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Note 3 - Investments in Real Estate | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Real Estate Disclosure [Text Block] | NOTE 3: Investments in Real Estate As of March 31, 2025, our investments in real estate consisted of 113 operating apartment properties, including one owned through a consolidated joint venture that contain an aggregate of 33,175 units. The following table summarizes our investments in real estate:
|  | As of March 31, 2025 |  |  | As of December 31, 2024 |  |  | Depreciable Lives (In years) |
Land |  | $ | 569,937 |  |  | $ | 564,966 |  |  |  | — |
Building |  |  | 5,379,573 |  |  |  | 5,323,105 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 492,793 |  |  |  | 475,865 |  |  |  | 5 - 10 |
Total investments in real estate |  | $ | 6,442,303 |  |  | $ | 6,363,936 |  |  |  |  |
Accumulated depreciation |  |  | (789,619 | ) |  |  | (740,957 | ) |  |  |  |
Investments in real estate, net |  | $ | 5,652,684 |  |  | $ | 5,622,979 |  |  |  |  |
Acquisitions The following table summarizes our acquisitions for the three months ended March 31, 2025:
Property Name |  | Date Acquired |  | Market |  | Units |  |  | Purchase Price |
Autumn Breeze |  | 2/27/2025 |  | Indianapolis, IN |  |  | 280 |  |  | $ | 59,500 |
The following table summarizes the relative fair value of the assets and liabilities associated with acquisitions during the three months ended March 31, 2025, on the date of acquisition accounted for under FASB ASC Topic 805-50-15-3.
|  | Fair Value of Assets Acquired During the |
|  | Three Months Ended |
|  | March 31, 2025 |
Assets acquired: |  |  |  |
Investments in real estate |  | $ | 57,854 |
Other assets |  |  | 48 |
Intangible assets |  |  | 1,829 |
Total assets acquired |  |  | 59,731 |
Liabilities assumed: |  |  |  |
Accounts payable and accrued expenses |  |  | 1,002 |
Other liabilities |  |  | 92 |
Total liabilities assumed |  |  | 1,094 |
Estimated fair value of net assets acquired |  | $ | 58,637 |
Dispositions The following table summarizes our dispositions for the three months ended March 31, 2025:
Property |  | Market |  | Units |  |  | Sale Date |  | Sale Price |  |  | Gain on Sale (Loss) on Impairment), Net |
Ridge Crossings (1) |  | Birmingham, AL |  |  | 720 |  |  | 2/14/2025 |  | $ | 111,000 |  |  | $ | 1,496 |
| (1) | During the three months ended December 31, 2024, we recognized a loss on impairment of $20,928.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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