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Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Schedule of Investments in Real Estate

The following table summarizes our investments in real estate:

			2024						2023						Depreciable  Lives (In years)
Land			$	564,966					$	540,950					—
Building			5,323,105						5,288,956						40
Furniture, fixtures and equipment			475,865						429,306						5-10
Total investments in real estate			$	6,363,936					$	6,259,212
Accumulated depreciation			(740,957)						(582,760)
Investments in real estate, net			$	5,622,979					$	5,676,452

The following table summarizes the assets and liabilities recognized upon the consolidation of Virtuoso, our former unconsolidated real estate entity, during the year ended December 31, 2023, on the date of consolidation.

						Assets and Liabilities Consolidated During the Year Ended  December 31, 2023
Assets:
Investments in real estate						$	49,939
Cash and cash equivalents						816
Restricted cash						1,329
Other assets						396
Intangible assets						398
Total assets						$	52,878
Liabilities:
Indebtedness						$	39,281
Accounts payable and accrued expenses						255
Accrued interest payable						283
Other liabilities						112
Total liabilities						39,931
Noncontrolling interest						256
Derecognition of investments in unconsolidated real estate entities						12,691
Total Liabilities and equity						$	52,878

Schedule of Held for Sale Property

The following table summarizes asset acquisitions for the year ended December 31, 2024:

Property Name						Date of Purchase						Market						Units (unaudited)						Purchase Price
Gateway at Pinellas						08/13/2024						Tampa, FL						288						$	82,000
Highland Ridge						11/01/2024						Charlotte, NC						300						73,500
Serenza at Ocoee Village						12/05/2024						Orlando, FL						320						84,250
Total																		908						$	239,750

The following table summarizes asset acquisitions for the year ended December 31, 2022:

Property Name						Date of Purchase						Market						Units (unaudited)						Purchase Price
Views of Music City (phase I)						04/06/2022						Nashville, TN						96						$	25,440
Cyan Mallard Creek						08/16/2022						Charlotte, NC						234						80,000
The Enclave at Tranquility Lake						09/13/2022						Tampa, FL						348						98,000
Total																		678						$	203,440

Schedule of Disposition of Property

The below table summarizes all dispositions for the year ended December 31, 2024:

Property Name						Market						Units (unaudited)						Sale Date						Sale Price						Gain on sale (loss on impairment) (1)
Villas of Kingwood (2)						Houston, TX						330						02/13/2024						$	53,700					$	62
Belmar Villas (2)(3)						Denver, CO						318						02/13/2024						74,300						46
Hearthstone at City Center (2)(3)						Denver, CO						360						03/12/2024						74,000						88
Villas at Huffmeister (2)(3)						Houston, TX						294						03/25/2024						44,250						(415)
Westmont Commons (2)(3)						Asheville, NC						252						03/28/2024						49,875						25,856
Reserve at Creekside (2)(3)						Chattanooga, TN						192						04/30/2024						28,500						(152)
Tapestry Park (4)						Birmingham, AL						354						07/17/2024						70,800						(14,419)
Total												2,100												$	395,425					$	11,066

(1)The gain on sale (loss on impairment), net is exclusive of $32,956 impairment charge recognized during the three months ended December 31, 2023, net of $1,953 of defeasance and debt prepayment gains.

(2)Included in the Portfolio Optimization and Deleveraging Strategy.

(3)Held for sale as of December 31, 2023.

(4)A loss on impairment of $15,107 was recognized during the three months ended March 31, 2024.

The below table summarizes the dispositions for the year ended December 31, 2023:

Property Name						Date of Sale						Sale Price						Gain on sale (loss on impairment) (1)
Eagle Lake Landing						02/28/2023						$	37,300					$	1,179
The Meadows at River Run (2)						12/20/2023						72,700						(14,612)
Fielders Creek (2)						12/21/2023						44,100						(11,019)
Cottage Trails at Culpepper Landing (2)						12/28/2023						40,750						(10,168)
Oak Crossing (2)						12/28/2023						43,100						1,029
Total												$	237,950					$	(33,591)

(1)(Loss on impairment) gain on sale of real estate sold in 2023 is net of $1,900 of defeasance and debt prepayment gains.

(2)Included in the Portfolio Optimization and Deleveraging Strategy.

The below table summarizes the dispositions for the year ended December 31, 2022:

Property Name						Date of Sale						Sale Price						Gain on sale (loss on impairment) (1)
Riverchase						01/18/2022						$	31,000					$	12,901
Heritage Park						02/02/2022						48,500						31,366
Raindance						02/02/2022						47,500						33,748
Haverford						02/02/2022						31,050						16,697
Meadows Apartments						10/26/2022						57,000						20,573
Sycamore Terrace (2)						12/06/2022						42,000						(3,529)
Total												$	257,050					$	111,756

(1)The gain on sale (loss on impairment) of real estate for these properties is net of $409 of defeasance and debt prepayment gains.

(2)Impairment charge recognized following a fourth quarter amendment to the purchase and sale agreement which resulted in the carrying value of the property exceeding its fair value.

Schedule of Asset Acquisition

The following table summarizes the aggregate fair value of the assets and liabilities associated with three multifamily property acquisitions during the year ended December 31, 2024, on the date of acquisition.

						Fair Value of Assets Acquired During the Year Ended December 31, 2024
Asset acquired:
Investments in real estate						$	235,334
Other assets						170
Intangible assets						4,950
Total assets acquired						$	240,454
Liabilities assumed:
Accounts payable and accrued expenses						$	1,428
Other liabilities						466
Total liabilities assumed						1,894
Estimated fair value of net assets acquired						$	238,560

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