v3.25.4

Note 4 - Investments in Unconsolidated Real Estate Entities - Schedule of Equity Method Investments in Real Estate Entities (Details) $ in Thousands | Dec. 31, 2025 USD ($) | Oct. 08, 2025 USD ($) | Jul. 21, 2025 | Dec. 31, 2024 USD ($)
--- | --- | --- | --- | ---
Number of units |  | 33,462 |  |  |
Metropolis At Innsbrook [Member] |  |  |  |  |
Number of units |  |  |  | 402 |
Equity Method Investment, Ownership Percentage |  |  |  | 84.80% |
Lakeline Station [Member] |  |  |  |  |
Number of units |  | 378 |  |  |
The Mustang [Member] |  |  |  |  |
Number of units |  | 275 |  |  |
The Approach [Member] |  |  |  |  |
Number of units |  |  | 318 |  |
Equity Method Investment, Ownership Percentage |  |  | 66.60% |  |
Equity Method Investment, Carrying Value |  |  | $ 3,400 |  |
Investments in Unconsolidated Real Estate Entities [Member] |  |  |  |  |
Number of units | [1] | 1,906 |  |  |
Equity Method Investment, Ownership Percentage |  |  |  |  |
Equity Method Investment, Carrying Value |  | $ 98,263 |  |  | $ 91,975
Richmond, Virginia [Member] | Metropolis At Innsbrook [Member] |  |  |  |  |
Number of units | [1],[2] | 402 |  |  |
Equity Method Investment, Ownership Percentage | [2] | 84.80% |  |  |
Equity Method Investment, Carrying Value | [2] | $ 0 |  |  | 21,163
Nashville, Tennessee [Member] | Views of Music City and The Crockett [Member] |  |  |  |  |
Number of units | [1],[3] | 209 |  |  |
Equity Method Investment, Ownership Percentage | [3] | 50.00% |  |  |
Equity Method Investment, Carrying Value | [3] | $ 0 |  |  | 5,905
Austin, Texas [Member] | Lakeline Station [Member] |  |  |  |  |
Number of units | [1],[4] | 378 |  |  |
Equity Method Investment, Ownership Percentage | [4] | 90.00% |  |  |
Equity Method Investment, Carrying Value | [4] | $ 42,179 |  |  | 36,106
Dallas, Texas [Member] | The Mustang [Member] |  |  |  |  |
Number of units | [1],[5] | 275 |  |  |
Equity Method Investment, Ownership Percentage | [5] | 85.00% |  |  |
Equity Method Investment, Carrying Value | [5] | $ 30,578 |  |  | 28,801
Charleston, South Carolina [Member] | Nexton Pine Hollow [Member] |  |  |  |  |
Number of units | [1] | 324 |  |  |
Equity Method Investment, Ownership Percentage |  | 90.00% |  |  |
Equity Method Investment, Carrying Value |  | $ 22,097 |  |  | 0
Indianapolis, Indiana [Member] | The Approach [Member] |  |  |  |  |
Number of units | [1],[6] | 318 |  |  |
Equity Method Investment, Ownership Percentage | [6] | 66.60% |  |  |
Equity Method Investment, Carrying Value | [6] | $ 3,409 |  |  | $ 0
[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 consisting of 402 units (unaudited) that was sold on July 21, 2025. We had an 84.8% ownership interest in the property at the time of sale. We received $31,356 in proceeds from the sale, comprised of a return of our initial investment of $24,501 and equity proceeds of $6,855. We recognized a gain of $10,576 from the sale during the year ended December 31, 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 investment of $5,912 and a preferred return of $3,248. We recognized the preferred return of $3,248 in income (loss) from investments in unconsolidated real estate entities in our consolidated statements of operations during the year ended December 31, 2025. 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 (unaudited). Subsequent to year-end, on January 20, 2026, we acquired our joint venture partner's 10% membership interest and assumed full operational control and 100% equity ownership of the Tisdale at Lakeline Station property. We began consolidating the assets and liabilities of the property and its operating results effective January 20, 2026.
[5] | The Mustang is an operating property consisting of 275 units (unaudited). We have an open-ended call option that gives us the right to buy the property.
[6] | On October 8, 2025, we entered into a joint venture to develop a 318-unit (unaudited) multifamily project in Indianapolis, IN. We have committed to invest an aggregate of $20.0 million in this joint venture in exchange for a 66.6% preferred equity interest, and, as of December 31, 2025, we had funded $3.4 million on account of this commitment.

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