Investments in Single-Family Residential Properties

9 Months Ended

Sep. 30, 2022

Investments in Single-Family Residential Properties

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


	September 30, 2022		December 31, 2021
Land	$	4,810,449	$	4,737,938
Single-family residential property	15,140,964		14,610,188
Capital improvements	554,199		540,252
Equipment	122,562		120,003
Total gross investments in the properties	20,628,174		20,008,381
Less: accumulated depreciation	(3,519,211)		(3,073,059)
Investments in single-family residential properties, net	$	17,108,963	$	16,935,322

As of September 30, 2022 and December 31, 2021, the carrying amount of the residential properties above includes $128,721 and $125,236, respectively, of capitalized acquisition costs (excluding purchase price), along with $75,481 and $70,145, respectively, of capitalized interest, $30,744 and $28,211, respectively, of capitalized property taxes, $5,002 and $4,762, respectively, of capitalized insurance, and $3,595 and $3,280, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended September 30, 2022 and 2021, we recognized $158,199 and $148,957, respectively, of depreciation expense related to the components of the properties, and $2,229 and $1,737, 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, 2022 and 2021, impairments totaling $101 and $126, 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.

During the nine months ended September 30, 2022 and 2021, we recognized $468,272 and $435,348, respectively, of depreciation expense related to the components of the properties, and $6,524 and $5,127, 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, 2022 and 2021, impairments totaling $238 and $650, 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.