Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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, 2023


				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
Apopka, FL	1	$	54,488	$	8,009	$	58,247	$	(2,478)	$	7,306	$	56,472	$	63,778	$	(1,086)	2000	2022	5	-	30
Beaufort, SC	1	24,302		6,113		30,894		1,839		6,113		32,733		38,846		(2,547)		2001	2021	5	-	30
Birmingham, AL	1	76,024		5,875		88,029		(9,400)		5,034		79,470		84,504		(2,766)		2004 & 2017	2021	5	-	30
Brandon, FL	1	44,425		3,884		48,869		5,183		3,884		54,052		57,936		(4,631)		1974 & 1981	2021	5	-	30
Collierville, TN	1	39,568		3,113		45,616		2,201		3,113		47,817		50,930		(3,798)		2000	2021	5	-	30
Columbia, SC	1	20,039		2,420		21,363		1,610		2,420		22,973		25,393		(1,672)		1986	2021	5	-	30
Corpus Christi, TX	1	45,142		4,900		49,539		—		4,900		49,539		54,439		—		1976	2023	5	-	30
Dallas, TX	1	30,432		3,616		40,497		3,132		3,616		43,629		47,245		(3,320)		2009	2021	5	-	30
Dallas, TX	1	26,660		5,728		34,635		1,521		5,728		36,156		41,884		(2,823)		2014	2021	5	-	30
Houston, TX	1	22,872		6,406		25,211		1,318		6,406		26,529		32,935		(2,264)		1993	2021	5	-	30
Little Rock, AR	1	25,416		2,366		27,229		1,006		2,366		28,235		30,601		(2,222)		1999	2021	5	-	30
Louisville, KY	1	42,378		5,567		52,819		706		5,569		53,523		59,092		(3,899)		2017	2021	5	-	30
Memphis, TN	1	27,585		3,659		32,525		3,184		3,659		35,709		39,368		(2,187)		1968	2022	5	-	30
Montgomery, AL	1	20,921		3,367		26,967		905		3,366		27,873		31,239		(1,964)		1988 - 1994	2022	5	-	30
Oklahoma City, OK	1	37,580		4,581		40,885		(2,759)		3,951		38,756		42,707		(1,355)		1985	2022	5	-	30
Oklahoma City, OK	1	38,420		4,377		42,322		(6,042)		3,460		37,197		40,657		(1,352)		1983 - 1984	2022	5	-	30
Orlando, FL	1	38,651		9,012		36,435		1,904		8,798		38,553		47,351		(2,439)		1983	2021	5	-	30
San Antonio, TX	1	35,831		6,827		43,240		2,587		6,827		45,827		52,654		(3,345)		2014	2021	5	-	30
San Antonio, TX	1	24,066		3,116		35,223		544		3,116		35,767		38,883		(2,701)		2015	2021	5	-	30
St Petersburg, FL	1	56,289		9,823		74,801		3,942		9,823		78,743		88,566		(6,080)		2014	2021	5	-	30
Tampa, FL	1	53,332		10,152		53,668		5,330		10,152		58,998		69,150		(5,773)		1971 & 1972	2021	5	-	30


Total Multi-Family - Operating	21	$	784,421	$	112,911	$	909,014	$	16,233	$	109,607	$	928,551	$	1,038,158	$	(58,224)

Single-Family Rental - Operating
Chicago, IL	232	$	34,130	$	10,359	$	50,114	$	10,381	$	10,359	$	60,495	$	70,854	$	(3,827)	1890 - 2010	2021- 2022	7.5	-	30
Baltimore, MD	132	21,167		10,587		28,062		4,907		10,587		32,969		43,556		(1,519)		1921 - 2016	2021- 2022	7.5	-	30
Houston, TX	83	13,168		4,390		19,912		2,488		4,390		22,400		26,790		(1,165)		1953 - 2021	2021 - 2022	7.5	-	30
Atlanta, GA	33	—		847		4,092		216		847		4,308		5,155		(5)		2004 - 2019	2023	7.5		30
Pittsburgh, PA	29	3,327		1,098		4,777		1,580		1,098		6,357		7,455		(319)		1900 - 2007	2022	7.5	-	30
Tampa, FL	12	2,219		890		3,036		431		890		3,467		4,357		(160)		1951 - 2010	2022	7.5	-	30
Bedford, OH	2	176		61		263		122		61		385		446		(17)		1949 - 1979	2022	7.5	-	30
Milwaukee, WI	1	150		44		230		21		44		251		295		(11)		1970	2022	7.5	-	30
Total Single-Family Rental - Operating	524	$	74,337	$	28,276	$	110,486	$	20,146	$	28,276	$	130,632	$	158,908	$	(7,023)

Total Operating Real Estate	545	$	858,758	$	141,187	$	1,019,500	$	36,379	$	137,883	$	1,059,183	$	1,197,066	$	(65,247)

Real Estate in Disposal Group Held for Sale

Multi-Family - Disposal Group
Birmingham, AL	1	$	32,040	$	2,823	$	42,373	$	721	$	2,823	$	43,094	$	45,917	$	(1,685)	2013	2021	5	-	30
Brandon, FL	1	194,047		29,821		185,610		(19,487)		24,971		170,973		195,944		(3,956)		1990 - 2002	2022	5	-	30
Fort Myers, FL	1	39,844		7,546		34,504		5,497		7,546		40,001		47,547		(1,865)		1973& 1979	2021	5	-	30
Kissimmee, FL	1	64,900		10,586		68,003		624		10,182		69,031		79,213		(1,266)		1989	2022	5	-	30
Pensacola, FL	1	47,555		2,701		54,675		(8,462)		2,219		46,695		48,914		(929)		1999	2022	5	-	30
Total Multi-Family - Disposal Group	5	$	378,386	$	53,477	$	385,165	$	(21,107)	$	47,741	$	369,794	$	417,535	$	(9,701)

Total Real Estate	550	$	1,237,144	$	194,664	$	1,404,665	$	15,272	$	185,624	$	1,428,977	$	1,614,601	$	(74,948)

(1)The aggregate cost of consolidated real estate in the table above for U.S. federal income tax purposes was $1.6 billion as of December 31, 2023.

(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,
	2023		2022		2021
Balance at beginning of period	$	714,192	$	970,363	$	50,686
Transfers in (1)	59,198		—		—
Acquisitions	—		827,882		963,651
Improvements	31,441		49,468		9,219
Reclassification to held and used	392,235		—		—
Reclassification to held for sale or disposal group held for sale	—		(1,133,521)		(53,193)
Balance at end of period	$	1,197,066	$	714,192	$	970,363

(1)Transfers in represent transfers into operating real estate due to consolidation of a VIE (see Note 7) or from real estate owned.

2.Reconciliation of Accumulated Depreciation for Operating Real Estate


	For the Years Ended December 31,
	2023		2022		2021
Balance at beginning of period	$	(21,224)	$	(3,890)	$	(154)
Depreciation	(24,620)		(47,179)		(5,662)
Reclassification to held and used	(19,403)		—		—
Reclassification to held for sale or disposal group held for sale	—		29,845		1,926
Balance at end of period	$	(65,247)	$	(21,224)	$	(3,890)