[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 sold on July 21, 2025. We had an 84.8% ownership interest in this property at the time of sale. We received $31,085 in proceeds from the sale, comprised of a return of our initial investment of $24,501 and equity proceeds of $6,584. We recognized a gain of $10,389 from this sale during the three months ended September 30, 2025.

[3]

Views of Music City II is an operating property. On October 9, 2025, our joint venture partner redeemed our investment in this property, comprised of a return of our initial capital of $5,912 and a preferred return of $3,248. We expect to recognize the preferred return of $3,248 in income (loss) from investments in unconsolidated real estate entities in our condensed consolidated statements of operations. Under the terms of our joint venture agreement, we are entitled to the right of first refusal on the sale of the property.

[4]

Lakeline Station is an operating property consisting of 378 units. [We are currently evaluating whether to exercise our call option that gives us the right to buy the property.]

[5]

The Mustang is an operating property consisting of 275 total units. [We are currently evaluating whether to exercise our call option that gives us the right to buy the property.]