
	June 30, 2023		December 31, 2022
Building and building improvements	$	80,346,691	$	81,914,789
Land and land improvements	18,308,060		18,635,672
Furniture, fixtures and equipment	2,292,247		2,301,683
Right of use asset - operating leases(1)	1,098,923		1,090,782
Right of use asset - financing leases(1)	72,862		72,872
Total	102,118,783		104,015,798
Accumulated depreciation and amortization	(7,154,538)		(5,866,306)
Investments in real estate, net	$	94,964,245	$	98,149,492

During the six months ended June 30, 2023, the Company acquired 98 wholly-owned single family rental homes as well as a rental housing land parcel for a total purchase price of $36.6 million. The Company allocated $25.9 million to building and building improvements and $10.7 million to land and land improvements. During the six months ended June 30, 2023, there were no acquired intangibles.

The following table details the dispositions during the periods set forth below ($ in thousands):


	Three Months Ended June 30, 2023					Six Months Ended June 30, 2023
Segments	Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)	31	$	766,034	$	290,272	73	$	1,419,804	$	396,060
Hospitality properties	2	817,083		300,151		7	914,637		311,111
Industrial properties	8	424,808		73,958		12	434,025		75,563
Retail properties	3	90,066		4,443		4	104,450		7,093
Total	44	$	2,097,991	$	668,824	96	$	2,872,916	$	789,827


	Three Months Ended June 30, 2022					Six Months Ended June 30, 2022
Segments	Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)	15	$	325,757	$	84,335	22	$	771,176	$	268,366
Industrial properties	26	339,107		132,817		35	464,913		154,048


Total	41	$	664,864	$	217,152	57	$	1,236,089	$	422,414

(1)For the three months ended June 30, 2023, net gain includes gains of $678.3 million and losses of $9.5 million. For the six months ended June 30, 2023, net gain includes gains of $833.9 million and losses of $44.1 million. For the three months ended June 30, 2022, net gain includes gains of $226.8 million and losses of $9.6 million. For the six months ended June 30, 2022, net gain includes gains of $443.8 million and losses of $21.4 million.

(2)The number of properties excludes 53 and 238 single family rental homes sold during the three and six months ended June 30, 2023, respectively. The number of properties excludes 162 and 285 single family rental homes sold during the three and six months ended June 30, 2022, respectively.

As of June 30, 2023, 16 properties in the Rental Housing segment and seven properties in the Hospitality segment were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets.

The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands):


Assets:	June 30, 2023
Investments in real estate, net	$	662,704
Other assets	7,366
Total assets	$	670,070

Liabilities:
Mortgage notes, net	$	425,759
Other liabilities	16,100
Total liabilities	$	441,859

During the six months ended June 30, 2023, the Company recognized the following impairments in the aggregate amount of $117.7 million:

•During the three months ended June 30, 2023, the Company recognized an impairment of $105.2 million related predominantly to one office property and to a lesser extent affordable housing properties. The impairment was the result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, as the Company is considering a potential disposition of these investments in the near term.

•During the three months ended March 31, 2023, the Company recognized an impairment of $12.5 million related to certain held-for-sale real estate investments where their carrying amount exceeded their fair value, less estimated closing costs.

The Company did not recognize any impairment charges during the three or six months ended June 30, 2022.