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Note 3 - Investments in Real Estate | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Real Estate Disclosure [Text Block] | NOTE 3: Investments in Real Estate As of December 31, 2025, our investments in real estate consisted of 114 (unaudited) operating apartment properties, including one owned through a consolidated joint venture, that contain an aggregate of 33,462 (unaudited) units. The following table summarizes our investments in real estate except for two properties that we classified as held for sale as of December 31, 2025:
|  | As of December 31, 2025 |  |  | As of December 31, 2024 |  |  | Depreciable Lives (In years) |
Land |  | $ | 573,777 |  |  | $ | 564,966 |  |  |  | — |
Building |  |  | 5,450,891 |  |  |  | 5,323,105 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 571,339 |  |  |  | 475,865 |  |  |  | 5 - 10 |
Total investments in real estate |  | $ | 6,596,007 |  |  | $ | 6,363,936 |  |  |  |  |
Accumulated depreciation |  |  | (915,247 | ) |  |  | (740,957 | ) |  |  |  |
Investments in real estate, net |  | $ | 5,680,760 |  |  | $ | 5,622,979 |  |  |  |  |
The following table summarizes our properties held for sale as of December 31, 2025.
Property |  | Market |  | Units |  |  | Carrying Value |
Bella Terra at City Center (1) |  | Denver, CO |  |  | 304 |  |  | $ | 49,254 |
Stonebridge Crossing |  | Memphis, TN |  |  | 500 |  |  |  | 27,214 |
|  |  |  |  | 804 |  |  | $ | 76,468 |
(1) During the three months ended September 30, 2025, we recognized a loss on impairment on this property of $12,841. Acquisitions Subsequent to year-end, on January 15, 2026, we acquired a 140-unit (unaudited) community in Columbus, Ohio for $29.5 million. The acquisition increased our exposure in Columbus from 2,510 units (unaudited) to 2,650 units (unaudited). The following table summarizes asset acquisitions for the year ended December 31, 2025:
Property |  | Date Acquired |  | Market |  | Units (unaudited) |  |  | 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 |  |  | 923 |  |  | $ | 214,500 |
The following table summarizes asset acquisitions for the year ended December 31, 2024:
Property |  | Date Acquired |  | Market |  | Units (unaudited) |  |  | Purchase Price |
Gateway at Pinellas |  | 8/13/2024 |  | Tampa, FL |  |  | 288 |  |  | $ | 82,000 |
Highland Ridge |  | 11/1/2024 |  | Charlotte, NC |  |  | 300 |  |  |  | 73,500 |
Serenza at Ocoee Village |  | 12/5/2024 |  | Orlando, FL |  |  | 320 |  |  |  | 84,250 |
Total |  |  | 908 |  |  | $ | 239,750 |
There were no asset acquisitions during the year ended December 31, 2023. The following table summarizes the aggregate fair value of the assets and liabilities associated with three multifamily property acquisitions during the year ended December 31, 2025, on the date of acquisition.
|  | Fair Value of Assets and Liabilities Acquired During the |
|  | Year Ended |
|  | December 31, 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 the dispositions for the year ended December 31, 2025:
Property |  | Market |  | Units (unaudited) |  | Sale Date |  | Sale Price |  | Gain on Sale |
Ridge Crossings (1) |  | Birmingham, AL |  |  | 720 |  | 2/14/2025 |  | $ | 111,000 |  | $ | 1,496 |
Jamestown at St. Matthews |  | Louisville, KY |  |  | 356 |  | 11/13/2025 |  |  | 50,000 |  |  | 17,492 |
|  |  |  |  | 1,076 |  |  |  | $ | 161,000 |  | $ | 18,988 |
(1) During the three months ended December 31, 2024, we recognized a loss on impairment on this property of $20,928. The following table summarizes the dispositions for the year ended December 31, 2024:
Property |  | Market |  | Units (unaudited) |  | Sale Date |  | Sale Price |  |  | Gain on Sale (Loss on Impairment), Net (1) |
Villas of Kingwood (2)(3) |  | Houston, TX |  |  | 330 |  | 2/13/2024 |  | $ | 53,700 |  |  | $ | 62 |
Belmar Villas (2)(3) |  | Denver, CO |  |  | 318 |  | 2/13/2024 |  |  | 74,300 |  |  |  | 46 |
Hearthstone at City Center (2)(3) |  | Denver, CO |  |  | 360 |  | 3/12/2024 |  |  | 74,000 |  |  |  | 88 |
Villas at Huffmeister (2)(3) |  | Houston, TX |  |  | 294 |  | 3/25/2024 |  |  | 44,250 |  |  |  | (415 | )
Westmont Commons (2)(3) |  | Asheville, NC |  |  | 252 |  | 3/28/2024 |  |  | 49,875 |  |  |  | 25,856 |
Reserve at Creekside (2)(3) |  | Chattanooga, TN |  |  | 192 |  | 4/30/2024 |  |  | 28,500 |  |  |  | (152 | )
Tapestry Park (4) |  | Birmingham, AL |  |  | 354 |  | 7/17/2024 |  |  | 70,800 |  |  |  | (14,419 | )
Total |  |  | 2,100 |  |  |  | $ | 395,425 |  |  | $ | 11,066 |
| (1) | The gain on sale (loss on impairment), net is exclusive of $32,956 impairment charge recognized during the three months ended December 31, 2023, net of $1,953 of defeasance and debt prepayment gains.
| (2) | Included in the Portfolio Optimization and Deleveraging Strategy discussed in our Annual Report on Form 10-K for the year ended December 31, 2024, which Portfolio Optimization and Deleveraging Strategy resulted in the sale of ten properties in seven markets for an aggregate gross sales price of $525,300.
| (3) | Held for sale as of December 31, 2023.
| (4) | A loss on impairment of $15,107 was recognized during the three months ended March 31, 2024.
The following table summarizes the dispositions for the year ended December 31, 2023:
Property |  | Market |  | Units (unaudited) |  | Sale Date |  | Sale Price |  |  | Gain on Sale (Loss on Impairment), Net (1) |
Eagle Lake Landing |  | Indianapolis, IN |  |  | 277 |  | 2/28/2023 |  | $ | 37,300 |  |  | $ | 1,179 |
The Meadows at River Run (2) |  | Chicago, IL |  |  | 374 |  | 12/20/2023 |  |  | 72,700 |  |  |  | (14,612 | )
Fielders Creek (2) |  | Denver, CO |  |  | 217 |  | 12/21/2023 |  |  | 44,100 |  |  |  | (11,019 | )
Cottage Trails at Culpepper Landing (2) |  | Norfolk, VA |  |  | 183 |  | 12/28/2023 |  |  | 40,750 |  |  |  | (10,168 | )
Oak Crossing (2) |  | Fort Wayne, IN |  |  | 222 |  | 12/28/2023 |  |  | 43,100 |  |  |  | 1,029 |
Total |  |  | 1,273 |  |  |  | $ | 237,950 |  |  | $ | (33,591 | )
| (1) | (Loss on impairment) gain on sale of real estate sold in 2023 is net of $1,900 of defeasance and debt prepayment gains.
| (2) | Included in the Portfolio Optimization and Deleveraging Strategy discussed in our Annual Report on Form 10-K for the year ended December 31, 2024, which Portfolio Optimization and Deleveraging Strategy resulted in the sale of ten properties in seven markets for an aggregate gross sales price of $525,300.

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