
	June 30, 2026		December 31, 2025
Land	$	4,919,362	$	4,986,353
Single-family residential property	16,993,852		17,049,737
Capital improvements	590,480		594,422
Equipment	145,797		145,668
Total gross investments in the properties	22,649,491		22,776,180
Less: accumulated depreciation	(5,764,848)		(5,501,558)
Investments in single-family residential properties, net	$	16,884,643	$	17,274,622

As of June 30, 2026 and December 31, 2025, the carrying amount of the residential properties above includes $147,400 and $148,650, respectively, of capitalized acquisition costs (excluding purchase price), along with $77,770 and $79,124, respectively, of capitalized interest, $30,857 and $31,493, respectively, of capitalized property taxes, $5,025 and $5,138, respectively, of capitalized insurance, and $3,709 and $3,758, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended June 30, 2026 and 2025, we recognized $185,400 and $181,059, respectively, of depreciation expense related to the components of the properties, and $6,202 and $4,396, 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, 2026 and 2025, impairments totaling $961 and $36, respectively, have been recognized and are included in casualty losses, impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.

During the six months ended June 30, 2026 and 2025, we recognized $370,323, and $360,122, respectively, of depreciation expense related to the components of the properties, and $12,008, and $8,479, respectively, of depreciation and amortization related to corporate fixed assets. These amounts are included in depreciation and amortization on the condensed consolidated statements of operations. Further, during the six months ended June 30, 2026 and 2025, impairments totaling $1,430, and $99, respectively, have been recognized and are included in casualty losses, impairment, and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.