v3.25.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
Corrected Consolidated Balance Sheet as of December 31, 2024 (in thousands)
December 31, 2024
Previously ReportedCorrectionsAs Corrected
Common Shares of Beneficial Interest$1,269,549 $98,088 $1,367,637 
Total shareholders’ equity653,900 98,088 751,988 
Noncontrolling interests – Operating Partnership and Series E preferred units227,870 (98,088)129,782 
Corrected Consolidated Statements of Cash Flows (in thousands)
Three Months Ended March 31, 2025
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIESPreviously ReportedCorrectionsAs Corrected
Operating partnership units converted to common shares$(1,002)$1,337 $335 
Series E preferred units converted to common shares(43)57 14 
 Nine Months Ended September 30, 2024
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIESPreviously ReportedCorrectionsAs Corrected
Operating partnership units converted to common shares$(2,212)$4,558 $2,346 
Series E preferred units converted to common shares(2,271)4,081 1,810 
Six Months Ended June 30, 2024
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIESPreviously ReportedCorrectionsAs Corrected
Operating partnership units converted to common shares$(1,367)$2,901 $1,534 
Series E preferred units converted to common shares(1,220)2,370 1,150 
Year Ended December 31, 2024
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIESPreviously ReportedCorrectionsAs Corrected
Operating partnership units converted to common shares$(2,663)$5,881 $3,218 
Series E preferred units converted to common shares(8,938)16,722 7,784 
Year Ended December 31, 2023
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIESPreviously ReportedCorrectionsAs Corrected
Operating partnership units converted to common shares$(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 SHARESCorrectionsAs Corrected COMMON SHARESPreviously Reported NONCONTROLLING INTERESTSCorrectionsAs 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 Units5,296 (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 SHARESCorrectionsAs Corrected COMMON SHARESPreviously Reported NONCONTROLLING INTERESTSCorrectionsAs 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, 2024Previously Reported COMMON SHARESCorrectionsAs Corrected COMMON SHARESPreviously Reported NONCONTROLLING INTERESTSCorrectionsAs 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, 2024Previously Reported COMMON SHARESCorrectionsAs Corrected COMMON SHARESPreviously Reported NONCONTROLLING INTERESTSCorrectionsAs Corrected NONCONTROLLING INTERESTS
Balance at Balance at December 31, 2023$1,165,694 $83,746 $1,249,440 $221,193 $(83,746)$137,447 
Redemption of Units for common shares(2,212)4,558 2,346 2,212 (4,558)(2,346)
Redemption of Series E preferred units for common shares(2,271)4,081 1,810 2,271 (4,081)(1,810)
Equity rebalancing— (7,124)(7,124)— 7,124 7,124 
Balance at Balance at September 30, 2024$1,270,752 $85,261 $1,356,013 $216,125 $(85,261)$130,864 
Schedule of Accounting Standards Update and Change in Accounting Principle
The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”).
StandardDescriptionDate of AdoptionEffect on the Financial Statements or Other Significant Matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses; ASU 2025-01, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date
This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. In 2025, an additional ASU was issued to provide clarification on the effective date of the original ASU.
This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.
The ASU will require additional disclosure but is not expected to have a material impact on the Company.
Schedule of Future Lease Income for Operating Leases
The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of June 30, 2025, was as follows:
(in thousands)
2025 (remainder)
$1,546 
20263,088 
20272,828 
20282,476 
20292,167 
Thereafter8,481 
Total scheduled lease income - operating leases
$20,586 
Schedule of Disaggregation of Revenue
The following table presents the disaggregation of revenue streams for the three and six months ended June 30, 2025 and 2024:
(in thousands)
Three Months Ended June 30,Six Months Ended June 30,
Revenue StreamApplicable Standard2025202420252024
Fixed lease income - operating leasesLeases$63,104 $60,394 $125,301 $120,428 
Variable lease income - operating leasesLeases4,232 3,558 8,063 6,845 
Other property revenueRevenue from contracts with customers1,213 1,091 2,278 2,276 
Total revenue$68,549 $65,043 $135,642 $129,549 
Schedule of Assets and Liabilities Held for Sale The table below presents the major components of assets and liabilities for apartment communities held for sale as of June 30, 2025:
(in thousands)
June 30, 2025
Total real estate investments$137,366 
Assets held for sale, net$137,366 
Accounts payable and accrued expenses
$1,029 
Liabilities held for sale, net
$1,029