(3,073,059)
Investments in single-family residential properties, net	$	17,025,640	$	16,935,322

As of March 31, 2022 and December 31, 2021, the carrying amount of the residential properties above includes $126,717 and $125,236, respectively, of capitalized acquisition costs (excluding purchase price), along with $71,094 and $70,145, respectively, of capitalized interest, $28,777 and $28,211, respectively, of capitalized property taxes, $4,821 and $4,762, respectively, of capitalized insurance, and $3,361 and $3,280, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended March 31, 2022 and 2021, we recognized $153,640 and $142,784, respectively, of depreciation expense related to the components of the properties, and $2,156 and $1,717, 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, 2022 and 2021, impairments totaling $101 and $431, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.