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Note 3 - Investments in Real Estate

9 Months Ended

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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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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