XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.25.3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
--- | ---
Sep. 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 |
| Three Months Ended March 31, 2024
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | Previously Reported |  | Corrections | As Corrected
Operating partnership units converted to common shares | $ | (398) |  |  | $ | 1,195 |  | $ | 797 |
Series E preferred units converted to common shares | (702) |  |  | 1,430 |  | 728 |
| 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 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 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 September 30, 2025, was as follows:
|  | (in thousands)
2025 (remainder) |  | $ | 776 |
2026 |  | 3,143 |
2027 |  | 2,905 |
2028 |  | 2,573 |
2029 |  | 2,282 |
Thereafter |  | 9,072 |
Total scheduled lease income - operating leases |  | $ | 20,751 |
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenue streams for the three and nine months ended September 30, 2025 and 2024:
|  |  | (in thousands)
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Revenue Stream | Applicable Standard |  | 2025 | 2024 |  | 2025 | 2024
Fixed lease income - operating leases | Leases |  | $ | 65,984 |  | $ | 60,637 |  |  | $ | 191,286 |  | $ | 181,066 |
Variable lease income - operating leases | Leases |  | 4,040 |  | 3,172 |  |  | 12,102 |  | 10,017 |
Other property revenue | Revenue from contracts with customers |  | 1,375 |  | 1,216 |  |  | 3,653 |  | 3,491 |
Total revenue |  |  | $ | 71,399 |  | $ | 65,025 |  |  | $ | 207,041 |  | $ | 194,574 |
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 September 30, 2025:
| (in thousands)
| September 30, 2025
Total real estate investments | $ | 86,302 |
Assets held for sale, net | $ | 86,302 |
Accounts payable and accrued expenses | $ | 420 |
Liabilities held for sale, net | $ | 420 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 + Details
Name: | us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 105 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 9 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479343/105-10-65-9 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 60 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482989/270-10-45-12 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482989/270-10-45-13 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration