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Note 3 - Investments in Real Estate

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Real Estate Disclosure [Text Block]

NOTE 3: Investments in Real Estate

As of  June 30, 2026, our investments in real estate consisted of 116 operating apartment properties, including one owned through a consolidated joint venture, that contain an aggregate of 33,898 units. The following table summarizes our investments in real estate except for two properties that we classified as held for sale as of  June 30, 2026:

		As of June 30, 2026				As of December 31, 2025				Depreciable Lives (In years)
Land		$	588,581			$	573,777				—
Building			5,577,785				5,450,891				40
Furniture, fixtures and equipment			631,854				571,339				5 - 10
Total investments in real estate		$	6,798,220			$	6,596,007
Accumulated depreciation			(1,029,116	)			(915,247	)
Investments in real estate, net		$	5,769,104			$	5,680,760

The following table summarizes our properties held for sale as of  June 30, 2026:

Property		Market		Units				Carrying Value
Bella Terra at City Center		Denver, CO			304			$	49,828
Stonebridge Crossing		Memphis, TN			500				27,928
					804			$	77,756

Acquisitions

The following table summarizes our asset acquisition for the six months ended June 30, 2026:

Property

Date Acquired

Market

Units

Purchase Price

The Retreat at Canal

1/15/2026

Columbus, OH

140

$

29,500

The following table summarizes the relative fair value of the assets and liabilities associated with acquisitions during the six months ended June 30, 2026, on the date of acquisition accounted for under FASB ASC Topic 805-50-15-3.

		Fair Value of Assets and Liabilities Acquired During the
		Six Months Ended
		June 30, 2026
Assets acquired:
Investments in real estate		$	28,923
Other assets			16
Intangible assets			753
Total assets acquired			29,692
Liabilities assumed:
Accounts payable and accrued expenses			281
Other liabilities			19
Total liabilities assumed			300
Estimated fair value of net assets acquired		$	29,392

Dispositions

There were no asset dispositions for the six months ended June 30, 2026.

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- References

No definition available.

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 978
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/978/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 976
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/976/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 974
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/974/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 972
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/972/tableOfContent

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/970/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 974
-SubTopic 720
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477728/974-720-50-1

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