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ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Acquisitions | The Company’s acquisitions during the years ended December 31, 2024 and 2023 are detailed below. Year Ended December 31, 2024
|  | Date Acquired | (in thousands)
|  | Total Acquisition Cost(1) | Form of Consideration | Investment Allocation
Acquisitions |  | Cash | Units(2) | Other(3) | Land | Building | Intangible Assets(4) | Other(5)
129 homes - The Lydian - Denver, CO |  | October 1, 2024 | $ | 53,359 |  | $ | 484 |  | $ | 13,875 |  | $ | 39,000 |  | $ | 4,804 |  | $ | 34,997 |  | $ | 2,263 |  | $ | 11,295 |
Total Acquisitions |  |  | $ | 53,359 |  | $ | 484 |  | $ | 13,875 |  | $ | 39,000 |  | $ | 4,804 |  | $ | 34,997 |  | $ | 2,263 |  | $ | 11,295 |
(1)Excludes $546,000 in capitalized transaction cost. (2)Fair value of operating partnership units issued on acquisition, including a $641,000 fair value adjustment. (3)Assumption of seller's debt upon closing. (4)Intangible assets consist of in-place leases valued at the time of acquisition. (5)Debt premium on assumed mortgage and TIF note acquired. Refer to Note 2 for further TIF note discussion. Year Ended December 31, 2023
|  | Date Acquired | (in thousands)
|  | Total Acquisition Cost(1) | Form of Consideration | Investment Allocation
Acquisitions |  | Cash | Other(2) | Land | Building | Intangible Assets(3) | Other(4)
303 homes - Lake Vista Apartment Homes - Loveland, CO |  | October 11, 2023 | $ | 94,500 |  | $ | 41,777 |  | $ | 52,723 |  | $ | 6,618 |  | $ | 80,737 |  | $ | 3,221 |  | $ | 3,924 |
Total Acquisitions |  |  | $ | 94,500 |  | $ | 41,777 |  | $ | 52,723 |  | $ | 6,618 |  | $ | 80,737 |  | $ | 3,221 |  | $ | 3,924 |
(1)Excludes $405,000 in capitalized transaction cost. (2)Assumption of seller's debt upon closing. (3)Intangible assets consist of in-place leases valued at the time of acquisition. (4)Debt premium on assumed mortgage.
Schedule of Dispositions | The dispositions for the years ended December 31, 2024 and 2023 are detailed below. Year Ended December 31, 2024
|  |  | (in thousands)
|  | Date |  | Book Value |
Dispositions |  | Disposed | Sales Price | and Sale Cost | Gain/(Loss)
Multifamily |  |  |  |  |
69 homes - Southdale Parc - Richfield, MN |  | February 29, 2024 | $ | 6,200 |  | $ | 6,497 |  | $ | (297) |
136 homes - Wingate - New Hope, MN |  | February 29, 2024 | 12,800 |  | 13,080 |  | (280) |
Total Dispositions |  |  | $ | 19,000 |  | $ | 19,577 |  | $ | (577) |
Year Ended December 31, 2023
|  |  | (in thousands)
|  | Date |  | Book Value |
Dispositions |  | Disposed | Sales Price | and Sale Cost | Gain/(Loss)
Multifamily |  |  |  |  |
115 homes - Boulder Court - Eagan, MN |  | March 8, 2023 | $ | 14,605 |  | $ | 4,971 |  | $ | 9,634 |
498 homes - 2 Nebraska apartment communities |  | March 14, 2023 | 48,500 |  | 15,025 |  | 33,475 |
892 homes - 5 Minnesota apartment communities |  | March 15, 2023 | 74,500 |  | 55,186 |  | 19,314 |
62 homes - Portage - Minneapolis, MN |  | March 15, 2023 | 6,650 |  | 9,098 |  | (2,448) |
712 homes - 4 North Dakota apartment communities |  | September 14, 2023 | 82,500 |  | 71,235 |  | 11,265 |
Total Dispositions |  |  | $ | 226,755 |  | $ | 155,515 |  | $ | 71,240 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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