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Note 3 - Investments in Real Estate | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Real Estate Disclosure [Text Block] | NOTE 3: Investments in Real Estate As of September 30, 2025, our investments in real estate consisted of 115 operating apartment properties, including one owned through a consolidated joint venture, that contain an aggregate of 33,818 units. The following table summarizes our investments in real estate except for three properties that we classified as held for sale as of September 30, 2025:
|  | As of September 30, 2025 |  |  | As of December 31, 2024 |  |  | Depreciable Lives (In years) |
Land |  | $ | 573,030 |  |  | $ | 564,966 |  |  |  | — |
Building |  |  | 5,441,520 |  |  |  | 5,323,105 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 556,611 |  |  |  | 475,865 |  |  |  | 5 - 10 |
Total investments in real estate |  | $ | 6,571,161 |  |  | $ | 6,363,936 |  |  |  |  |
Accumulated depreciation |  |  | (861,370 | ) |  |  | (740,957 | ) |  |  |  |
Investments in real estate, net |  | $ | 5,709,791 |  |  | $ | 5,622,979 |  |  |  |  |
The following table summarizes our properties held for sale as of September 30, 2025.
Property |  | Market |  | Units |  |  | Carrying Value |
Bella Terra at City Center (1) |  | Denver, CO |  |  | 304 |  |  | $ | 48,608 |
Jamestown at St. Matthews |  | Louisville, KY |  |  | 356 |  |  |  | 31,576 |
Stonebridge Crossing |  | Memphis, TN |  |  | 500 |  |  |  | 26,998 |
|  |  |  |  | 1,160 |  |  | $ | 107,182 |
(1) During the three months ended September 30, 2025, we recognized a loss on impairment on this property of $12,841. Acquisitions The following table summarizes our acquisitions for the nine months ended September 30, 2025:
Property |  | Date Acquired |  | Market |  | Units |  |  | Purchase Price |
Autumn Breeze |  | 2/27/2025 |  | Indianapolis, IN |  |  | 280 |  |  | $ | 59,500 |
3030 at Apopka |  | 7/31/2025 |  | Orlando, FL |  |  | 240 |  |  |  | 60,250 |
M2 at Millenia 700 |  | 8/14/2025 |  | Orlando, FL |  |  | 403 |  |  |  | 94,750 |
Total |  |  |  |  |  |  |  |  |  | $ | 214,500 |
The following table summarizes the relative fair value of the assets and liabilities associated with acquisitions during the nine months ended September 30, 2025, on the date of acquisition accounted for under FASB ASC Topic 805-50-15-3.
|  | Fair Value of Assets and Liabilities Acquired During the |
|  | Nine Months Ended |
|  | September 30, 2025 |
Assets acquired: |  |  |  |
Investments in real estate |  | $ | 207,345 |
Other assets |  |  | 281 |
Intangible assets |  |  | 8,056 |
Total assets acquired |  |  | 215,682 |
Liabilities assumed: |  |  |  |
Debt |  |  | 59,897 |
Accounts payable and accrued expenses |  |  | 2,423 |
Other liabilities |  |  | 614 |
Total liabilities assumed |  |  | 62,934 |
Estimated fair value of net assets acquired |  | $ | 152,748 |
Dispositions The following table summarizes our dispositions for the nine months ended September 30, 2025:
Property |  | Market |  | Units |  |  | Sale Date |  | Sale Price |  |  | Gain on Sale |
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 on this property of $20,928.

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