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Note 3 - Investments in Real Estate

3 Months Ended

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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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.

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-Name Accounting Standards Codification
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