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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2025
Accounting Policies [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | Corrected Consolidated Balance Sheet as of December 31, 2024 (in thousands)
| December 31, 2024
| Previously Reported |  | Corrections | As Corrected
Common Shares of Beneficial Interest | $ | 1,269,549 |  |  | $ | 98,088 |  | $ | 1,367,637 |
Total shareholders’ equity | 653,900 |  |  | 98,088 |  | 751,988 |
Noncontrolling interests – Operating Partnership and Series E preferred units | 227,870 |  |  | (98,088) |  | 129,782 |
Corrected Consolidated Statements of Cash Flows (in thousands)
| Three Months Ended March 31, 2025
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | Previously Reported |  | Corrections | As Corrected
Operating partnership units converted to common shares | $ | (1,002) |  |  | $ | 1,337 |  | $ | 335 |
Series E preferred units converted to common shares | (43) |  |  | 57 |  | 14 |
| Nine Months Ended September 30, 2024
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | Previously Reported |  | Corrections | As Corrected
Operating partnership units converted to common shares | $ | (2,212) |  |  | $ | 4,558 |  | $ | 2,346 |
Series E preferred units converted to common shares | (2,271) |  |  | 4,081 |  | 1,810 |
| Six Months Ended June 30, 2024
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | Previously Reported |  | Corrections | As Corrected
Operating partnership units converted to common shares | $ | (1,367) |  |  | $ | 2,901 |  | $ | 1,534 |
Series E preferred units converted to common shares | (1,220) |  |  | 2,370 |  | 1,150 |
| Year Ended December 31, 2024
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | Previously Reported |  | Corrections | As Corrected
Operating partnership units converted to common shares | $ | (2,663) |  |  | $ | 5,881 |  | $ | 3,218 |
Series E preferred units converted to common shares | (8,938) |  |  | 16,722 |  | 7,784 |
| Year Ended December 31, 2023
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | Previously Reported |  | Corrections | As Corrected
Operating partnership units converted to common shares | $ | (1,910) |  |  | $ | 7,134 |  | $ | 5,224 |
Series E preferred units converted to common shares | (1,390) |  |  | 2,947 |  | 1,557 |
Corrected Consolidated Statements of Equity (in thousands)
Years Ended | Previously Reported COMMON SHARES | Corrections | As Corrected COMMON SHARES | Previously Reported NONCONTROLLING INTERESTS | Corrections | As Corrected NONCONTROLLING INTERESTS |
Balance at December 31, 2022 | $ | 1,177,484 |  | $ | 74,658 |  | $ | 1,252,142 |  | $ | 220,759 |  | $ | (74,658) |  | $ | 146,101 |  |
Redemption of Units for common shares | (1,910) |  | 7,134 |  | 5,224 |  | 1,910 |  | (7,134) |  | (5,224) |  |
Redemption of Series E preferred units for common shares | (1,390) |  | 2,947 |  | 1,557 |  | 1,390 |  | (2,947) |  | (1,557) |  |
Equity rebalancing | — |  | (933) |  | (933) |  | — |  | 933 |  | 933 |  |
Other | (246) |  | (60) |  | (306) |  | (682) |  | 60 |  | (622) |  |
Balance at December 31, 2023 | $ | 1,165,694 |  | $ | 83,746 |  | $ | 1,249,440 |  | $ | 221,193 |  | $ | (83,746) |  | $ | 137,447 |  |
Issuance of Units | 5,296 |  | (911) |  | 4,385 |  | 8,579 |  | 911 |  | 9,490 |  |
Redemption of Units for common shares | (2,663) |  | 5,881 |  | 3,218 |  | 2,663 |  | (5,881) |  | (3,218) |  |
Redemption of Series E preferred units for common shares | (8,938) |  | 16,722 |  | 7,784 |  | 8,938 |  | (16,722) |  | (7,784) |  |
Equity rebalancing | — |  | (7,350) |  | (7,350) |  | — |  | 7,350 |  | 7,350 |  |
Balance at December 31, 2024 | $ | 1,269,549 |  | $ | 98,088 |  | $ | 1,367,637 |  | $ | 228,543 |  | $ | (98,088) |  | $ | 130,455 |  |
Three Months Ended March 31, 2025 |  |  |  |  |  |  |
Redemption of Units for common shares | (1,002) |  | 1,337 |  | 335 |  | 1,002 |  | (1,337) |  | (335) |  |
Redemption of Series E preferred units for common shares | (43) |  | 57 |  | 14 |  | 43 |  | (57) |  | (14) |  |
Equity rebalancing | — |  | (94) |  | (94) |  | — |  | 94 |  | 94 |  |
Balance at March 31, 2025 | $ | 1,268,888 |  | $ | 99,388 |  | $ | 1,368,276 |  | $ | 226,639 |  | $ | (99,388) |  | $ | 127,251 |  |
Three Months Ended | Previously Reported COMMON SHARES | Corrections | As Corrected COMMON SHARES | Previously Reported NONCONTROLLING INTERESTS | Corrections | As Corrected NONCONTROLLING INTERESTS |
Balance at December 31, 2023 | $ | 1,165,694 |  | $ | 83,746 |  | $ | 1,249,440 |  | $ | 221,193 |  | $ | (83,746) |  | $ | 137,447 |  |
Redemption of Units for common shares | (398) |  | 1,195 |  | 797 |  | 398 |  | (1,195) |  | (797) |  |
Redemption of Series E preferred units for common shares | (702) |  | 1,430 |  | 728 |  | 702 |  | (1,430) |  | (728) |  |
Equity rebalancing | — |  | (122) |  | (122) |  | — |  | 122 |  | 122 |  |
Balance at March 31, 2024 | $ | 1,160,492 |  | $ | 86,249 |  | $ | 1,246,741 |  | $ | 218,936 |  | $ | (86,249) |  | $ | 132,687 |  |
Redemption of Units for common shares | (969) |  | 1,706 |  | 737 |  | 969 |  | (1,706) |  | (737) |  |
Redemption of Series E preferred units for common shares | (518) |  | 940 |  | 422 |  | 518 |  | (940) |  | (422) |  |
Equity rebalancing | — |  | (551) |  | (551) |  | — |  | 551 |  | 551 |  |
Balance at June 30, 2024 | $ | 1,167,055 |  | $ | 88,344 |  | $ | 1,255,399 |  | $ | 217,600 |  | $ | (88,344) |  | $ | 129,256 |  |
Redemption of Units for common shares | (845) |  | 1,657 |  | 812 |  | 845 |  | (1,657) |  | (812) |  |
Redemption of Series E preferred units for common shares | (1,051) |  | 1,711 |  | 660 |  | 1,051 |  | (1,711) |  | (660) |  |
Equity rebalancing | — |  | (6,451) |  | (6,451) |  | — |  | 6,451 |  | 6,451 |  |
Balance at September 30, 2024 | $ | 1,270,752 |  | $ | 85,261 |  | $ | 1,356,013 |  | $ | 216,125 |  | $ | (85,261) |  | $ | 130,864 |  |
Six Months Ended June 30, 2024 | Previously Reported COMMON SHARES | Corrections | As Corrected COMMON SHARES | Previously Reported NONCONTROLLING INTERESTS | Corrections | As Corrected NONCONTROLLING INTERESTS |
Balance at December 31, 2023 | $ | 1,165,694 |  | $ | 83,746 |  | $ | 1,249,440 |  | $ | 221,193 |  | $ | (83,746) |  | $ | 137,447 |  |
Redemption of Units for common shares | (1,367) |  | 2,901 |  | 1,534 |  | 1,367 |  | (2,901) |  | (1,534) |  |
Redemption of Series E preferred units for common shares | (1,220) |  | 2,370 |  | 1,150 |  | 1,220 |  | (2,370) |  | (1,150) |  |
Equity rebalancing | — |  | (673) |  | (673) |  | — |  | 673 |  | 673 |  |
Balance at June 30, 2024 | $ | 1,167,055 |  | $ | 88,344 |  | $ | 1,255,399 |  | $ | 217,600 |  | $ | (88,344) |  | $ | 129,256 |  |
Nine Months Ended September 30, 2024 | Previously Reported COMMON SHARES | Corrections | As Corrected COMMON SHARES | Previously Reported NONCONTROLLING INTERESTS | Corrections | As Corrected NONCONTROLLING INTERESTS |
Balance at Balance at December 31, 2023 | $ | 1,165,694 |  | $ | 83,746 |  | $ | 1,249,440 |  | $ | 221,193 |  | $ | (83,746) |  | $ | 137,447 |  |
Redemption of Units for common shares | (2,212) |  | 4,558 |  | 2,346 |  | 2,212 |  | (4,558) |  | (2,346) |  |
Redemption of Series E preferred units for common shares | (2,271) |  | 4,081 |  | 1,810 |  | 2,271 |  | (4,081) |  | (1,810) |  |
Equity rebalancing | — |  | (7,124) |  | (7,124) |  | — |  | 7,124 |  | 7,124 |  |
Balance at Balance at September 30, 2024 | $ | 1,270,752 |  | $ | 85,261 |  | $ | 1,356,013 |  | $ | 216,125 |  | $ | (85,261) |  | $ | 130,864 |  |
Schedule of Accounting Standards Update and Change in Accounting Principle | The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”).
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses; ASU 2025-01, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date | This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. In 2025, an additional ASU was issued to provide clarification on the effective date of the original ASU. | This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. | The ASU will require additional disclosure but is not expected to have a material impact on the Company.
Schedule of Future Lease Income for Operating Leases | The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of June 30, 2025, was as follows:
|  | (in thousands)
2025 (remainder) |  | $ | 1,546 |
2026 |  | 3,088 |
2027 |  | 2,828 |
2028 |  | 2,476 |
2029 |  | 2,167 |
Thereafter |  | 8,481 |
Total scheduled lease income - operating leases |  | $ | 20,586 |
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenue streams for the three and six months ended June 30, 2025 and 2024:
|  |  | (in thousands)
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Revenue Stream | Applicable Standard |  | 2025 | 2024 |  | 2025 | 2024
Fixed lease income - operating leases | Leases |  | $ | 63,104 |  | $ | 60,394 |  |  | $ | 125,301 |  | $ | 120,428 |
Variable lease income - operating leases | Leases |  | 4,232 |  | 3,558 |  |  | 8,063 |  | 6,845 |
Other property revenue | Revenue from contracts with customers |  | 1,213 |  | 1,091 |  |  | 2,278 |  | 2,276 |
Total revenue |  |  | $ | 68,549 |  | $ | 65,043 |  |  | $ | 135,642 |  | $ | 129,549 |
Schedule of Assets and Liabilities Held for Sale | The table below presents the major components of assets and liabilities for apartment communities held for sale as of June 30, 2025:
| (in thousands)
| June 30, 2025
Total real estate investments | $ | 137,366 |
Assets held for sale, net | $ | 137,366 |
Accounts payable and accrued expenses | $ | 1,029 |
Liabilities held for sale, net | $ | 1,029 |

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