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Real Estate Acquisitions and Dispositions | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Real Estate Acquisitions and Dispositions | 12. Real Estate Acquisitions and Dispositions In September and May 2024, the Company closed on the acquisition of a 310-unit multifamily apartment community located in Orlando, Florida for approximately $84 million and a 306-unit multifamily apartment community located in Raleigh, North Carolina for approximately $81 million, respectively. In August and April 2024, the Company also acquired a 3-acre land parcel in Richmond, Virginia for approximately $14 million and a 13-acre land parcel in Phoenix, Arizona for approximately $11 million, respectively. During the nine months ended September 30, 2024, the Company did not dispose of any multifamily apartment communities or land parcels. In October 2024, the Company closed on the acquisition of a 386-unit multifamily apartment community located in Dallas, Texas for approximately $106 million. As of September 30, 2024, a 216-unit multifamily apartment community located in Charlotte, North Carolina was classified as held for sale. The criteria for classifying the community as held for sale were met during September 2024, and the property remained in the Company’s portfolio as of September 30, 2024. As a result, the assets and liabilities associated with the community were presented as “Assets held for sale” in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2024. Subsequent to September 30, 2024, but prior to the filing date of this Quarterly Report on Form 10-Q, the Company closed on the disposition of the community and received net proceeds of approximately $39 million, resulting in an expected gain on the sale of depreciable real estate assets of approximately $23 million that will be recorded in the fourth quarter of 2024. In February 2023, the Company acquired a 6-acre land parcel in Orlando, Florida for approximately $12 million. In March 2023, the Company closed on the disposition of 21 acres of land in Gulf Shores, Alabama for gross proceeds of approximately $3 million, resulting in the recognition of a negligible gain on the sale of non-depreciable real estate assets. Certain long-lived assets are recorded at fair value when they are acquired or initially consolidated. The inputs associated with the valuation of long-lived assets are generally included in Level 2 of the fair value hierarchy.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
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