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Note 3 - Investments in Real Estate

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Real Estate Disclosure [Text Block]

NOTE 3: Investments in Real Estate

As of June 30, 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 except for three properties that we classified as held for sale as of June 30, 2025:

		As of June 30, 2025				As of December 31, 2024				Depreciable Lives (In years)
Land		$	554,886			$	564,966				—
Building			5,292,690				5,323,105				40
Furniture, fixtures and equipment			509,254				475,865				5 - 10
Total investments in real estate		$	6,356,830			$	6,363,936
Accumulated depreciation			(810,042	)			(740,957	)
Investments in real estate, net		$	5,546,788			$	5,622,979

The following table summarizes our properties held for sale as of  June 30, 2025.

Property		Market		Units				Carrying Value
Bella Terra at City Center		Denver, CO			304			$	61,927
Jamestown at St. Matthews		Louisville, KY			356				31,286
Stonebridge Crossing		Memphis, TN			500				26,662
					1,160			$	119,875

Acquisitions

The following table summarizes our acquisitions for the six months ended June 30, 2025:

Property

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 six months ended June 30, 2025, on the date of acquisition accounted for under FASB ASC Topic 805-50-15-3.

		Fair Value of Assets Acquired During the
		Six Months Ended
		June 30, 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

On July 31, 2025, we acquired a 240-unit multifamily apartment community in Orlando, FL for $60,250.

Dispositions

The following table summarizes our dispositions for the six months ended June 30, 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.

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