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REAL ESTATE OWNED | 3 Months Ended
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Mar. 31, 2026
REAL ESTATE OWNED |
REAL ESTATE OWNED | 3. REAL ESTATE OWNED Real estate assets owned by the Company consist of income producing operating properties, properties under development, land held for future development, and held for disposition properties. As of March 31, 2026, the Company owned and consolidated 161 communities in 12 states plus the District of Columbia totaling 54,081 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2026 and December 31, 2025 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | March 31, | ​ ​ ​ | December 31,
​ | ​ | 2026 | ​ | 2025
Land | ​ | $ | 2,505,946 | ​ | $ | 2,537,747
Depreciable property — held and used: | ​ |  | ​ | ​ |  | ​
Land improvements | ​ |  | 277,044 | ​ |  | 277,996
Building, improvements, and furniture, fixtures and equipment | ​ |  | 13,311,853 | ​ |  | 13,577,262
Real estate intangible assets | ​ | ​ | 21,995 | ​ | ​ | 21,995
Under development: | ​ |  | ​ | ​ |  | ​
Land and land improvements | ​ |  | 13,468 | ​ |  | 13,468
Building, improvements, and furniture, fixtures and equipment | ​ |  | 78,274 | ​ |  | 59,417
Real estate owned | ​ |  | 16,208,580 | ​ |  | 16,487,885
Accumulated depreciation | ​ |  | (7,378,368) | ​ |  | (7,374,546)
Real estate owned, net | ​ | $ | 8,830,212 | ​ | $ | 9,113,339
​ Acquisitions In April 2026, the Company acquired a 232-home operating apartment community located in Portland, Oregon in connection with the liquidation of the Company’s interest in a joint venture. As a result, the community became wholly owned, and the Company began consolidating the community. The consolidated fair value of the community, which was based on a third-party appraisal, exceeded the combination of the joint venture’s $54.0 million first mortgage loan that was repaid at maturity by the Company and the Company’s $18.9 million preferred investment, including accrued interest through the acquisition. No cash consideration was paid to the joint venture partner in connection with the acquisition. (See Note 5, Joint Ventures and Partnerships for more information.) Dispositions ​ In March 2026, the Company sold four operating communities located in various markets with a total of 1,159 apartment homes for gross proceeds of $362.0 million, resulting in total gains of approximately $157.4 million. As of March 31, 2026, the Company had $134.8 million due from a qualified intermediary related to the sale of real estate in connection with a like-kind exchange under Section 1031 of the Internal Revenue Code, which is intended to qualify for nonrecognition of taxable gain, and was recorded in Other Assets on the Consolidated Balance Sheets. The proceeds were received from the intermediary in April 2026 and were used to repay amounts outstanding under our unsecured revolving credit facility. ​ Other Activity Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation. The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the three months ended March 31, 2026 and 2025, were $4.4 million and $2.6 million, respectively. Total capitalized interest was $2.2 million and $2.0 million for the three months ended March 31, 2026 and 2025, respectively. As each apartment home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion of the costs and depreciation commences over the estimated useful life. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. The Company did not recognize any impairments in the value of its long-lived assets during the three months ended March 31, 2026 and 2025. In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax-deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt some of which may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.

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