[1]

Represents the total number of units after development is complete and each property is placed in service.

[2]

The Metropolis at Innsbrook is an operating property that was listed for sale during the three months ended March 31, 2025 and sold on July 21, 2025. We received $31,086 in proceeds from the sale, comprised of a return of our initial investment of $24,501 and equity proceeds of $6,585. We expect to recognize a gain of approximately $10,404 from this sale during the three months ended September 30, 2025.

[3]

Views of Music City II is an operating property. Our joint venture partner has provided us with a notice of intent to redeem our investment comprised of a return of our initial capital of $5,453 and preferred return in the amount of approximately $3,549 in September 2025. We expect to recognize the preferred return in income (loss) from investments in unconsolidated real estate entities in our condensed consolidated statements of operations during the three months ended September 30, 2025.

[4]

The Mustang is an operating property consisting of 275 total units. We have a call option that gives us the right to buy the property upon the earlier of the date upon which the property achieves 85% occupancy or August 15, 2025.