Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

(Dollar amounts in thousands)

December 31, 2022


				Initial Cost to Company						Gross Amount at Close of Period (1)
Market	Number of Properties	Encumbrances		Land		Buildings and Improvements		Total Adjustment to Basis (2)		Land		Buildings and Improvements		Total		Accumulated Depreciation		Date of Construction	Date Acquired	Depreciable Period (Years)
Operating Real Estate

Multi-Family - Operating
Beaufort, SC	1	$	24,327	$	6,113	$	30,894	$	954	$	6,113	$	31,848	$	37,961	$	(1,228)	2001	2021	5	-	30
Dallas, TX	1	30,587		3,616		40,497		779		3,616		41,276		44,892		(1,622)		2009	2021	5	-	30
Dallas, TX	1	27,234		5,728		34,635		750		5,728		35,385		41,113		(1,392)		2014	2021	5	-	30
San Antonio, TX	1	35,803		6,827		43,240		1,424		6,827		44,664		51,491		(1,633)		2014	2021	5	-	30
San Antonio, TX	1	24,046		3,116		35,223		301		3,116		35,524		38,640		(1,335)		2015	2021	5	-	30
Collierville, TN	1	39,510		3,113		45,616		1,215		3,113		46,831		49,944		(1,858)		2000	2021	5	-	30
Little Rock, AR	1	25,371		2,366		27,229		431		2,366		27,660		30,026		(1,097)		1999	2021	5	-	30
Columbia, SC	1	17,216		2,420		21,363		742		2,420		22,105		24,525		(811)		1986	2021	5	-	30
St. Petersburg, FL	1	56,253		9,823		74,801		1,000		9,823		75,801		85,624		(2,991)		2014	2021	5	-	30
Louisville, KY	1	43,155		5,567		52,819		303		5,567		53,122		58,689		(1,936)		2017	2021	5	-	30
Houston, TX	1	22,854		6,406		25,211		714		6,406		25,925		32,331		(1,117)		1993	2021	5	-	30
Montgomery, AL	1	20,898		3,367		26,967		211		3,367		27,178		30,545		(819)		1988 - 1994	2022	5	-	30
Memphis, TN	1	27,453		3,659		32,525		475		3,659		33,000		36,659		(863)		1968	2022	5	-	30
Total Multi-Family - Operating	13	$	394,707	$	62,121	$	491,020	$	9,299	$	62,121	$	500,319	$	562,440	$	(18,702)

Single-Family Rental - Operating
Chicago, IL	232	$	—	$	10,359	$	50,114	$	9,371	$	10,359	$	59,485	$	69,844	$	(1,660)	1890 - 2010	2021- 2022	7.5	-	30
Baltimore, MD	132	—		10,587		28,062		4,378		10,587		32,440		43,027		(362)		1921 - 2016	2021- 2022	7.5	-	30
Houston, TX	83	—		4,390		19,912		2,266		4,390		22,178		26,568		(371)		1953 - 2021	2021 - 2022	7.5	-	30
Pittsburgh, PA	29	—		1,098		4,777		1,401		1,098		6,178		7,276		(84)		1900 - 2007	2022	7.5	-	30
Tampa, FL	12	—		890		3,036		390		890		3,426		4,316		(39)		1951 - 2010	2022	7.5	-	30


Bedford, OH	2	—		61		263		103		61		366		427		(3)		1949 - 1979	2022	7.5	-	30
Milwaukee, WI	1	—		44		230		20		44		250		294		(3)		1970	2022	7.5	-	30
Total Single-Family Rental - Operating	491	$	—	$	27,429	$	106,394	$	17,929	$	27,429	$	124,323	$	151,752	$	(2,522)

Total Operating Real Estate	504	$	394,707	$	89,550	$	597,414	$	27,228	$	89,550	$	624,642	$	714,192	$	(21,224)

Real Estate in Disposal Group Held for Sale

Multi-Family - Disposal Group
Fort Myers, FL	1	$	37,882	$	7,546	$	34,504	$	4,467	$	7,546	$	38,971	$	46,517	$	(1,865)	1973 & 1979	2021	5	-	30
Fort Worth, TX	1	23,176		3,202		23,614		2,289		3,202		25,903		29,105		(1,162)		1985	2021	5	-	30
Tampa, FL	1	52,164		10,152		53,668		3,359		10,152		57,027		67,179		(2,633)		1971& 1972	2021	5	-	30
Birmingham, AL	1	32,040		2,823		42,373		438		2,823		42,811		45,634		(1,685)		2013	2021	5	-	30
Pearland, TX	1	6,082		—		8,351		447		—		8,798		8,798		(326)		2008	2021	5	-	30
Pearland, TX	1	21,375		2,744		27,590		703		2,744		28,293		31,037		(1,123)		2011	2021	5	-	30
Orlando, FL	1	37,722		9,012		36,435		1,876		9,012		38,311		47,323		(1,273)		1983	2021	5	-	30
Birmingham, AL	1	73,547		5,875		88,029		(1,092)		5,719		87,093		92,812		(2,766)		2004 & 2017	2021	5	-	30
Brandon, FL	1	42,109		3,884		48,869		2,763		3,884		51,632		55,516		(1,578)		1974& 1981	2021	5	-	30
Plano, TX	1	55,646		11,229		60,404		2,278		11,229		62,682		73,911		(1,707)		1992	2022	5	-	30
Plano, TX	1	65,399		12,543		70,444		2,476		12,543		72,920		85,463		(1,981)		1994	2022	5	-	30
Oklahoma City, OK	1	37,351		4,377		42,322		2,839		4,377		45,161		49,538		(1,352)		1983 - 1984	2022	5	-	30
Oklahoma City, OK	1	36,593		4,581		40,885		2,628		4,581		43,513		48,094		(1,355)		1985	2022	5	-	30
Brandon, FL	1	184,944		29,821		185,610		6,780		29,821		192,390		222,211		(3,956)		1990 - 2002	2022	5	-	30
Apopka, FL	1	51,611		8,009		58,247		889		8,009		59,136		67,145		(1,086)		2000	2022	5	-	30
Kissimmee, FL	1	61,560		10,586		68,003		988		10,586		68,991		79,577		(1,266)		1989	2022	5	-	30
Pensacola, FL	1	46,211		2,701		54,675		749		2,701		55,424		58,125		(929)		1999	2022	5	-	30
Total Multi-Family - Disposal Group	17	$	865,412	$	129,085	$	944,023	$	34,877	$	128,929	$	979,056	$	1,107,985	$	(28,043)

Total Real Estate	521	$	1,260,119	$	218,635	$	1,541,437	$	62,105	$	218,479	$	1,603,698	$	1,822,177	$	(49,267)

(1)The aggregate cost of consolidated real estate in the table above for federal income tax purposes was $1.8 billion as of December 31, 2022.

(2)Consists of costs capitalized subsequent to acquisition and impairment charges.

Notes to Schedule III (Dollar amounts in thousands)

1.Reconciliation of Operating Real Estate


	For the Years Ended December 31,
	2022		2021		2020
Balance at beginning of period	$	970,363	$	50,686	$	—
Acquisitions	827,882		963,651		50,480
Improvements	49,468		9,219		206

Reclassification to held for sale or disposal group held for sale	(1,133,521)		(53,193)		—
Balance at end of period	$	714,192	$	970,363	$	50,686

2.Reconciliation of Accumulated Depreciation for Operating Real Estate


	For the Years Ended December 31,
	2022		2021		2020
Balance at beginning of period	$	(3,890)	$	(154)	$	—
Depreciation	(47,179)		(5,662)		(154)

Reclassification to held for sale or disposal group held for sale	29,845		1,926		—
Balance at end of period	$	(21,224)	$	(3,890)	$	(154)