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SINGLE-FAMILY RENTAL PROPERTIES
 9 Months Ended
Sep. 30, 2022
Real Estate [Abstract]  
SINGLE-FAMILY RENTAL PROPERTIES SINGLE-FAMILY RENTAL PROPERTIES
The following table summarizes the net carrying value of investments in single-family rental (“SFR”) properties:
September 30, 2022December 31, 2021
Land$174,154 $109,152 
Building696,612 436,610 
Capital improvements107,906 40,655 
Total gross investment in SFR properties978,672 586,417 
Accumulated depreciation(19,224)(6,810)
Investment in SFR properties, net$959,448 $579,607 

Depreciation expense for the nine months ended September 30, 2022 and 2021 totaled $12.4 million and $3.2 million, respectively, and is included in Other Income (Loss), Net in the Consolidated Statements of Income.

As of September 30, 2022 and December 31, 2021, the carrying amount of the SFR properties includes capitalized acquisition costs of $7.7 million and $3.8 million, respectively.

The following table summarizes the activity related to the net carrying value of investments in SFR properties:
Balance at December 31, 2021$579,607 
Acquisitions and capital improvements396,771 
Dispositions(4,516)
Accumulated depreciation(12,414)
Balance at September 30, 2022$959,448 

Rithm Capital generally rents its SFR properties under non-cancelable lease agreements with a term of one to two years. The following table summarizes our future minimum rental revenues under existing leases on SFR properties:
2022$15,560 
2023 and thereafter23,270 
Total$38,830 

The following table summarizes the activity of the SFR portfolio by units:
Balance at December 31, 20212,551 
Acquisition of SFR units1,163 
Disposition of SFR units(16)
Reclassifications to SFR properties, held for sale— 
Balance at September 30, 20223,698 

See Note 18 regarding the financing of SFR Properties.