| Schedule III Real Estate and Accumulated Depreciation |
Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2024 ($ in thousands)
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Initial Cost |
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Costs Capitalized
Subsequent
to Acquisition |
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Gross Amounts at which
Carried at the Close of
Period(2) |
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Description |
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Location |
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Encumbrances(1) |
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Land and
Land
Improvements |
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Building and
Building
Improvements |
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Land and
Land
Improvements |
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Building and
Building
Improvements |
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Land and
Land
Improvements |
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Building and
Building
Improvements |
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Total |
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Accumulated
Depreciation(1) |
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|
Year
Acquired |
Multifamily properties: |
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Phoenix Property |
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Mesa, AZ |
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$ |
|
43,542 |
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|
$ |
|
9,472 |
|
$ |
|
35,909 |
|
$ |
|
(2,757 |
) |
$ |
|
1,910 |
|
$ |
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6,715 |
|
$ |
|
37,819 |
|
$ |
|
44,534 |
|
$ |
|
(6,436 |
) |
|
2019 |
Florida Multifamily Portfolio |
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Various Properties (2) |
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Jacksonville, FL |
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36,455 |
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11,574 |
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37,920 |
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(2,449 |
) |
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4,678 |
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9,125 |
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42,598 |
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51,723 |
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(6,925 |
) |
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2019 |
Various Properties (2) |
|
Naples FL |
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36,112 |
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14,045 |
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37,025 |
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(2,256 |
) |
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3,166 |
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11,789 |
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40,191 |
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51,980 |
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(6,593 |
) |
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2019 |
Columbus Multifamily (2 properties) |
|
Columbus, OH |
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|
68,326 |
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|
6,093 |
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96,153 |
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|
946 |
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6,968 |
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7,039 |
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103,121 |
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110,160 |
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(12,900 |
) |
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2019 |
Cascades Apartments |
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Charlotte, NC |
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72,195 |
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12,711 |
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92,689 |
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(2,060 |
) |
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2,411 |
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10,651 |
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95,100 |
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105,751 |
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(14,279 |
) |
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2019 |
Exchange on Erwin |
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Durham, NC |
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50,542 |
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18,313 |
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54,839 |
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(541 |
) |
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275 |
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17,772 |
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55,114 |
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72,886 |
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(8,469 |
) |
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2019 |
Avida Apartments |
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Salt Lake City, UT |
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56,355 |
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8,018 |
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73,763 |
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196 |
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1,865 |
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8,214 |
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75,628 |
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83,842 |
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(11,221 |
) |
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2019 |
Kalina Way |
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Salt Lake City, UT |
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57,928 |
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7,101 |
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74,739 |
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500 |
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503 |
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7,601 |
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75,242 |
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82,843 |
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(10,895 |
) |
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2020 |
Southeast Affordable Housing Portfolio |
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Riverwalk |
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Brighton, CO |
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19,015 |
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3,280 |
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20,932 |
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332 |
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1,261 |
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3,612 |
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22,193 |
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25,805 |
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(3,723 |
) |
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2020 |
Patriots Pointe |
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Concord, NC |
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7,760 |
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1,564 |
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7,904 |
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217 |
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536 |
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1,781 |
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8,440 |
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10,221 |
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(1,632 |
) |
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2020 |
Willow Ridge |
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Greensboro, NC |
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5,200 |
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2,157 |
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4,656 |
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108 |
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466 |
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2,265 |
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5,122 |
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7,387 |
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(1,232 |
) |
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2020 |
Creekside at Bellemeade |
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High Point, NC |
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4,640 |
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2,031 |
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4,415 |
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109 |
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336 |
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2,140 |
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4,751 |
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6,891 |
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(1,535 |
) |
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2020 |
Villa Biscayne |
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Homestead, FL |
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20,339 |
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4,575 |
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23,600 |
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106 |
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549 |
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4,681 |
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24,149 |
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28,830 |
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(4,243 |
) |
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2020 |
Various Properties (3) |
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Jacksonville, FL |
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82,042 |
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24,178 |
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90,108 |
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798 |
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7,220 |
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24,976 |
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97,328 |
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122,304 |
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(17,862 |
) |
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2020 |
Oak Crest |
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Kannapolis, NC |
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9,373 |
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2,137 |
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10,411 |
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|
245 |
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|
966 |
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|
2,382 |
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11,377 |
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13,759 |
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(2,280 |
) |
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2020 |
Stone Creek |
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Morrisville, NC |
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8,364 |
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1,844 |
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7,492 |
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|
133 |
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|
836 |
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1,977 |
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8,328 |
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10,305 |
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(1,715 |
) |
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2020 |
Various Properties (3) |
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Newport News, VA |
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|
43,333 |
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11,169 |
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50,997 |
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|
429 |
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3,698 |
|
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|
11,598 |
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54,695 |
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66,293 |
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(8,996 |
) |
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2020 |
Various Properties (2) |
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Orlando, FL |
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72,451 |
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19,513 |
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75,364 |
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|
476 |
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2,101 |
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19,989 |
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77,465 |
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97,454 |
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(13,655 |
) |
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2020 |
Overlook at Simms Creek |
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Raleigh, NC |
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25,691 |
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7,189 |
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23,030 |
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|
160 |
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1,315 |
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7,349 |
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24,345 |
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31,694 |
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(4,924 |
) |
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2020 |
Various Properties (2) |
|
Sanford, FL |
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|
65,853 |
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14,916 |
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75,253 |
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|
362 |
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2,520 |
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15,278 |
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77,773 |
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93,051 |
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(13,123 |
) |
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2020 |
Ponce Harbor |
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St. Augustine, FL |
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15,601 |
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3,294 |
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18,870 |
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|
144 |
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|
613 |
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3,438 |
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19,483 |
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22,921 |
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(3,587 |
) |
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2020 |
Las Villas de Kino |
|
Tucson, AZ |
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|
26,255 |
|
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|
9,513 |
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|
24,278 |
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|
971 |
|
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|
2,793 |
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|
10,484 |
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27,071 |
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37,555 |
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(5,273 |
) |
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2020 |
Lexington Club |
|
Vero Beach, FL |
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|
14,738 |
|
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|
2,972 |
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19,583 |
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|
147 |
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|
957 |
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|
3,119 |
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20,540 |
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23,659 |
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(3,781 |
) |
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2020 |
Parkside Royal Poinciana |
|
West Palm Beach, FL |
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|
10,045 |
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4,624 |
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8,889 |
|
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|
339 |
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|
1,803 |
|
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|
4,963 |
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|
10,692 |
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|
15,655 |
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(2,238 |
) |
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2020 |
Mid-Atlantic Affordable Housing Portfolio |
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Various Properties (2) |
|
Chesapeake, VA |
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|
26,880 |
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|
6,467 |
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28,766 |
|
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|
212 |
|
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|
1,219 |
|
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|
6,679 |
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|
29,985 |
|
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|
36,664 |
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(4,477 |
) |
|
2020 |
Columbia Hills |
|
Columbia, TN |
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|
|
9,740 |
|
|
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|
2,871 |
|
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|
9,816 |
|
|
|
200 |
|
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|
920 |
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|
3,071 |
|
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|
10,736 |
|
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|
13,807 |
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|
(1,998 |
) |
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2020 |
Foxridge |
|
Durham, NC |
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|
|
10,333 |
|
|
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|
2,524 |
|
|
|
10,986 |
|
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|
129 |
|
|
|
679 |
|
|
|
2,653 |
|
|
|
11,665 |
|
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|
14,318 |
|
|
|
(1,948 |
) |
|
2020 |
Crestview |
|
Fredericksburg, VA |
|
|
|
26,720 |
|
|
|
|
4,358 |
|
|
|
30,470 |
|
|
|
101 |
|
|
|
850 |
|
|
|
4,459 |
|
|
|
31,320 |
|
|
|
35,779 |
|
|
|
(4,649 |
) |
|
2020 |
Bridgeport |
|
Hampton, VA |
|
|
|
17,130 |
|
|
|
|
4,285 |
|
|
|
18,075 |
|
|
|
118 |
|
|
|
826 |
|
|
|
4,403 |
|
|
|
18,901 |
|
|
|
23,304 |
|
|
|
(2,831 |
) |
|
2020 |
Various Properties (2) |
|
Harrisonburg, VA |
|
|
|
11,760 |
|
|
|
|
4,022 |
|
|
|
11,222 |
|
|
|
131 |
|
|
|
569 |
|
|
|
4,153 |
|
|
|
11,791 |
|
|
|
15,944 |
|
|
|
(2,318 |
) |
|
2020 |
Cascade Village |
|
Holland, MI |
|
|
|
13,680 |
|
|
|
|
3,389 |
|
|
|
14,530 |
|
|
|
585 |
|
|
|
1,053 |
|
|
|
3,974 |
|
|
|
15,583 |
|
|
|
19,557 |
|
|
|
(2,610 |
) |
|
2020 |
Parkview |
|
Huntersville, NC |
|
|
|
11,191 |
|
|
|
|
1,876 |
|
|
|
12,739 |
|
|
|
45 |
|
|
|
192 |
|
|
|
1,921 |
|
|
|
12,931 |
|
|
|
14,852 |
|
|
|
(1,955 |
) |
|
2020 |
Various Properties (4) |
|
Manassas, VA |
|
|
|
70,695 |
|
|
|
|
10,637 |
|
|
|
81,855 |
|
|
|
419 |
|
|
|
1,328 |
|
|
|
11,056 |
|
|
|
83,183 |
|
|
|
94,239 |
|
|
|
(12,031 |
) |
|
2020 |
Autumn Ridge |
|
Memphis, TN |
|
|
|
7,547 |
|
|
|
|
2,591 |
|
|
|
7,180 |
|
|
|
149 |
|
|
|
470 |
|
|
|
2,740 |
|
|
|
7,650 |
|
|
|
10,390 |
|
|
|
(1,338 |
) |
|
2020 |
Genito Glen |
|
Midlothian, VA |
|
|
|
10,960 |
|
|
|
|
2,703 |
|
|
|
11,559 |
|
|
|
96 |
|
|
|
374 |
|
|
|
2,799 |
|
|
|
11,933 |
|
|
|
14,732 |
|
|
|
(1,989 |
) |
|
2020 |
Kings Ridge |
|
Newport News, VA |
|
|
|
15,572 |
|
|
|
|
4,729 |
|
|
|
15,539 |
|
|
|
352 |
|
|
|
1,047 |
|
|
|
5,081 |
|
|
|
16,586 |
|
|
|
21,667 |
|
|
|
(2,877 |
) |
|
2020 |
River Birch |
|
Raleigh, NC |
|
|
|
19,411 |
|
|
|
|
4,168 |
|
|
|
21,150 |
|
|
|
147 |
|
|
|
905 |
|
|
|
4,315 |
|
|
|
22,055 |
|
|
|
26,370 |
|
|
|
(3,155 |
) |
|
2020 |
Falcon Pointe |
|
Rosenberg, TX |
|
|
|
9,440 |
|
|
|
|
1,876 |
|
|
|
10,461 |
|
|
|
120 |
|
|
|
461 |
|
|
|
1,996 |
|
|
|
10,922 |
|
|
|
12,918 |
|
|
|
(1,967 |
) |
|
2020 |
Sterling Crest |
|
Saginaw, MI |
|
|
|
8,800 |
|
|
|
|
4,176 |
|
|
|
7,229 |
|
|
|
386 |
|
|
|
862 |
|
|
|
4,562 |
|
|
|
8,091 |
|
|
|
12,653 |
|
|
|
(1,699 |
) |
|
2020 |
Las Villas de Leon |
|
San Antonio, TX |
|
|
|
7,560 |
|
|
|
|
2,347 |
|
|
|
7,458 |
|
|
|
324 |
|
|
|
990 |
|
|
|
2,671 |
|
|
|
8,448 |
|
|
|
11,119 |
|
|
|
(1,597 |
) |
|
2020 |
Stonegate |
|
Stafford, VA |
|
|
|
28,880 |
|
|
|
|
3,963 |
|
|
|
33,721 |
|
|
|
92 |
|
|
|
584 |
|
|
|
4,055 |
|
|
|
34,305 |
|
|
|
38,360 |
|
|
|
(4,727 |
) |
|
2020 |
River Park Place |
|
Vero Beach, FL |
|
|
|
8,538 |
|
|
|
|
2,661 |
|
|
|
8,425 |
|
|
|
161 |
|
|
|
553 |
|
|
|
2,822 |
|
|
|
8,978 |
|
|
|
11,800 |
|
|
|
(1,613 |
) |
|
2020 |
Ocean Gate |
|
Virginia Beach, VA |
|
|
|
20,080 |
|
|
|
|
4,347 |
|
|
|
21,957 |
|
|
|
169 |
|
|
|
645 |
|
|
|
4,516 |
|
|
|
22,602 |
|
|
|
27,118 |
|
|
|
(3,438 |
) |
|
2020 |
Autumn Wind |
|
Winchester, VA |
|
|
|
9,840 |
|
|
|
|
2,724 |
|
|
|
10,005 |
|
|
|
161 |
|
|
|
351 |
|
|
|
2,885 |
|
|
|
10,356 |
|
|
|
13,241 |
|
|
|
(1,975 |
) |
|
2020 |
Various Properties (3) |
|
Woodbridge, VA |
|
|
|
55,243 |
|
|
|
|
8,617 |
|
|
|
63,627 |
|
|
|
349 |
|
|
|
1,710 |
|
|
|
8,966 |
|
|
|
65,337 |
|
|
|
74,303 |
|
|
|
(9,506 |
) |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Costs Capitalized
Subsequent
to Acquisition |
|
|
Gross Amounts at which
Carried at the Close of
Period(2) |
|
|
|
|
|
|
|
|
|
Description |
|
Location |
|
Encumbrances |
|
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Total |
|
Accumulated
Depreciation(1) |
|
|
Year
Acquired |
Florida Affordable Housing Portfolio II (4 properties) |
|
Jacksonville, FL |
|
$ |
|
85,840 |
|
|
$ |
|
16,599 |
|
$ |
|
95,453 |
|
$ |
|
459 |
|
$ |
|
12,442 |
|
$ |
|
17,058 |
|
$ |
|
107,895 |
|
$ |
|
124,953 |
|
$ |
|
(16,011 |
) |
|
2021 |
Southeast Affordable Housing Portfolio II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Culpeper Commons |
|
Culpeper, VA |
|
|
|
12,483 |
|
|
|
|
4,058 |
|
|
|
13,749 |
|
|
|
123 |
|
|
|
848 |
|
|
|
4,181 |
|
|
|
14,597 |
|
|
|
18,778 |
|
|
|
(2,673 |
) |
|
2021 |
Magnolia Creste |
|
Dallas, GA |
|
|
|
16,438 |
|
|
|
|
2,650 |
|
|
|
21,475 |
|
|
|
239 |
|
|
|
503 |
|
|
|
2,889 |
|
|
|
21,978 |
|
|
|
24,867 |
|
|
|
(3,248 |
) |
|
2021 |
Glen Creek |
|
Elkton, MD |
|
|
|
15,263 |
|
|
|
|
5,985 |
|
|
|
16,353 |
|
|
|
218 |
|
|
|
875 |
|
|
|
6,203 |
|
|
|
17,228 |
|
|
|
23,431 |
|
|
|
(3,412 |
) |
|
2021 |
England Run |
|
Fredericksburg, VA |
|
|
|
18,812 |
|
|
|
|
3,857 |
|
|
|
23,614 |
|
|
|
188 |
|
|
|
694 |
|
|
|
4,045 |
|
|
|
24,308 |
|
|
|
28,353 |
|
|
|
(3,491 |
) |
|
2021 |
Rocky Creek |
|
Greenville, SC |
|
|
|
14,395 |
|
|
|
|
3,030 |
|
|
|
17,079 |
|
|
|
198 |
|
|
|
868 |
|
|
|
3,228 |
|
|
|
17,947 |
|
|
|
21,175 |
|
|
|
(2,735 |
) |
|
2021 |
Grande Court Boggy |
|
Kissimmee, FL |
|
|
|
34,904 |
|
|
|
|
9,361 |
|
|
|
41,265 |
|
|
|
200 |
|
|
|
744 |
|
|
|
9,561 |
|
|
|
42,009 |
|
|
|
51,570 |
|
|
|
(6,723 |
) |
|
2021 |
Magnolia Village |
|
Lawrenceville, GA |
|
|
|
15,783 |
|
|
|
|
5,107 |
|
|
|
16,645 |
|
|
|
215 |
|
|
|
657 |
|
|
|
5,322 |
|
|
|
17,302 |
|
|
|
22,624 |
|
|
|
(3,244 |
) |
|
2021 |
Park Ridge |
|
Stafford, VA |
|
|
|
20,255 |
|
|
|
|
3,778 |
|
|
|
25,689 |
|
|
|
101 |
|
|
|
449 |
|
|
|
3,879 |
|
|
|
26,138 |
|
|
|
30,017 |
|
|
|
(3,480 |
) |
|
2021 |
Glen Ridge |
|
Woodbridge, VA |
|
|
|
21,667 |
|
|
|
|
4,159 |
|
|
|
27,218 |
|
|
|
200 |
|
|
|
725 |
|
|
|
4,359 |
|
|
|
27,943 |
|
|
|
32,302 |
|
|
|
(3,595 |
) |
|
2021 |
Azalea Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxe |
|
Aubrey, TX |
|
|
|
52,290 |
|
|
|
|
10,084 |
|
|
|
78,835 |
|
|
|
(1,428 |
) |
|
|
(12,665 |
) |
|
|
8,656 |
|
|
|
66,170 |
|
|
|
74,826 |
|
|
|
(8,048 |
) |
|
2021 |
Travesia |
|
Austin, TX |
|
|
|
75,460 |
|
|
|
|
13,787 |
|
|
|
79,703 |
|
|
|
293 |
|
|
|
1,087 |
|
|
|
14,080 |
|
|
|
80,790 |
|
|
|
94,870 |
|
|
|
(8,084 |
) |
|
2021 |
Afton Ridge |
|
Concord, NC |
|
|
|
54,062 |
|
|
|
|
9,516 |
|
|
|
62,919 |
|
|
|
104 |
|
|
|
125 |
|
|
|
9,620 |
|
|
|
63,044 |
|
|
|
72,664 |
|
|
|
(6,524 |
) |
|
2021 |
Various Properties (2) |
|
Dallas, TX |
|
|
|
84,140 |
|
|
|
|
13,031 |
|
|
|
125,670 |
|
|
|
375 |
|
|
|
2,184 |
|
|
|
13,406 |
|
|
|
127,854 |
|
|
|
141,260 |
|
|
|
(12,620 |
) |
|
2021 |
Clearbrook |
|
Frederick, MD |
|
|
|
62,090 |
|
|
|
|
12,564 |
|
|
|
51,451 |
|
|
|
63 |
|
|
|
246 |
|
|
|
12,627 |
|
|
|
51,697 |
|
|
|
64,324 |
|
|
|
(5,171 |
) |
|
2021 |
Thornton Park |
|
Jacksonville, FL |
|
|
|
66,616 |
|
|
|
|
9,950 |
|
|
|
91,924 |
|
|
|
369 |
|
|
|
324 |
|
|
|
10,319 |
|
|
|
92,248 |
|
|
|
102,567 |
|
|
|
(9,043 |
) |
|
2021 |
Gwinnett Stadium |
|
Lawrenceville, GA |
|
|
|
41,090 |
|
|
|
|
5,199 |
|
|
|
48,131 |
|
|
|
170 |
|
|
|
221 |
|
|
|
5,369 |
|
|
|
48,352 |
|
|
|
53,721 |
|
|
|
(4,538 |
) |
|
2021 |
Park Place |
|
Morrisville, NC |
|
|
|
52,920 |
|
|
|
|
9,295 |
|
|
|
57,281 |
|
|
|
107 |
|
|
|
541 |
|
|
|
9,402 |
|
|
|
57,822 |
|
|
|
67,224 |
|
|
|
(6,188 |
) |
|
2021 |
Autumn Wood |
|
Murfreesboro, TN |
|
|
|
42,490 |
|
|
|
|
6,114 |
|
|
|
54,974 |
|
|
|
185 |
|
|
|
(44 |
) |
|
|
6,299 |
|
|
|
54,930 |
|
|
|
61,229 |
|
|
|
(5,862 |
) |
|
2021 |
Millenia |
|
Orlando, FL |
|
|
|
36,890 |
|
|
|
|
6,305 |
|
|
|
47,647 |
|
|
|
98 |
|
|
|
1,101 |
|
|
|
6,403 |
|
|
|
48,748 |
|
|
|
55,151 |
|
|
|
(4,858 |
) |
|
2021 |
Various Properties (2) |
|
Pflugerville, TX |
|
|
|
107,590 |
|
|
|
|
24,606 |
|
|
|
142,875 |
|
|
|
580 |
|
|
|
2,586 |
|
|
|
25,186 |
|
|
|
145,461 |
|
|
|
170,647 |
|
|
|
(14,461 |
) |
|
2021 |
Lakehouse |
|
Plant City, FL |
|
|
|
16,940 |
|
|
|
|
3,334 |
|
|
|
23,339 |
|
|
|
37 |
|
|
|
195 |
|
|
|
3,371 |
|
|
|
23,534 |
|
|
|
26,905 |
|
|
|
(2,544 |
) |
|
2021 |
Victoria Grand |
|
Tallahassee, FL |
|
|
|
47,390 |
|
|
|
|
7,002 |
|
|
|
61,768 |
|
|
|
120 |
|
|
|
580 |
|
|
|
7,122 |
|
|
|
62,348 |
|
|
|
69,470 |
|
|
|
(6,338 |
) |
|
2021 |
Keystone Castle Hills |
|
Dallas, TX |
|
|
|
89,922 |
|
|
|
|
23,122 |
|
|
|
99,118 |
|
|
|
990 |
|
|
|
2,033 |
|
|
|
24,112 |
|
|
|
101,151 |
|
|
|
125,263 |
|
|
|
(16,660 |
) |
|
2021 |
Greater Boston Affordable Portfolio (5 properties) |
|
Boston, MA |
|
|
|
142,059 |
|
|
|
|
60,313 |
|
|
|
176,849 |
|
|
|
449 |
|
|
|
(85 |
) |
|
|
60,762 |
|
|
|
176,764 |
|
|
|
237,526 |
|
|
|
(16,946 |
) |
|
2021 |
Columbus Preferred Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5188 Baxter Park |
|
Westerville, OH |
|
|
|
21,700 |
|
|
|
|
6,795 |
|
|
|
23,058 |
|
|
|
(1,253 |
) |
|
|
1,234 |
|
|
|
5,542 |
|
|
|
24,292 |
|
|
|
29,834 |
|
|
|
(2,225 |
) |
|
2021 |
1025 Luxe Avenue |
|
Columbus, OH |
|
|
|
45,500 |
|
|
|
|
7,955 |
|
|
|
43,178 |
|
|
|
(27 |
) |
|
|
176 |
|
|
|
7,928 |
|
|
|
43,354 |
|
|
|
51,282 |
|
|
|
(3,902 |
) |
|
2021 |
The Palmer Dadeland |
|
Miami, FL |
|
|
|
259,800 |
|
|
|
|
56,854 |
|
|
|
304,585 |
|
|
|
723 |
|
|
|
2,187 |
|
|
|
57,577 |
|
|
|
306,772 |
|
|
|
364,349 |
|
|
|
(30,985 |
) |
|
2021 |
Seven Springs Apartments |
|
Burlington, MA |
|
|
|
117,110 |
|
|
|
|
27,104 |
|
|
|
164,679 |
|
|
|
30 |
|
|
|
697 |
|
|
|
27,134 |
|
|
|
165,376 |
|
|
|
192,510 |
|
|
|
(16,375 |
) |
|
2021 |
Maison’s Landing |
|
Salt Lake City, UT |
|
|
|
102,120 |
|
|
|
|
14,890 |
|
|
|
152,592 |
|
|
|
343 |
|
|
|
1,736 |
|
|
|
15,233 |
|
|
|
154,328 |
|
|
|
169,561 |
|
|
|
(17,038 |
) |
|
2021 |
Sawyer Flats |
|
Gaithersburg, MD |
|
|
|
144,060 |
|
|
|
|
32,701 |
|
|
|
168,846 |
|
|
|
1,385 |
|
|
|
2,929 |
|
|
|
34,086 |
|
|
|
171,775 |
|
|
|
205,861 |
|
|
|
(18,127 |
) |
|
2021 |
Florida Affordable Housing Portfolio III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Various Properties (2) |
|
Bradenton, FL |
|
|
|
75,290 |
|
|
|
|
20,960 |
|
|
|
101,049 |
|
|
|
631 |
|
|
|
2,186 |
|
|
|
21,591 |
|
|
|
103,235 |
|
|
|
124,826 |
|
|
|
(15,593 |
) |
|
2021 |
Enclave on Woodbridge |
|
Fernandina Beach, FL |
|
|
|
25,690 |
|
|
|
|
6,407 |
|
|
|
36,228 |
|
|
|
56 |
|
|
|
783 |
|
|
|
6,463 |
|
|
|
37,011 |
|
|
|
43,474 |
|
|
|
(5,544 |
) |
|
2021 |
Charleston Place |
|
Holly Hill, FL |
|
|
|
17,520 |
|
|
|
|
5,930 |
|
|
|
21,309 |
|
|
|
91 |
|
|
|
935 |
|
|
|
6,021 |
|
|
|
22,244 |
|
|
|
28,265 |
|
|
|
(3,626 |
) |
|
2021 |
Brookwood Forest |
|
Jacksonville, FL |
|
|
|
23,560 |
|
|
|
|
4,250 |
|
|
|
35,025 |
|
|
|
223 |
|
|
|
948 |
|
|
|
4,473 |
|
|
|
35,973 |
|
|
|
40,446 |
|
|
|
(4,404 |
) |
|
2021 |
Various Properties (2) |
|
Lakeland, FL |
|
|
|
37,080 |
|
|
|
|
7,112 |
|
|
|
57,801 |
|
|
|
601 |
|
|
|
779 |
|
|
|
7,713 |
|
|
|
58,580 |
|
|
|
66,293 |
|
|
|
(7,927 |
) |
|
2021 |
Club at Sugar Mill |
|
Port Orange, FL |
|
|
|
14,260 |
|
|
|
|
4,449 |
|
|
|
15,946 |
|
|
|
114 |
|
|
|
669 |
|
|
|
4,563 |
|
|
|
16,615 |
|
|
|
21,178 |
|
|
|
(2,678 |
) |
|
2021 |
Nantucket Cove |
|
Springhill, FL |
|
|
|
15,800 |
|
|
|
|
4,592 |
|
|
|
20,167 |
|
|
|
99 |
|
|
|
425 |
|
|
|
4,691 |
|
|
|
20,592 |
|
|
|
25,283 |
|
|
|
(3,495 |
) |
|
2021 |
Various Properties (5) |
|
Tampa, FL |
|
|
|
73,610 |
|
|
|
|
26,276 |
|
|
|
96,632 |
|
|
|
621 |
|
|
|
1,211 |
|
|
|
26,897 |
|
|
|
97,843 |
|
|
|
124,740 |
|
|
|
(14,547 |
) |
|
2021 |
Savannah Bay |
|
Tarpon Springs, FL |
|
|
|
12,610 |
|
|
|
|
5,374 |
|
|
|
9,640 |
|
|
|
129 |
|
|
|
456 |
|
|
|
5,503 |
|
|
|
10,096 |
|
|
|
15,599 |
|
|
|
(2,066 |
) |
|
2021 |
Nantucket Bay |
|
Temple Terrace, FL |
|
|
|
15,150 |
|
|
|
|
6,364 |
|
|
|
18,782 |
|
|
|
147 |
|
|
|
239 |
|
|
|
6,511 |
|
|
|
19,021 |
|
|
|
25,532 |
|
|
|
(2,731 |
) |
|
2021 |
Raleigh Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2600 Harvest Creek Place |
|
Cary, NC |
|
|
|
60,900 |
|
|
|
|
16,094 |
|
|
|
77,575 |
|
|
|
(11 |
) |
|
|
1,583 |
|
|
|
16,083 |
|
|
|
79,158 |
|
|
|
95,241 |
|
|
|
(7,496 |
) |
|
2021 |
5140 Copper Ridge Drive |
|
Durham, NC |
|
|
|
41,900 |
|
|
|
|
8,733 |
|
|
|
53,561 |
|
|
|
(6 |
) |
|
|
1,484 |
|
|
|
8,727 |
|
|
|
55,045 |
|
|
|
63,772 |
|
|
|
(5,388 |
) |
|
2021 |
1000 Henrico Lane |
|
Morrisville, NC |
|
|
|
68,600 |
|
|
|
|
12,383 |
|
|
|
86,037 |
|
|
|
(9 |
) |
|
|
1,680 |
|
|
|
12,374 |
|
|
|
87,717 |
|
|
|
100,091 |
|
|
|
(8,162 |
) |
|
2021 |
Various Properties (3) |
|
Raleigh, NC |
|
|
|
196,000 |
|
|
|
|
40,491 |
|
|
|
252,991 |
|
|
|
(28 |
) |
|
|
7,052 |
|
|
|
40,463 |
|
|
|
260,043 |
|
|
|
300,506 |
|
|
|
(21,174 |
) |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Costs Capitalized
Subsequent
to Acquisition |
|
|
Gross Amounts at which
Carried at the Close of
Period(2) |
|
|
|
|
|
|
|
|
|
Description |
|
Location |
|
Encumbrances |
|
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Total |
|
Accumulated
Depreciation(1) |
|
|
Year
Acquired |
South Florida Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bella Vista |
|
Boca Raton, FL |
|
$ |
|
95,500 |
|
|
$ |
|
13,144 |
|
$ |
|
125,094 |
|
$ |
|
3,987 |
|
$ |
|
(2,954 |
) |
$ |
|
17,131 |
|
$ |
|
122,140 |
|
$ |
|
139,271 |
|
$ |
|
(11,030 |
) |
|
2021 |
Stonybrook |
|
Boynton Beach, FL |
|
|
|
67,600 |
|
|
|
|
12,346 |
|
|
|
81,036 |
|
|
|
740 |
|
|
|
1,659 |
|
|
|
13,086 |
|
|
|
82,695 |
|
|
|
95,781 |
|
|
|
(7,961 |
) |
|
2021 |
Centro Sunforest |
|
Davie, FL |
|
|
|
103,300 |
|
|
|
|
25,015 |
|
|
|
152,738 |
|
|
|
(3,584 |
) |
|
|
1,636 |
|
|
|
21,431 |
|
|
|
154,374 |
|
|
|
175,805 |
|
|
|
(14,614 |
) |
|
2021 |
SEG Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alta Mill Apartments |
|
Austell, GA |
|
|
|
62,965 |
|
|
|
|
13,213 |
|
|
|
82,343 |
|
|
|
(799 |
) |
|
|
13,236 |
|
|
|
12,414 |
|
|
|
95,579 |
|
|
|
107,993 |
|
|
|
(11,110 |
) |
|
2021 |
Estate on Quarry Lake Apartments |
|
Austin, TX |
|
|
|
45,403 |
|
|
|
|
9,565 |
|
|
|
59,725 |
|
|
|
(2,444 |
) |
|
|
12,857 |
|
|
|
7,121 |
|
|
|
72,582 |
|
|
|
79,703 |
|
|
|
(8,135 |
) |
|
2021 |
Various Properties (2) |
|
Brunswick, GA |
|
|
|
35,823 |
|
|
|
|
7,529 |
|
|
|
47,011 |
|
|
|
974 |
|
|
|
5,952 |
|
|
|
8,503 |
|
|
|
52,963 |
|
|
|
61,466 |
|
|
|
(8,105 |
) |
|
2021 |
Lodge at Mallard Creek |
|
Charlotte, NC |
|
|
|
35,524 |
|
|
|
|
7,816 |
|
|
|
48,785 |
|
|
|
(1,257 |
) |
|
|
9,644 |
|
|
|
6,559 |
|
|
|
58,429 |
|
|
|
64,988 |
|
|
|
(7,014 |
) |
|
2021 |
Brook Valley Apartments |
|
Douglasville, GA |
|
|
|
22,951 |
|
|
|
|
4,837 |
|
|
|
30,158 |
|
|
|
600 |
|
|
|
4,178 |
|
|
|
5,437 |
|
|
|
34,336 |
|
|
|
39,773 |
|
|
|
(4,509 |
) |
|
2021 |
Various Properties (4) |
|
Everett, WA |
|
|
|
137,405 |
|
|
|
|
31,576 |
|
|
|
198,984 |
|
|
|
(1,960 |
) |
|
|
28,693 |
|
|
|
29,616 |
|
|
|
227,677 |
|
|
|
257,293 |
|
|
|
(22,939 |
) |
|
2021 |
Towne Creek |
|
Gainesville, GA |
|
|
|
15,766 |
|
|
|
|
3,307 |
|
|
|
20,549 |
|
|
|
1,331 |
|
|
|
2,306 |
|
|
|
4,638 |
|
|
|
22,855 |
|
|
|
27,493 |
|
|
|
(2,973 |
) |
|
2021 |
Icon on the Greenway |
|
Gastonia, NC |
|
|
|
24,747 |
|
|
|
|
5,110 |
|
|
|
31,932 |
|
|
|
(1,696 |
) |
|
|
6,808 |
|
|
|
3,414 |
|
|
|
38,740 |
|
|
|
42,154 |
|
|
|
(4,954 |
) |
|
2021 |
Woodland Park Apartments |
|
Greensboro, NC |
|
|
|
18,173 |
|
|
|
|
3,484 |
|
|
|
27,201 |
|
|
|
1,557 |
|
|
|
(2,668 |
) |
|
|
5,041 |
|
|
|
24,533 |
|
|
|
29,574 |
|
|
|
(3,856 |
) |
|
2021 |
Estates at Bellwood Apartments |
|
Greenville, SC |
|
|
|
15,267 |
|
|
|
|
3,266 |
|
|
|
20,401 |
|
|
|
585 |
|
|
|
2,371 |
|
|
|
3,851 |
|
|
|
22,772 |
|
|
|
26,623 |
|
|
|
(3,558 |
) |
|
2021 |
Audubon Park Apartments |
|
Hanahan, SC |
|
|
|
26,144 |
|
|
|
|
5,397 |
|
|
|
33,706 |
|
|
|
(207 |
) |
|
|
5,415 |
|
|
|
5,190 |
|
|
|
39,121 |
|
|
|
44,311 |
|
|
|
(4,860 |
) |
|
2021 |
Waterford Landing Apartments |
|
Hermitage, TN |
|
|
|
25,745 |
|
|
|
|
5,616 |
|
|
|
64,899 |
|
|
|
(1,067 |
) |
|
|
(22,753 |
) |
|
|
4,549 |
|
|
|
42,146 |
|
|
|
46,695 |
|
|
|
(5,072 |
) |
|
2021 |
Various Properties (2) |
|
High Point, NC |
|
|
|
33,187 |
|
|
|
|
5,848 |
|
|
|
36,515 |
|
|
|
(517 |
) |
|
|
5,473 |
|
|
|
5,331 |
|
|
|
41,988 |
|
|
|
47,319 |
|
|
|
(5,980 |
) |
|
2021 |
Northtowne Village Apartments |
|
Hixson, TN |
|
|
|
17,463 |
|
|
|
|
3,621 |
|
|
|
41,985 |
|
|
|
(304 |
) |
|
|
(15,473 |
) |
|
|
3,317 |
|
|
|
26,512 |
|
|
|
29,829 |
|
|
|
(3,363 |
) |
|
2021 |
Revival on Main |
|
Kennesaw, GA |
|
|
|
47,897 |
|
|
|
|
9,920 |
|
|
|
61,794 |
|
|
|
(2,263 |
) |
|
|
11,819 |
|
|
|
7,657 |
|
|
|
73,613 |
|
|
|
81,270 |
|
|
|
(7,026 |
) |
|
2021 |
Various Properties (2) |
|
Knoxville, TN |
|
|
|
138,503 |
|
|
|
|
29,131 |
|
|
|
337,357 |
|
|
|
6,268 |
|
|
|
(132,374 |
) |
|
|
35,399 |
|
|
|
204,983 |
|
|
|
240,382 |
|
|
|
(31,339 |
) |
|
2021 |
Lee's Crossing |
|
La Grange, GA |
|
|
|
28,738 |
|
|
|
|
6,053 |
|
|
|
37,698 |
|
|
|
882 |
|
|
|
6,095 |
|
|
|
6,935 |
|
|
|
43,793 |
|
|
|
50,728 |
|
|
|
(6,218 |
) |
|
2021 |
Durant at Sugarloaf Apartments |
|
Lawrenceville, GA |
|
|
|
39,914 |
|
|
|
|
8,390 |
|
|
|
52,333 |
|
|
|
4,520 |
|
|
|
2,844 |
|
|
|
12,910 |
|
|
|
55,177 |
|
|
|
68,087 |
|
|
|
(7,708 |
) |
|
2021 |
Racquet Club |
|
Lexington, KY |
|
|
|
34,027 |
|
|
|
|
8,663 |
|
|
|
53,959 |
|
|
|
2,563 |
|
|
|
7,435 |
|
|
|
11,226 |
|
|
|
61,394 |
|
|
|
72,620 |
|
|
|
(8,005 |
) |
|
2021 |
Nickel Creek |
|
Lynnwood, WA |
|
|
|
33,229 |
|
|
|
|
8,062 |
|
|
|
50,855 |
|
|
|
(558 |
) |
|
|
9,433 |
|
|
|
7,504 |
|
|
|
60,288 |
|
|
|
67,792 |
|
|
|
(5,995 |
) |
|
2021 |
Northwood Apartments |
|
Macon, GA |
|
|
|
20,955 |
|
|
|
|
4,400 |
|
|
|
27,497 |
|
|
|
321 |
|
|
|
3,710 |
|
|
|
4,721 |
|
|
|
31,207 |
|
|
|
35,928 |
|
|
|
(4,587 |
) |
|
2021 |
Falls at Sope Creek |
|
Marietta, GA |
|
|
|
60,171 |
|
|
|
|
12,667 |
|
|
|
78,943 |
|
|
|
(98 |
) |
|
|
13,088 |
|
|
|
12,569 |
|
|
|
92,031 |
|
|
|
104,600 |
|
|
|
(10,049 |
) |
|
2021 |
Ashmore Bridge Estates Apartments |
|
Mauldin, SC |
|
|
|
27,341 |
|
|
|
|
5,548 |
|
|
|
42,280 |
|
|
|
679 |
|
|
|
(2,808 |
) |
|
|
6,227 |
|
|
|
39,472 |
|
|
|
45,699 |
|
|
|
(5,937 |
) |
|
2021 |
Waterstone at Murietta Apartments |
|
Murieta, CA |
|
|
|
83,122 |
|
|
|
|
18,884 |
|
|
|
117,823 |
|
|
|
(897 |
) |
|
|
18,780 |
|
|
|
17,987 |
|
|
|
136,603 |
|
|
|
154,590 |
|
|
|
(15,472 |
) |
|
2021 |
Wyndchase Bellevue Apartments |
|
Nashville, TN |
|
|
|
31,233 |
|
|
|
|
6,531 |
|
|
|
75,691 |
|
|
|
(2,562 |
) |
|
|
(25,067 |
) |
|
|
3,969 |
|
|
|
50,624 |
|
|
|
54,593 |
|
|
|
(5,498 |
) |
|
2021 |
Woodland Crossing Apartments |
|
New Bern, NC |
|
|
|
23,849 |
|
|
|
|
5,261 |
|
|
|
32,819 |
|
|
|
(1,846 |
) |
|
|
7,085 |
|
|
|
3,415 |
|
|
|
39,904 |
|
|
|
43,319 |
|
|
|
(5,198 |
) |
|
2021 |
Ranchstone |
|
Parker, CO |
|
|
|
74,540 |
|
|
|
|
17,012 |
|
|
|
126,989 |
|
|
|
(7,748 |
) |
|
|
5,133 |
|
|
|
9,264 |
|
|
|
132,122 |
|
|
|
141,386 |
|
|
|
(14,700 |
) |
|
2021 |
Gio Apartments |
|
Plano, TX |
|
|
|
86,714 |
|
|
|
|
22,546 |
|
|
|
140,590 |
|
|
|
(7,861 |
) |
|
|
(5,254 |
) |
|
|
14,685 |
|
|
|
135,336 |
|
|
|
150,021 |
|
|
|
(19,470 |
) |
|
2021 |
Grande Oaks |
|
Roswell, GA |
|
|
|
44,504 |
|
|
|
|
9,373 |
|
|
|
58,394 |
|
|
|
243 |
|
|
|
934 |
|
|
|
9,616 |
|
|
|
59,328 |
|
|
|
68,944 |
|
|
|
(7,635 |
) |
|
2021 |
Brandemere |
|
Salem, NC |
|
|
|
29,425 |
|
|
|
|
5,274 |
|
|
|
32,967 |
|
|
|
764 |
|
|
|
4,315 |
|
|
|
6,038 |
|
|
|
37,282 |
|
|
|
43,320 |
|
|
|
(5,641 |
) |
|
2021 |
Various Properties (2) |
|
Savannah, GA |
|
|
|
57,876 |
|
|
|
|
11,943 |
|
|
|
82,787 |
|
|
|
(1,529 |
) |
|
|
3,800 |
|
|
|
10,414 |
|
|
|
86,587 |
|
|
|
97,001 |
|
|
|
(11,194 |
) |
|
2021 |
Smoky Crossing Apartments |
|
Seymour, TN |
|
|
|
50,591 |
|
|
|
|
10,371 |
|
|
|
120,337 |
|
|
|
(68 |
) |
|
|
(44,553 |
) |
|
|
10,303 |
|
|
|
75,784 |
|
|
|
86,087 |
|
|
|
(10,419 |
) |
|
2021 |
Grove Veridian |
|
Spartanburg, NC |
|
|
|
12,074 |
|
|
|
|
2,555 |
|
|
|
15,966 |
|
|
|
363 |
|
|
|
1,847 |
|
|
|
2,918 |
|
|
|
17,813 |
|
|
|
20,731 |
|
|
|
(2,718 |
) |
|
2021 |
Patriot Point |
|
Spring Lake, NC |
|
|
|
18,886 |
|
|
|
|
3,238 |
|
|
|
20,253 |
|
|
|
275 |
|
|
|
2,626 |
|
|
|
3,513 |
|
|
|
22,879 |
|
|
|
26,392 |
|
|
|
(3,441 |
) |
|
2021 |
Retreat at Hidden Bay |
|
St. Marys, GA |
|
|
|
15,167 |
|
|
|
|
3,170 |
|
|
|
19,810 |
|
|
|
(295 |
) |
|
|
3,223 |
|
|
|
2,875 |
|
|
|
23,033 |
|
|
|
25,908 |
|
|
|
(3,146 |
) |
|
2021 |
Various Properties (11) |
|
Waldorf, MD |
|
|
|
259,942 |
|
|
|
|
57,581 |
|
|
|
359,089 |
|
|
|
37,208 |
|
|
|
22,343 |
|
|
|
94,789 |
|
|
|
381,432 |
|
|
|
476,221 |
|
|
|
(52,346 |
) |
|
2021 |
Various Properties (2) |
|
Warner Robins, GA |
|
|
|
38,916 |
|
|
|
|
8,171 |
|
|
|
51,003 |
|
|
|
2,705 |
|
|
|
4,828 |
|
|
|
10,876 |
|
|
|
55,831 |
|
|
|
66,707 |
|
|
|
(9,125 |
) |
|
2021 |
Various Properties (3) |
|
Wilmington, NC |
|
|
|
69,351 |
|
|
|
|
14,485 |
|
|
|
90,475 |
|
|
|
(85 |
) |
|
|
13,704 |
|
|
|
14,400 |
|
|
|
104,179 |
|
|
|
118,579 |
|
|
|
(13,044 |
) |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Costs Capitalized
Subsequent
to Acquisition |
|
|
Gross Amounts at which
Carried at the Close of
Period(2) |
|
|
|
|
|
|
|
|
|
Description |
|
Location |
|
Encumbrances |
|
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Total |
|
Accumulated
Depreciation(1) |
|
|
Year
Acquired |
National Affordable Housing Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Various Properties (3) |
|
Austin, TX |
|
$ |
|
103,128 |
|
|
$ |
|
18,627 |
|
$ |
|
135,799 |
|
$ |
|
(2,036 |
) |
$ |
|
7,001 |
|
$ |
|
16,591 |
|
$ |
|
142,800 |
|
$ |
|
159,391 |
|
$ |
|
(16,690 |
) |
|
2021 |
Centre Court |
|
Bradenton, FL |
|
|
|
20,787 |
|
|
|
|
5,335 |
|
|
|
29,299 |
|
|
|
478 |
|
|
|
867 |
|
|
|
5,813 |
|
|
|
30,166 |
|
|
|
35,979 |
|
|
|
(4,903 |
) |
|
2021 |
Forest Glen |
|
Durham, NC |
|
|
|
13,345 |
|
|
|
|
2,975 |
|
|
|
10,821 |
|
|
|
1,073 |
|
|
|
(287 |
) |
|
|
4,048 |
|
|
|
10,534 |
|
|
|
14,582 |
|
|
|
(1,571 |
) |
|
2021 |
Rose Cove SLC |
|
Farmington, UT |
|
|
|
14,420 |
|
|
|
|
4,649 |
|
|
|
16,909 |
|
|
|
985 |
|
|
|
(16 |
) |
|
|
5,634 |
|
|
|
16,893 |
|
|
|
22,527 |
|
|
|
(2,102 |
) |
|
2021 |
Venice Cove FLL |
|
Ft Lauderdale, FL |
|
|
|
18,934 |
|
|
|
|
5,878 |
|
|
|
21,379 |
|
|
|
3,148 |
|
|
|
(2,533 |
) |
|
|
9,026 |
|
|
|
18,846 |
|
|
|
27,872 |
|
|
|
(2,484 |
) |
|
2021 |
Chelsea Commons |
|
Greenacres, FL |
|
|
|
30,349 |
|
|
|
|
12,348 |
|
|
|
44,910 |
|
|
|
(499 |
) |
|
|
1,823 |
|
|
|
11,849 |
|
|
|
46,733 |
|
|
|
58,582 |
|
|
|
(6,842 |
) |
|
2021 |
Hampton Ridge Jax |
|
Jacksonville, FL |
|
|
|
11,104 |
|
|
|
|
2,476 |
|
|
|
9,005 |
|
|
|
90 |
|
|
|
2,904 |
|
|
|
2,566 |
|
|
|
11,909 |
|
|
|
14,475 |
|
|
|
(1,708 |
) |
|
2021 |
San Marcos Villas |
|
Lake Park, FL |
|
|
|
50,042 |
|
|
|
|
18,054 |
|
|
|
65,663 |
|
|
|
(4,002 |
) |
|
|
6,220 |
|
|
|
14,052 |
|
|
|
71,883 |
|
|
|
85,935 |
|
|
|
(9,296 |
) |
|
2021 |
Mayflower Harbor |
|
Lehi, UT |
|
|
|
30,820 |
|
|
|
|
9,050 |
|
|
|
32,915 |
|
|
|
(526 |
) |
|
|
2,012 |
|
|
|
8,524 |
|
|
|
34,927 |
|
|
|
43,451 |
|
|
|
(4,359 |
) |
|
2021 |
Grande Court Sarasota |
|
North Port, FL |
|
|
|
16,087 |
|
|
|
|
5,010 |
|
|
|
18,221 |
|
|
|
991 |
|
|
|
(247 |
) |
|
|
6,001 |
|
|
|
17,974 |
|
|
|
23,975 |
|
|
|
(3,275 |
) |
|
2021 |
Commander Place |
|
Orlando, FL |
|
|
|
28,586 |
|
|
|
|
5,713 |
|
|
|
31,374 |
|
|
|
(1,072 |
) |
|
|
2,578 |
|
|
|
4,641 |
|
|
|
33,952 |
|
|
|
38,593 |
|
|
|
(4,018 |
) |
|
2021 |
Villas Shaver |
|
Pasadena, TX |
|
|
|
25,594 |
|
|
|
|
3,182 |
|
|
|
23,197 |
|
|
|
3,292 |
|
|
|
(2,742 |
) |
|
|
6,474 |
|
|
|
20,455 |
|
|
|
26,929 |
|
|
|
(3,611 |
) |
|
2021 |
Pemberly Palms |
|
Vero Beach, FL |
|
|
|
21,563 |
|
|
|
|
4,645 |
|
|
|
25,507 |
|
|
|
1,142 |
|
|
|
248 |
|
|
|
5,787 |
|
|
|
25,755 |
|
|
|
31,542 |
|
|
|
(3,888 |
) |
|
2021 |
Pasco Woods |
|
Wesley Chapel, FL |
|
|
|
21,146 |
|
|
|
|
4,511 |
|
|
|
24,772 |
|
|
|
53 |
|
|
|
728 |
|
|
|
4,564 |
|
|
|
25,500 |
|
|
|
30,064 |
|
|
|
(3,734 |
) |
|
2021 |
Colony Park |
|
West Palm Beach, FL |
|
|
|
21,214 |
|
|
|
|
6,626 |
|
|
|
24,101 |
|
|
|
862 |
|
|
|
216 |
|
|
|
7,488 |
|
|
|
24,317 |
|
|
|
31,805 |
|
|
|
(3,830 |
) |
|
2021 |
Central Park Portfolio (9 properties) |
|
Denver, CO |
|
|
|
329,898 |
|
|
|
|
74,722 |
|
|
|
532,982 |
|
|
|
1,466 |
|
|
|
7,588 |
|
|
|
76,188 |
|
|
|
540,570 |
|
|
|
616,758 |
|
|
|
(52,562 |
) |
|
2021 |
Mid-Atlantic Affordable Housing Portfolio II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lakewood Villas ATL |
|
Atlanta, GA |
|
|
|
19,937 |
|
|
|
|
5,659 |
|
|
|
19,470 |
|
|
|
227 |
|
|
|
647 |
|
|
|
5,886 |
|
|
|
20,117 |
|
|
|
26,003 |
|
|
|
(3,014 |
) |
|
2022 |
Ivy Creek Buford |
|
Buford, GS |
|
|
|
30,731 |
|
|
|
|
6,784 |
|
|
|
36,309 |
|
|
|
524 |
|
|
|
647 |
|
|
|
7,308 |
|
|
|
36,956 |
|
|
|
44,264 |
|
|
|
(4,315 |
) |
|
2022 |
Various Properties (2) |
|
Fredericksburg, VA |
|
|
|
67,101 |
|
|
|
|
18,748 |
|
|
|
86,640 |
|
|
|
379 |
|
|
|
1,309 |
|
|
|
19,127 |
|
|
|
87,949 |
|
|
|
107,076 |
|
|
|
(8,983 |
) |
|
2022 |
Cobblestone Kennesaw |
|
Kennesaw, GA |
|
|
|
19,311 |
|
|
|
|
6,818 |
|
|
|
20,700 |
|
|
|
216 |
|
|
|
392 |
|
|
|
7,034 |
|
|
|
21,092 |
|
|
|
28,126 |
|
|
|
(2,834 |
) |
|
2022 |
Galaxy Silver Spring |
|
Silver Springs, MD |
|
|
|
36,418 |
|
|
|
|
9,832 |
|
|
|
54,956 |
|
|
|
323 |
|
|
|
783 |
|
|
|
10,155 |
|
|
|
55,739 |
|
|
|
65,894 |
|
|
|
(4,398 |
) |
|
2022 |
Sky Terrace |
|
Stafford, VA |
|
|
|
37,257 |
|
|
|
|
7,836 |
|
|
|
52,382 |
|
|
|
231 |
|
|
|
621 |
|
|
|
8,067 |
|
|
|
53,003 |
|
|
|
61,070 |
|
|
|
(5,197 |
) |
|
2022 |
Highland Warranton |
|
Warranton, VA |
|
|
|
18,211 |
|
|
|
|
6,136 |
|
|
|
17,652 |
|
|
|
378 |
|
|
|
256 |
|
|
|
6,514 |
|
|
|
17,908 |
|
|
|
24,422 |
|
|
|
(2,141 |
) |
|
2022 |
Texas and North Carolina Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Watervue |
|
Fort Worth, TX |
|
|
|
69,831 |
|
|
|
|
12,114 |
|
|
|
81,045 |
|
|
|
327 |
|
|
|
490 |
|
|
|
12,441 |
|
|
|
81,535 |
|
|
|
93,976 |
|
|
|
(9,171 |
) |
|
2022 |
Bunker Hill |
|
Houston, TX |
|
|
|
64,451 |
|
|
|
|
5,855 |
|
|
|
79,938 |
|
|
|
134 |
|
|
|
502 |
|
|
|
5,989 |
|
|
|
80,440 |
|
|
|
86,429 |
|
|
|
(7,057 |
) |
|
2022 |
Regalia |
|
Mansfield, TX |
|
|
|
57,707 |
|
|
|
|
8,595 |
|
|
|
68,599 |
|
|
|
195 |
|
|
|
419 |
|
|
|
8,790 |
|
|
|
69,018 |
|
|
|
77,808 |
|
|
|
(7,174 |
) |
|
2022 |
Litchford |
|
Raleigh, NC |
|
|
|
53,535 |
|
|
|
|
11,588 |
|
|
|
70,431 |
|
|
|
99 |
|
|
|
339 |
|
|
|
11,687 |
|
|
|
70,770 |
|
|
|
82,457 |
|
|
|
(6,730 |
) |
|
2022 |
Whispering Creek |
|
San Antonio, TX |
|
|
|
35,229 |
|
|
|
|
5,025 |
|
|
|
42,064 |
|
|
|
333 |
|
|
|
468 |
|
|
|
5,358 |
|
|
|
42,532 |
|
|
|
47,890 |
|
|
|
(4,426 |
) |
|
2022 |
Phoenix Affordable Housing Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Desert Eagle |
|
Glendale, AZ |
|
|
|
28,171 |
|
|
|
|
8,420 |
|
|
|
37,708 |
|
|
|
255 |
|
|
|
1,220 |
|
|
|
8,675 |
|
|
|
38,928 |
|
|
|
47,603 |
|
|
|
(4,118 |
) |
|
2022 |
Various Properties (3) |
|
Mesa, AZ |
|
|
|
101,114 |
|
|
|
|
25,347 |
|
|
|
142,096 |
|
|
|
855 |
|
|
|
3,828 |
|
|
|
26,202 |
|
|
|
145,924 |
|
|
|
172,126 |
|
|
|
(14,889 |
) |
|
2022 |
Lake Pleasant Village |
|
Peoria, AZ |
|
|
|
23,579 |
|
|
|
|
7,346 |
|
|
|
31,972 |
|
|
|
316 |
|
|
|
610 |
|
|
|
7,662 |
|
|
|
32,582 |
|
|
|
40,244 |
|
|
|
(3,545 |
) |
|
2022 |
Various Properties (2) |
|
Phoenix, AZ |
|
|
|
59,683 |
|
|
|
|
13,992 |
|
|
|
73,080 |
|
|
|
682 |
|
|
|
1,935 |
|
|
|
14,674 |
|
|
|
75,015 |
|
|
|
89,689 |
|
|
|
(6,960 |
) |
|
2022 |
Summit Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vintage Amelia |
|
Amelia Island, FL |
|
|
|
37,759 |
|
|
|
|
8,015 |
|
|
|
57,141 |
|
|
|
252 |
|
|
|
(2,887 |
) |
|
|
8,267 |
|
|
|
54,254 |
|
|
|
62,521 |
|
|
|
(6,347 |
) |
|
2022 |
Vantage Ashland |
|
Ashland City, TN |
|
|
|
33,279 |
|
|
|
|
5,712 |
|
|
|
56,903 |
|
|
|
196 |
|
|
|
555 |
|
|
|
5,908 |
|
|
|
57,458 |
|
|
|
63,366 |
|
|
|
(5,880 |
) |
|
2022 |
Ethos Austin |
|
Austin, TX |
|
|
|
46,823 |
|
|
|
|
11,085 |
|
|
|
72,024 |
|
|
|
340 |
|
|
|
2,141 |
|
|
|
11,425 |
|
|
|
74,165 |
|
|
|
85,590 |
|
|
|
(7,681 |
) |
|
2022 |
Walnut Bastrop |
|
Bastrop, TX |
|
|
|
27,479 |
|
|
|
|
5,643 |
|
|
|
44,116 |
|
|
|
258 |
|
|
|
604 |
|
|
|
5,901 |
|
|
|
44,720 |
|
|
|
50,621 |
|
|
|
(4,534 |
) |
|
2022 |
Various Properties (2) |
|
Burleson, TX |
|
|
|
81,272 |
|
|
|
|
12,479 |
|
|
|
139,515 |
|
|
|
205 |
|
|
|
664 |
|
|
|
12,684 |
|
|
|
140,179 |
|
|
|
152,863 |
|
|
|
(12,959 |
) |
|
2022 |
Ethan Pointe |
|
Burlington, NC |
|
|
|
38,879 |
|
|
|
|
5,884 |
|
|
|
61,163 |
|
|
|
273 |
|
|
|
449 |
|
|
|
6,157 |
|
|
|
61,612 |
|
|
|
67,769 |
|
|
|
(6,400 |
) |
|
2022 |
Stonebriar Frisco |
|
Frisco, TX |
|
|
|
63,679 |
|
|
|
|
8,210 |
|
|
|
107,353 |
|
|
|
492 |
|
|
|
457 |
|
|
|
8,702 |
|
|
|
107,810 |
|
|
|
116,512 |
|
|
|
(9,052 |
) |
|
2022 |
Darby Holly Springs |
|
Holly Springs, GA |
|
|
|
50,693 |
|
|
|
|
11,933 |
|
|
|
82,863 |
|
|
|
199 |
|
|
|
284 |
|
|
|
12,132 |
|
|
|
83,147 |
|
|
|
95,279 |
|
|
|
(8,157 |
) |
|
2022 |
Various Properties (2) |
|
Indianapolis, IN |
|
|
|
80,786 |
|
|
|
|
10,047 |
|
|
|
135,908 |
|
|
|
753 |
|
|
|
2,316 |
|
|
|
10,800 |
|
|
|
138,224 |
|
|
|
149,024 |
|
|
|
(12,924 |
) |
|
2022 |
Orchard Hills |
|
Jeffersonville, IN |
|
|
|
36,393 |
|
|
|
|
5,720 |
|
|
|
52,149 |
|
|
|
167 |
|
|
|
1,396 |
|
|
|
5,887 |
|
|
|
53,545 |
|
|
|
59,432 |
|
|
|
(5,674 |
) |
|
2022 |
Various Properties (2) |
|
Knoxville, TN |
|
|
|
89,686 |
|
|
|
|
8,278 |
|
|
|
145,987 |
|
|
|
563 |
|
|
|
971 |
|
|
|
8,841 |
|
|
|
146,958 |
|
|
|
155,799 |
|
|
|
(12,530 |
) |
|
2022 |
Woodland Lakes Lansing |
|
Lansing, MI |
|
|
|
43,093 |
|
|
|
|
8,179 |
|
|
|
61,911 |
|
|
|
301 |
|
|
|
1,512 |
|
|
|
8,480 |
|
|
|
63,423 |
|
|
|
71,903 |
|
|
|
(8,022 |
) |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Costs Capitalized
Subsequent
to Acquisition |
|
|
Gross Amounts at which
Carried at the Close of
Period(2) |
|
|
|
|
|
|
|
|
|
Description |
|
Location |
|
Encumbrances |
|
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Total |
|
Accumulated
Depreciation(1) |
|
|
Year
Acquired |
Various Properties (4) |
|
Louisville, KY |
|
$ |
|
121,345 |
|
|
$ |
|
17,123 |
|
$ |
|
178,426 |
|
$ |
|
722 |
|
$ |
|
(2,134 |
) |
$ |
|
17,845 |
|
$ |
|
176,292 |
|
$ |
|
194,137 |
|
$ |
|
(17,560 |
) |
|
2022 |
Lakeside Marietta |
|
Marietta, GA |
|
|
|
70,893 |
|
|
|
|
14,659 |
|
|
|
124,095 |
|
|
|
339 |
|
|
|
1,141 |
|
|
|
14,998 |
|
|
|
125,236 |
|
|
|
140,234 |
|
|
|
(11,596 |
) |
|
2022 |
Reserve Maryville |
|
Maryville, TN |
|
|
|
29,093 |
|
|
|
|
6,455 |
|
|
|
37,771 |
|
|
|
181 |
|
|
|
2,529 |
|
|
|
6,636 |
|
|
|
40,300 |
|
|
|
46,936 |
|
|
|
(4,712 |
) |
|
2022 |
Vintage Juliet |
|
Mt. Juliet, TN |
|
|
|
54,311 |
|
|
|
|
4,981 |
|
|
|
84,725 |
|
|
|
97 |
|
|
|
331 |
|
|
|
5,078 |
|
|
|
85,056 |
|
|
|
90,134 |
|
|
|
(7,003 |
) |
|
2022 |
Various Properties (2) |
|
Murfreesboro, TN |
|
|
|
82,058 |
|
|
|
|
9,480 |
|
|
|
138,701 |
|
|
|
221 |
|
|
|
814 |
|
|
|
9,701 |
|
|
|
139,515 |
|
|
|
149,216 |
|
|
|
(12,463 |
) |
|
2022 |
Hickory Point Nashville |
|
Nashville, TN |
|
|
|
49,479 |
|
|
|
|
7,534 |
|
|
|
81,694 |
|
|
|
402 |
|
|
|
571 |
|
|
|
7,936 |
|
|
|
82,265 |
|
|
|
90,201 |
|
|
|
(8,133 |
) |
|
2022 |
Emerson Pflugerville |
|
Pflugerville, TX |
|
|
|
53,679 |
|
|
|
|
11,087 |
|
|
|
83,771 |
|
|
|
242 |
|
|
|
693 |
|
|
|
11,329 |
|
|
|
84,464 |
|
|
|
95,793 |
|
|
|
(8,657 |
) |
|
2022 |
Prinwood Place |
|
Portage, MI |
|
|
|
12,993 |
|
|
|
|
1,672 |
|
|
|
19,257 |
|
|
|
93 |
|
|
|
507 |
|
|
|
1,765 |
|
|
|
19,764 |
|
|
|
21,529 |
|
|
|
(2,114 |
) |
|
2022 |
Foxwood Raleigh |
|
Raleigh, NC |
|
|
|
94,380 |
|
|
|
|
20,149 |
|
|
|
142,196 |
|
|
|
182 |
|
|
|
1,021 |
|
|
|
20,331 |
|
|
|
143,217 |
|
|
|
163,548 |
|
|
|
(14,054 |
) |
|
2022 |
Sugar Flats SLC |
|
Salt Lake City, UT |
|
|
|
32,148 |
|
|
|
|
6,265 |
|
|
|
51,531 |
|
|
|
143 |
|
|
|
787 |
|
|
|
6,408 |
|
|
|
52,318 |
|
|
|
58,726 |
|
|
|
(4,082 |
) |
|
2022 |
Ranch 123 Apartments |
|
Seguin, TX |
|
|
|
20,993 |
|
|
|
|
4,347 |
|
|
|
43,170 |
|
|
|
158 |
|
|
|
222 |
|
|
|
4,505 |
|
|
|
43,392 |
|
|
|
47,897 |
|
|
|
(4,299 |
) |
|
2022 |
Vintage Tollgate |
|
Thompson’s Station, TN |
|
|
|
41,879 |
|
|
|
|
4,392 |
|
|
|
70,715 |
|
|
|
151 |
|
|
|
421 |
|
|
|
4,543 |
|
|
|
71,136 |
|
|
|
75,679 |
|
|
|
(6,262 |
) |
|
2022 |
Reserve Tuscaloosa |
|
Tuscaloosa, AL |
|
|
|
31,393 |
|
|
|
|
5,878 |
|
|
|
47,916 |
|
|
|
367 |
|
|
|
921 |
|
|
|
6,245 |
|
|
|
48,837 |
|
|
|
55,082 |
|
|
|
(4,984 |
) |
|
2022 |
Stonebrook Tyler |
|
Tyler, TX |
|
|
|
27,393 |
|
|
|
|
5,048 |
|
|
|
47,359 |
|
|
|
209 |
|
|
|
435 |
|
|
|
5,257 |
|
|
|
47,794 |
|
|
|
53,051 |
|
|
|
(4,701 |
) |
|
2022 |
Blue Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Dominion |
|
San Antonio, TX |
|
|
|
37,958 |
|
|
|
|
8,110 |
|
|
|
61,274 |
|
|
|
422 |
|
|
|
497 |
|
|
|
8,532 |
|
|
|
61,771 |
|
|
|
70,303 |
|
|
|
(6,009 |
) |
|
2022 |
Florida Affordable Housing Portfolio IV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonrise Villas |
|
Fellsmere, FL |
|
|
|
23,301 |
|
|
|
|
5,733 |
|
|
|
24,605 |
|
|
|
56 |
|
|
|
325 |
|
|
|
5,789 |
|
|
|
24,930 |
|
|
|
30,719 |
|
|
|
(3,160 |
) |
|
2022 |
Various Properties (2) |
|
Lakeland, FL |
|
|
|
19,778 |
|
|
|
|
6,864 |
|
|
|
21,559 |
|
|
|
135 |
|
|
|
429 |
|
|
|
6,999 |
|
|
|
21,988 |
|
|
|
28,987 |
|
|
|
(2,245 |
) |
|
2022 |
Overlook at Monroe |
|
Sanford, FL |
|
|
|
21,146 |
|
|
|
|
4,502 |
|
|
|
25,665 |
|
|
|
118 |
|
|
|
1,236 |
|
|
|
4,620 |
|
|
|
26,901 |
|
|
|
31,521 |
|
|
|
(2,933 |
) |
|
2022 |
Raintree Apartments |
|
Clermont, FL |
|
|
|
42,249 |
|
|
|
|
6,481 |
|
|
|
54,591 |
|
|
|
106 |
|
|
|
706 |
|
|
|
6,587 |
|
|
|
55,297 |
|
|
|
61,884 |
|
|
|
(4,275 |
) |
|
2022 |
Madison Cove |
|
Gainesville, FL |
|
|
|
9,080 |
|
|
|
|
2,409 |
|
|
|
8,111 |
|
|
|
20 |
|
|
|
267 |
|
|
|
2,429 |
|
|
|
8,378 |
|
|
|
10,807 |
|
|
|
(942 |
) |
|
2022 |
Various Properties (2) |
|
Kissimmee, FL |
|
|
|
92,897 |
|
|
|
|
16,861 |
|
|
|
110,587 |
|
|
|
(527 |
) |
|
|
934 |
|
|
|
16,334 |
|
|
|
111,521 |
|
|
|
127,855 |
|
|
|
(9,277 |
) |
|
2022 |
Mystic Pointe II |
|
Orlando, FL |
|
|
|
39,717 |
|
|
|
|
5,221 |
|
|
|
52,249 |
|
|
|
34 |
|
|
|
231 |
|
|
|
5,255 |
|
|
|
52,480 |
|
|
|
57,735 |
|
|
|
(3,861 |
) |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Multifamily Properties |
|
|
|
$ |
|
9,075,399 |
|
|
$ |
|
1,946,385 |
|
$ |
|
12,325,962 |
|
$ |
|
55,322 |
|
$ |
|
164,495 |
|
$ |
|
2,001,707 |
|
$ |
|
12,490,457 |
|
$ |
|
14,492,164 |
|
$ |
|
(1,467,446 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Costs Capitalized
Subsequent
to Acquisition |
|
|
Gross Amounts at which
Carried at the Close of
Period(2) |
|
|
|
|
|
|
|
|
|
Description |
|
Location |
|
Encumbrances |
|
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Total |
|
Accumulated
Depreciation(1) |
|
|
Year
Acquired |
Industrial Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marshfield Industrial Portfolio (4 properties) |
|
Baltimore, MD |
|
$ |
|
106,698 |
|
|
$ |
|
21,720 |
|
$ |
|
139,433 |
|
$ |
|
188 |
|
$ |
|
122 |
|
$ |
|
21,908 |
|
$ |
|
139,555 |
|
$ |
|
161,463 |
|
$ |
|
(18,109 |
) |
|
2020 |
Airport Logistics Park (6 properties) |
|
Nashville, TN |
|
|
|
35,000 |
|
|
|
|
7,031 |
|
|
|
53,728 |
|
|
|
1 |
|
|
|
96 |
|
|
|
7,032 |
|
|
|
53,824 |
|
|
|
60,856 |
|
|
|
(7,431 |
) |
|
2020 |
Denver/Boulder Industrial Portfolio (16 properties) |
|
Louisville, CO |
|
|
|
268,064 |
|
|
|
|
67,951 |
|
|
|
311,651 |
|
|
|
207 |
|
|
|
521 |
|
|
|
68,158 |
|
|
|
312,172 |
|
|
|
380,330 |
|
|
|
(36,242 |
) |
|
2021 |
Reno Logistics Portfolio (18 properties) |
|
Sparks, NV |
|
|
|
262,740 |
|
|
|
|
60,235 |
|
|
|
316,742 |
|
|
|
164 |
|
|
|
1,540 |
|
|
|
60,399 |
|
|
|
318,282 |
|
|
|
378,681 |
|
|
|
(40,050 |
) |
|
2021 |
Southwest Light Industrial Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Various Properties (4) |
|
Las Vegas, NV |
|
|
|
58,142 |
|
|
|
|
23,537 |
|
|
|
54,203 |
|
|
|
56 |
|
|
|
89 |
|
|
|
23,593 |
|
|
|
54,292 |
|
|
|
77,885 |
|
|
|
(6,261 |
) |
|
2021 |
Various Properties (11) |
|
Phoenix, AZ |
|
|
|
283,042 |
|
|
|
|
66,229 |
|
|
|
333,663 |
|
|
|
287 |
|
|
|
249 |
|
|
|
66,516 |
|
|
|
333,912 |
|
|
|
400,428 |
|
|
|
(32,685 |
) |
|
2021 |
American Industrial Center (25 properties) |
|
Longwood, FL |
|
|
|
83,700 |
|
|
|
|
47,553 |
|
|
|
90,772 |
|
|
|
(1,613 |
) |
|
|
(2,617 |
) |
|
|
45,940 |
|
|
|
88,155 |
|
|
|
134,095 |
|
|
|
(9,956 |
) |
|
2022 |
Middlebrook Crossroads (18 properties) |
|
Bridgewood, NJ |
|
|
|
66,566 |
|
|
|
|
49,370 |
|
|
|
62,650 |
|
|
|
686 |
|
|
|
641 |
|
|
|
50,056 |
|
|
|
63,291 |
|
|
|
113,347 |
|
|
|
(6,598 |
) |
|
2022 |
Northern Italy Industrial Portfolio (4 properties) |
|
Various Provinces, Italy |
|
|
|
40,488 |
|
|
|
|
14,509 |
|
|
|
65,804 |
|
|
|
(677 |
) |
|
|
(6,425 |
) |
|
|
13,832 |
|
|
|
59,379 |
|
|
|
73,211 |
|
|
|
(5,886 |
) |
|
2021 |
Norway Logistics Portfolio (2 properties) |
|
Oslo, Norway |
|
|
|
45,785 |
|
|
|
|
31,971 |
|
|
|
63,541 |
|
|
|
(5,466 |
) |
|
|
(9,430 |
) |
|
|
26,505 |
|
|
|
54,111 |
|
|
|
80,616 |
|
|
|
(3,883 |
) |
|
2022 |
Verona Oppeano (5 properties) |
|
Oppeano VR, Italy |
|
|
|
145,385 |
|
|
|
|
47,225 |
|
|
|
243,541 |
|
|
|
(1,396 |
) |
|
|
(7,214 |
) |
|
|
45,829 |
|
|
|
236,327 |
|
|
|
282,156 |
|
|
|
(15,682 |
) |
|
2022 |
Denmark Logistics Portfolio (10 properties) |
|
Denmark |
|
|
|
93,868 |
|
|
|
|
42,311 |
|
|
|
166,314 |
|
|
|
2,328 |
|
|
|
9,195 |
|
|
|
44,639 |
|
|
|
175,509 |
|
|
|
220,148 |
|
|
|
(13,451 |
) |
|
2022 |
Belgioioso Logistics |
|
Greater Milan, Italy |
|
|
|
56,366 |
|
|
|
|
18,857 |
|
|
|
72,460 |
|
|
|
1,723 |
|
|
|
6,717 |
|
|
|
20,580 |
|
|
|
79,177 |
|
|
|
99,757 |
|
|
|
(5,057 |
) |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrial Properties |
|
|
|
$ |
|
1,545,844 |
|
|
$ |
|
498,499 |
|
$ |
|
1,974,502 |
|
$ |
|
(3,512 |
) |
$ |
|
(6,516 |
) |
$ |
|
494,987 |
|
$ |
|
1,967,986 |
|
$ |
|
2,462,973 |
|
$ |
|
(201,291 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida Office Portfolio (11 properties) |
|
Jacksonville, FL |
|
$ |
|
121,010 |
|
|
$ |
|
53,465 |
|
$ |
|
153,163 |
|
$ |
|
4 |
|
$ |
|
18,198 |
|
$ |
|
53,469 |
|
$ |
|
171,361 |
|
$ |
|
224,830 |
|
$ |
|
(38,816 |
) |
|
2019 |
Columbus Office Portfolio |
|
Columbus, OH |
|
|
|
53,024 |
|
|
|
|
3,013 |
|
|
|
50,064 |
|
|
|
118 |
|
|
|
3,099 |
|
|
|
3,131 |
|
|
|
53,163 |
|
|
|
56,294 |
|
|
|
(12,085 |
) |
|
2019 |
60 State Street |
|
Boston, MA |
|
|
|
418,073 |
|
|
|
|
- |
|
|
|
478,150 |
|
|
|
472 |
|
|
|
25,203 |
|
|
|
472 |
|
|
|
503,353 |
|
|
|
503,825 |
|
|
|
(74,230 |
) |
|
2020 |
Nashville Office |
|
Nashville, TN |
|
|
|
164,152 |
|
|
|
|
21,647 |
|
|
|
229,183 |
|
|
|
- |
|
|
|
899 |
|
|
|
21,647 |
|
|
|
230,082 |
|
|
|
251,729 |
|
|
|
(33,986 |
) |
|
2020 |
Stonebridge (3 properties) |
|
Alpharetta, GA |
|
|
|
64,500 |
|
|
|
|
15,205 |
|
|
|
101,624 |
|
|
|
- |
|
|
|
4,351 |
|
|
|
15,205 |
|
|
|
105,975 |
|
|
|
121,180 |
|
|
|
(17,071 |
) |
|
2021 |
M Campus (2 properties) |
|
Meudon, France |
|
|
|
115,792 |
|
|
|
|
40,964 |
|
|
|
184,078 |
|
|
|
(1,996 |
) |
|
|
(19,082 |
) |
|
|
38,968 |
|
|
|
164,996 |
|
|
|
203,964 |
|
|
|
(12,585 |
) |
|
2021 |
Barcelona Mediacomplex |
|
Barcelona, Spain |
|
|
|
65,237 |
|
|
|
|
29,780 |
|
|
|
120,082 |
|
|
|
(658 |
) |
|
|
(1 |
) |
|
|
29,122 |
|
|
|
120,081 |
|
|
|
149,203 |
|
|
|
(7,628 |
) |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Office Properties |
|
|
|
$ |
|
1,001,788 |
|
|
$ |
|
164,074 |
|
$ |
|
1,316,344 |
|
$ |
|
(2,060 |
) |
$ |
|
32,667 |
|
$ |
|
162,014 |
|
$ |
|
1,349,011 |
|
$ |
|
1,511,025 |
|
$ |
|
(196,401 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
Costs Capitalized
Subsequent
to Acquisition |
|
|
Gross Amounts at which
Carried at the Close of
Period(2) |
|
|
|
|
|
|
|
|
|
Description |
|
Location |
|
Encumbrances |
|
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Land and
Land
Improvements |
|
Building and
Building
Improvements |
|
Total |
|
Accumulated
Depreciation(1) |
|
|
Year
Acquired |
Other Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Select Service Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Place Boulder |
|
Boulder, CO |
|
$ |
|
23,833 |
|
|
$ |
|
13,890 |
|
$ |
|
33,673 |
|
$ |
|
6 |
|
$ |
|
2,320 |
|
$ |
|
13,896 |
|
$ |
|
35,993 |
|
$ |
|
49,889 |
|
$ |
|
(5,615 |
) |
|
2019 |
Residence Inn Cleveland |
|
Cleveland, OH |
|
|
|
11,615 |
|
|
|
|
2,867 |
|
|
|
19,944 |
|
|
|
344 |
|
|
|
2,938 |
|
|
|
3,211 |
|
|
|
22,882 |
|
|
|
26,093 |
|
|
|
(3,536 |
) |
|
2019 |
Exchange on Erwin - Commercial (2 properties) |
|
Durham, NC |
|
|
|
24,908 |
|
|
|
|
13,492 |
|
|
|
20,157 |
|
|
|
1 |
|
|
|
347 |
|
|
|
13,493 |
|
|
|
20,504 |
|
|
|
33,997 |
|
|
|
(4,061 |
) |
|
2019 |
Barlow |
|
Chevy Chase, MD |
|
|
|
108,160 |
|
|
|
|
31,902 |
|
|
|
112,291 |
|
|
|
208 |
|
|
|
5,355 |
|
|
|
32,110 |
|
|
|
117,646 |
|
|
|
149,756 |
|
|
|
(17,159 |
) |
|
2020 |
Marketplace at the Outlets |
|
West Palm Beach, FL |
|
|
|
79,000 |
|
|
|
|
41,833 |
|
|
|
83,890 |
|
|
|
6 |
|
|
|
795 |
|
|
|
41,839 |
|
|
|
84,685 |
|
|
|
126,524 |
|
|
|
(12,852 |
) |
|
2021 |
Amherst Single Family Residential Portfolio |
|
Various |
|
$ |
|
239,756 |
|
|
$ |
|
126,917 |
|
$ |
|
202,836 |
|
$ |
|
3,095 |
|
$ |
|
17,460 |
|
$ |
|
130,012 |
|
$ |
|
220,296 |
|
$ |
|
350,308 |
|
$ |
|
(27,382 |
) |
|
2021 - 2022 |
Sunbelt Single-Family Rental Portfolio |
|
Various |
|
|
|
— |
|
|
|
|
2,379 |
|
|
|
6,794 |
|
|
|
— |
|
|
|
424 |
|
|
|
2,379 |
|
|
|
7,218 |
|
|
|
9,597 |
|
|
|
(1,020 |
) |
|
2021 |
Morningstar Self-Storage Joint Venture |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabaster |
|
Alabaster, AL |
|
$ |
|
14,861 |
|
|
$ |
|
2,313 |
|
$ |
|
15,843 |
|
$ |
|
(1,209 |
) |
$ |
|
1,253 |
|
$ |
|
1,104 |
|
$ |
|
17,096 |
|
$ |
|
18,200 |
|
$ |
|
(1,338 |
) |
|
2021 |
OKC Bethany |
|
Bethany, OK |
|
|
|
4,160 |
|
|
|
|
1,688 |
|
|
|
5,486 |
|
|
|
1,849 |
|
|
|
(1,209 |
) |
|
|
3,537 |
|
|
|
4,277 |
|
|
|
7,814 |
|
|
|
(464 |
) |
|
2021 |
Mountain Brook |
|
Birmingham, AL |
|
|
|
15,056 |
|
|
|
|
5,723 |
|
|
|
14,463 |
|
|
|
(3,228 |
) |
|
|
3,280 |
|
|
|
2,495 |
|
|
|
17,743 |
|
|
|
20,238 |
|
|
|
(1,456 |
) |
|
2021 |
Ladson |
|
Charleston, SC |
|
|
|
7,965 |
|
|
|
|
2,044 |
|
|
|
7,688 |
|
|
|
(1,642 |
) |
|
|
1,688 |
|
|
|
402 |
|
|
|
9,376 |
|
|
|
9,778 |
|
|
|
(725 |
) |
|
2021 |
Various Properties (3) |
|
Charlotte, NC |
|
|
|
30,811 |
|
|
|
|
9,140 |
|
|
|
40,818 |
|
|
|
(2,028 |
) |
|
|
5,712 |
|
|
|
7,112 |
|
|
|
46,530 |
|
|
|
53,642 |
|
|
|
(3,608 |
) |
|
2021 |
Bryan/College Station |
|
College Station, TX |
|
|
|
9,921 |
|
|
|
|
3,036 |
|
|
|
17,786 |
|
|
|
(118 |
) |
|
|
370 |
|
|
|
2,918 |
|
|
|
18,156 |
|
|
|
21,074 |
|
|
|
(1,505 |
) |
|
2021 |
Cornelius |
|
Cornelius, NC |
|
|
|
8,663 |
|
|
|
|
3,217 |
|
|
|
13,736 |
|
|
|
(272 |
) |
|
|
472 |
|
|
|
2,945 |
|
|
|
14,208 |
|
|
|
17,153 |
|
|
|
(1,204 |
) |
|
2021 |
OKC Edmond |
|
Edmond, OK |
|
|
|
4,217 |
|
|
|
|
2,550 |
|
|
|
5,282 |
|
|
|
2,793 |
|
|
|
(1,164 |
) |
|
|
5,343 |
|
|
|
4,118 |
|
|
|
9,461 |
|
|
|
(464 |
) |
|
2021 |
Flagler Village |
|
Ft Lauderdale, FL |
|
|
|
- |
|
|
|
|
6,979 |
|
|
|
34,644 |
|
|
|
8 |
|
|
|
131 |
|
|
|
6,987 |
|
|
|
34,775 |
|
|
|
41,762 |
|
|
|
(2,431 |
) |
|
2022 |
Lake Wylie |
|
Lake Wylie, SC |
|
|
|
7,476 |
|
|
|
|
2,928 |
|
|
|
5,947 |
|
|
|
(1,066 |
) |
|
|
1,070 |
|
|
|
1,862 |
|
|
|
7,017 |
|
|
|
8,879 |
|
|
|
(580 |
) |
|
2021 |
OKC Midwest City |
|
Midwest City, OK |
|
|
|
7,236 |
|
|
|
|
1,968 |
|
|
|
9,874 |
|
|
|
2,154 |
|
|
|
(2,176 |
) |
|
|
4,122 |
|
|
|
7,698 |
|
|
|
11,820 |
|
|
|
(813 |
) |
|
2021 |
Mooresville |
|
Mooresville, NC |
|
|
|
7,825 |
|
|
|
|
2,602 |
|
|
|
13,388 |
|
|
|
(50 |
) |
|
|
128 |
|
|
|
2,552 |
|
|
|
13,516 |
|
|
|
16,068 |
|
|
|
(1,115 |
) |
|
2021 |
Campbell Station |
|
Nashville, TN |
|
|
|
11,388 |
|
|
|
|
4,563 |
|
|
|
12,615 |
|
|
|
1,059 |
|
|
|
(1,060 |
) |
|
|
5,622 |
|
|
|
11,555 |
|
|
|
17,177 |
|
|
|
(1,053 |
) |
|
2021 |
OKC Norman |
|
Norman, OK |
|
|
|
6,250 |
|
|
|
|
1,342 |
|
|
|
8,634 |
|
|
|
1,469 |
|
|
|
(1,903 |
) |
|
|
2,811 |
|
|
|
6,731 |
|
|
|
9,542 |
|
|
|
(697 |
) |
|
2021 |
Various Properties (5) |
|
Oklahoma City, OK |
|
|
|
19,967 |
|
|
|
|
4,977 |
|
|
|
27,249 |
|
|
|
5,662 |
|
|
|
(6,171 |
) |
|
|
10,639 |
|
|
|
21,078 |
|
|
|
31,717 |
|
|
|
(2,272 |
) |
|
2021 |
FL Mall |
|
Orlando, FL |
|
|
|
7,881 |
|
|
|
|
1,949 |
|
|
|
6,803 |
|
|
|
(103 |
) |
|
|
190 |
|
|
|
1,846 |
|
|
|
6,993 |
|
|
|
8,839 |
|
|
|
(574 |
) |
|
2021 |
Various Properties (2) |
|
San Antonio, TX |
|
|
|
13,694 |
|
|
|
|
4,380 |
|
|
|
17,399 |
|
|
|
(1,507 |
) |
|
|
1,640 |
|
|
|
2,873 |
|
|
|
19,039 |
|
|
|
21,912 |
|
|
|
(1,562 |
) |
|
2021 |
Rea |
|
Waxhaw, NC |
|
|
|
15,999 |
|
|
|
|
4,661 |
|
|
|
24,139 |
|
|
|
(1,888 |
) |
|
|
1,962 |
|
|
|
2,773 |
|
|
|
26,101 |
|
|
|
28,874 |
|
|
|
(2,052 |
) |
|
2021 |
Highway 78 |
|
Wylie, TX |
|
|
|
7,392 |
|
|
|
|
3,098 |
|
|
|
10,714 |
|
|
|
(969 |
) |
|
|
1,065 |
|
|
|
2,129 |
|
|
|
11,779 |
|
|
|
13,908 |
|
|
|
(971 |
) |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Properties |
|
|
|
$ |
|
688,034 |
|
|
$ |
|
302,438 |
|
$ |
|
772,093 |
|
$ |
|
4,574 |
|
$ |
|
34,917 |
|
$ |
|
307,012 |
|
$ |
|
807,010 |
|
$ |
|
1,114,022 |
|
$ |
|
(96,509 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Total |
|
|
|
$ |
|
12,311,065 |
|
|
$ |
|
2,911,396 |
|
$ |
|
16,388,901 |
|
$ |
|
54,324 |
|
$ |
|
225,563 |
|
$ |
|
2,965,720 |
|
$ |
|
16,614,464 |
|
$ |
|
19,580,184 |
|
$ |
|
(1,961,647 |
) |
|
|
__________ (1)Encumbrances excludes approximately $0.5 billion of outstanding mortgage notes held as of December 31, 2024, associated with properties classified as held-for-sale. (2)Refer to Note 2 to the Company’s consolidated financial statements for details of depreciable lives. (3)As of December 31, 2024, the aggregate cost basis for tax purposes was $20.1 billion. The total included on Schedule III above does not include furniture, fixtures and equipment totaling $272.5 million and right-of-use operating lease assets of $105.2 million. Accumulated Depreciation does not include $156.1 million of accumulated depreciation related to furniture, fixtures and equipment assets. The total included on Schedule III above also does not include assets that are held-for-sale. The following table summarizes activity for real estate and accumulated depreciation for the years ended December 31, 2024 and 2023 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Real Estate(1): |
|
|
|
|
|
|
|
|
Balance at the beginning of year |
|
$ |
|
21,061,744 |
|
|
$ |
|
23,161,692 |
|
Additions during the year: |
|
|
|
|
|
|
|
|
Building and building improvements |
|
|
|
137,879 |
|
|
|
|
152,709 |
|
Land and land improvements |
|
|
|
24,272 |
|
|
|
|
29,205 |
|
Furniture, fixtures and equipment |
|
|
|
5,534 |
|
|
|
|
10,579 |
|
Dispositions during the year: |
|
|
|
|
|
|
|
|
Building and building improvements |
|
|
|
(261,465 |
) |
|
|
|
(1,649,905 |
) |
Land and land improvements |
|
|
|
(91,188 |
) |
|
|
|
(416,215 |
) |
Furniture, fixtures and equipment |
|
|
|
(18,605 |
) |
|
|
|
(37,517 |
) |
Impairment of investments in real estate |
|
|
|
(150,392 |
) |
|
|
|
(188,804 |
) |
Assets held-for-sale |
|
|
|
(855,074 |
) |
|
|
|
— |
|
Balance at the end of the year |
|
$ |
|
19,852,705 |
|
|
$ |
|
21,061,744 |
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation(2): |
|
|
|
|
|
|
|
|
Balance at the beginning of the year |
|
$ |
|
(1,578,637 |
) |
|
$ |
|
(1,013,703 |
) |
Accumulated depreciation, net of dispositions |
|
|
|
(630,327 |
) |
|
|
|
(564,934 |
) |
Accumulated depreciation on assets held-for-sale |
|
|
|
91,200 |
|
|
|
|
— |
|
Balance at the end of the year |
|
$ |
|
(2,117,764 |
) |
|
$ |
|
(1,578,637 |
) |
__________ (1)Real estate includes furniture, fixtures and equipment totaling $272.5 million and $304.7 million for the years ended December 31, 2024 and 2023, respectively. Real estate excludes right-of-use operating lease assets of $105.2 million for the years ended December 31, 2024 and 2023. (2)Accumulated depreciation excludes amortization on right-of-use operating lease assets of $9.9 million and $8.0 million for the years ended December 31, 2024 and 2023.
|