Investments in Single-Family Residential Properties

3 Months Ended

Mar. 31, 2023

Investments in Single-Family Residential Properties

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


	March 31, 2023		December 31, 2022
Land	$	4,789,118	$	4,800,110
Single-family residential property	15,271,234		15,228,631
Capital improvements	548,449		548,700
Equipment	123,595		123,494
Total gross investments in the properties	20,732,396		20,700,935
Less: accumulated depreciation	(3,818,228)		(3,670,561)
Investments in single-family residential properties, net	$	16,914,168	$	17,030,374

As of March 31, 2023 and December 31, 2022, the carrying amount of the residential properties above includes $130,039 and $129,341, respectively, of capitalized acquisition costs (excluding purchase price), along with $76,634 and $76,408, respectively, of capitalized interest, $30,439 and $30,435, respectively, of capitalized property taxes, $4,986 and $4,982, respectively, of capitalized insurance, and $3,627 and $3,627, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended March 31, 2023 and 2022, we recognized $162,084 and $153,640, respectively, of depreciation expense related to the components of the properties, and $2,589 and $2,156, 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, 2023 and 2022, impairments totaling $178 and $101, 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.