Investments in Single-Family Residential Properties

6 Months Ended

Jun. 30, 2020

Investments in Single-Family Residential Properties

Note 3—Investments in Single-Family Residential Properties

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



	June 30, 2020			December 31, 2019
Land	$	4,487,945		$	4,499,346
Single-family residential property	13,258,956			13,121,179
Capital improvements	510,574			513,269
Equipment	113,076			113,370
Total gross investments in the properties	18,370,551			18,247,164
Less: accumulated depreciation	(2,252,814		)	(2,003,972		)
Investments in single-family residential properties, net	$	16,117,737		$	16,243,192

As of June 30, 2020 and December 31, 2019, the carrying amount of the residential properties above includes $119,454 and $119,608, respectively, of capitalized acquisition costs (excluding purchase price), along with $68,727 and $65,747, respectively, of capitalized interest, $26,438 and $25,565, respectively, of capitalized property taxes, $4,643 and $4,616, respectively, of capitalized insurance, and $2,992 and $2,836, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended June 30, 2020 and 2019, we recognized $135,647 and $131,782, respectively, of depreciation expense related to the components of the properties, and $1,619 and $1,249, 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 June 30, 2020 and 2019, impairments totaling $1,442 and $4,076, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations.

During the six months ended June 30, 2020 and 2019, we recognized $269,561 and $264,302, respectively, of depreciation expense related to the components of the properties and $2,732 and $2,338, 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 six months ended June 30, 2020 and 2019, impairments totaling $3,913 and $7,329, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations.