As of March 31, 2019, the major components of the Company’s investments in multifamily properties were as follows (in thousands):

Operating Properties		Land		Buildings and Improvements			Intangible Lease Assets			Construction in Progress		Furniture, Fixtures and Equipment			Totals
Arbors on Forest Ridge		$	2,330	$	11,325		$	—		$	—	$	1,088		$	14,743
Cutter's Point			3,330		13,354			—			—		1,400			18,084
Eagle Crest			5,450		23,039			—			422		1,604			30,515
Silverbrook			4,860		26,834			—			—		3,321			35,015
Edgewater at Sandy Springs			14,290		44,572			—			—		5,254			64,116
Beechwood Terrace			1,390		21,319			—			—		1,789			24,498
Willow Grove			3,940		10,840			—			—		1,287			16,067
Woodbridge			3,650		13,141			—			—		1,607			18,398
Abbington Heights			1,770		17,173			—			—		1,578			20,521
The Summit at Sabal Park			5,770		13,547			—			—		1,416			20,733
Courtney Cove			5,880		13,186			—			65		1,315			20,446
Radbourne Lake			2,440		22,300			—			—		1,584			26,324
Timber Creek			11,260		13,766			—			—		1,781			26,807
Belmont at Duck Creek			1,910		17,424			—			—		1,498			20,832
Sabal Palm at Lake Buena Vista			7,580		41,422			—			—		1,341			50,343
Cornerstone			1,500		30,522			—			—		2,018			34,040
The Preserve at Terrell Mill			10,170		49,125			—			6		5,190			64,491
The Ashlar			4,090		12,852			—			—		2,105			19,047
Heatherstone			2,320		8,137			—			—		1,222			11,679
Versailles			6,720		21,519			—			—		3,103			31,342
Seasons 704 Apartments			7,480		14,225			—			—		1,323			23,028
Madera Point			4,920		17,577			—			—		1,472			23,969
The Pointe at the Foothills			4,840		47,000			—			—		2,154			53,994
Venue at 8651			2,350		18,106			—			—		2,597			23,053
Parc500			3,860		20,780			—			—		2,680			27,320
The Colonnade			8,340		37,242			—			653		1,726			47,961
Old Farm			11,078		70,496			—			—		1,884			83,458
Stone Creek at Old Farm			3,493		19,403			—			—		487			23,383
Hollister Place			2,782		21,629			—			—		1,601			26,012
Rockledge Apartments			17,451		95,847			—			29		3,690			117,017
Atera Apartments			22,371		36,664			—			29		1,216			60,280
Cedar Pointe	(1)		2,372		23,537			—			41		561			26,511
Crestmont Reserve			4,124		19,653			—			105		568			24,450
Brandywine I & II			6,236		71,432			—			244		1,500			79,412
Bella Vista	(2)		10,942		36,124			919			—		640			48,625
The Enclave	(2)		11,046		29,654			769			—		523			41,992
The Heritage	(2)		6,835		34,031			750			—		538			42,154
			231,170		1,038,797			2,438			1,594		66,661			1,340,660
Accumulated depreciation and amortization			—		(104,468	)		(813	)		—		(41,192	)		(146,473	)
Total Operating Properties		$	231,170	$	934,329		$	1,625		$	1,594	$	25,469		$	1,194,187

Held For Sale Property
Southpoint Reserve at Stoney Creek			6,120		11,319			—			—		805			18,244
Accumulated depreciation and amortization			—		(736	)		—			—		(161	)		(897	)
Total Held For Sale Property		$	6,120	$	10,583		$	—		$	—	$	644		$	17,347

Total		$	237,290	$	944,912		$	1,625		$	1,594	$	26,113		$	1,211,534

(1)

The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owns Cedar Pointe was no longer considered a VIE.

(2)

The EAT that directly owned Bella Vista, The Enclave and The Heritage was consolidated as a VIE at March 31, 2019. Legal title will transfer to the Company upon completion of the reverse 1031 Exchange or July 27, 2019, whichever comes first. Upon the transfer of title, the EAT that directly owned these properties will no longer be considered a VIE.

As of December 31, 2018, the major components of the Company’s investments in multifamily properties were as follows (in thousands):

Operating Properties		Land		Buildings and Improvements			Intangible Lease Assets			Construction in Progress		Furniture, Fixtures and Equipment			Totals
Arbors on Forest Ridge		$	2,330	$	11,319		$	—		$	—	$	1,047		$	14,696
Cutter's Point			3,330		13,347			—			—		1,320			17,997
Eagle Crest			5,450		22,969			—			—		1,563			29,982
Silverbrook			4,860		26,485			—			60		3,230			34,635
Edgewater at Sandy Springs			14,290		44,186			—			349		5,083			63,908
Beechwood Terrace			1,390		21,123			—			31		1,670			24,214
Willow Grove			3,940		10,829			—			—		1,231			16,000
Woodbridge			3,650		13,125			—			—		1,536			18,311
Abbington Heights			1,770		17,140			—			—		1,539			20,449
The Summit at Sabal Park			5,770		13,447			—			43		1,347			20,607
Courtney Cove			5,880		13,170			—			—		1,268			20,318
Radbourne Lake			2,440		22,138			—			72		1,536			26,186
Timber Creek			11,260		13,582			—			—		1,556			26,398
Belmont at Duck Creek			1,910		17,397			—			—		1,471			20,778
Sabal Palm at Lake Buena Vista			7,580		41,336			—			—		1,280			50,196
Cornerstone			1,500		30,513			—			—		1,885			33,898
The Preserve at Terrell Mill			10,170		49,091			—			57		4,843			64,161
The Ashlar			4,090		12,845			—			—		2,017			18,952
Heatherstone			2,320		8,132			—			—		1,199			11,651
Versailles			6,720		21,513			—			—		3,033			31,266
Seasons 704 Apartments			7,480		14,223			—			—		1,288			22,991
Madera Point			4,920		17,570			—			—		1,431			23,921
The Pointe at the Foothills			4,840		46,998			—			—		2,078			53,916
Venue at 8651			2,350		18,084			—			—		2,499			22,933
Parc500			3,860		20,692			—			37		2,600			27,189
The Colonnade			8,340		37,086			—			567		1,604			47,597
Old Farm			11,078		70,471			—			—		1,800			83,349
Stone Creek at Old Farm			3,493		19,394			—			—		467			23,354
Hollister Place			2,782		21,389			—			135		1,410			25,716
Rockledge Apartments			17,451		95,484			—			428		3,314			116,677
Atera Apartments			22,371		36,563			—			86		1,151			60,171
Cedar Pointe	(1)		2,371		23,458			600			16		441			26,886
Crestmont Reserve			4,124		19,544			687			—		504			24,859
Brandywine I & II			6,237		70,961			1,762			—		1,215			80,175
			202,347		935,604			3,049			1,881		61,456			1,204,337
Accumulated depreciation and amortization			—		(95,364	)		(1,625	)		—		(37,135	)		(134,124	)
Total Operating Properties		$	202,347	$	840,240		$	1,424		$	1,881	$	24,321		$	1,070,213

Held For Sale Properties
Southpoint Reserve at Stoney Creek			6,120		11,319			—			—		787			18,226
Accumulated depreciation and amortization			—		(736	)		—			—		(161	)		(897	)
Total Held For Sale Properties		$	6,120	$	10,583		$	—		$	—	$	626		$	17,329

Total		$	208,467	$	850,823		$	1,424		$	1,881	$	24,947		$	1,087,542

(1)

Depreciation expense was $13.2 million and $10.7 million for the three months ended March 31, 2019 and 2018, respectively.

Amortization expense related to the Company’s intangible lease assets was $2.2 million and $0.7 million for the three months ended March 31, 2019 and 2018, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through March 31, 2019 is expected to be $1.6 million for the remainder of the year ended December 31, 2019. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to September 30, 2018 has been fully amortized and the assets and related accumulated amortization have been written off as of March 31, 2019.

The Company acquired three properties during the three months ended March 31, 2019, as detailed in the table below (dollars in thousands); there were no acquisitions of real estate during the three months ended March 31, 2018.

There were no sales of real estate during the three months ended March 31, 2019. The Company sold one property for approximately $30.0 million during the three months ended March 31, 2018.