Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2025 | |
| Leases [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Legal Contingencies The Company recognizes a loss associated with contingent legal matters when the loss is probable and estimable. In 2022 and early 2023, the Company was named as a defendant in cases brought by private litigants alleging antitrust violations by RealPage, Inc. and owners and/or operators of multifamily housing which utilize revenue management systems provided by RealPage, Inc. The Company engaged with the plaintiffs' counsel to explain why it believed that these cases were without merit as they pertained to the Company. Following these discussions, the plaintiffs filed a notice of voluntary dismissal in July 2023, which resulted in the Company being dismissed without prejudice from these cases. Subsequently, on November 1, 2023, the District of Columbia filed a lawsuit in the Superior Court of the District of Columbia against RealPage, Inc. and a number of owners and/or operators of multifamily housing in the District of Columbia, including the Company, alleging that the defendants violated the District of Columbia Antitrust Act by unlawfully agreeing to use RealPage, Inc. revenue management systems and sharing sensitive data (the “D.C. Antitrust Litigation”). On May 29, 2024, the Superior Court granted the Company’s original motion to dismiss this case as it pertains to the Company. On January 9, 2025, the District of Columbia filed an amended complaint in the D.C. Antitrust Litigation, which included the Company as a defendant, and the Company subsequently filed a motion to dismiss the litigation as it pertains to the Company. On April 7, 2025, the Superior Court of the District of Columbia denied the Company's motion to dismiss. See Note 12, "Subsequent Events," for further discussion of the D.C. Antitrust Litigation. On January 15, 2025, the Office of the Attorney General of the State of Maryland filed a lawsuit similar to the D.C. Antitrust Litigation in the Circuit Court for Prince George’s County, Maryland in which RealPage, Inc. and a number of owners and/or operators of multifamily properties in Maryland, including the Company, have been named and alleged to have violated state antitrust law (the “Maryland Antitrust Litigation”). On February 28, 2025, the Company filed a motion to dismiss. On April 23, 2025, the Attorney General of the State of New Jersey and the New Jersey Division of Consumer Affairs filed a lawsuit similar to the D.C. Antitrust Litigation and the Maryland Antitrust Litigation in the U.S. District Court for the District of New Jersey. The lawsuit alleges that RealPage, Inc. and a number of owners and/or operators of multifamily properties in New Jersey, including the Company, violated federal and state antitrust laws and the state consumer fraud law (the “New Jersey Antitrust Litigation”) by unlawfully agreeing to use RealPage, Inc. revenue management systems and other related actions. See Note 12, "Subsequent Events," for further discussion of the New Jersey Antitrust Litigation. While the Company intends to vigorously defend against the D.C. Antitrust Litigation, the Maryland Antitrust Litigation and the New Jersey Antitrust Litigation, given the early stages of these lawsuits, the Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from the lawsuits. The Company is involved in various other claims and/or administrative proceedings that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these other outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations. Lease Obligations The Company owns seven apartment communities, two commercial properties and one development right located on land subject to ground leases expiring between July 2046 and May 2123. The Company has purchase options for all ground leases expiring prior to 2062. The ground leases for six of the seven apartment communities, the two commercial properties and one development right are operating leases, with rental expense recognized on a straight-line basis over the lease term. The one development right ground lease contains an early termination right if construction of the initial improvements does not occur before June 2026. In addition, the Company is party to 13 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. As of June 30, 2025 and December 31, 2024, the Company had total operating lease assets of $123,053,000 and $126,572,000, respectively, and lease obligations of $149,403,000 and $153,333,000, respectively, reported as components of and , respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $3,836,000 and $4,206,000 for the three months ended June 30, 2025 and 2024, respectively, and $7,771,000 and $8,377,000 for the six months ended June 30, 2025 and 2024, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages adjacent to apartment communities that are finance leases. As of June 30, 2025 and December 31, 2024, the Company had total finance lease assets of $27,862,000 and $28,082,000, respectively, and total finance lease obligations of $19,916,000 and $19,949,000, respectively, reported as components of and on the accompanying Condensed Consolidated Balance Sheets.
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| Commitments and Contingencies | Lease Obligations The Company owns seven apartment communities, two commercial properties and one development right located on land subject to ground leases expiring between July 2046 and May 2123. The Company has purchase options for all ground leases expiring prior to 2062. The ground leases for six of the seven apartment communities, the two commercial properties and one development right are operating leases, with rental expense recognized on a straight-line basis over the lease term. The one development right ground lease contains an early termination right if construction of the initial improvements does not occur before June 2026. In addition, the Company is party to 13 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. As of June 30, 2025 and December 31, 2024, the Company had total operating lease assets of $123,053,000 and $126,572,000, respectively, and lease obligations of $149,403,000 and $153,333,000, respectively, reported as components of and , respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $3,836,000 and $4,206,000 for the three months ended June 30, 2025 and 2024, respectively, and $7,771,000 and $8,377,000 for the six months ended June 30, 2025 and 2024, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages adjacent to apartment communities that are finance leases. As of June 30, 2025 and December 31, 2024, the Company had total finance lease assets of $27,862,000 and $28,082,000, respectively, and total finance lease obligations of $19,916,000 and $19,949,000, respectively, reported as components of and on the accompanying Condensed Consolidated Balance Sheets.
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| Commitments and Contingencies | Lease Obligations The Company owns seven apartment communities, two commercial properties and one development right located on land subject to ground leases expiring between July 2046 and May 2123. The Company has purchase options for all ground leases expiring prior to 2062. The ground leases for six of the seven apartment communities, the two commercial properties and one development right are operating leases, with rental expense recognized on a straight-line basis over the lease term. The one development right ground lease contains an early termination right if construction of the initial improvements does not occur before June 2026. In addition, the Company is party to 13 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. As of June 30, 2025 and December 31, 2024, the Company had total operating lease assets of $123,053,000 and $126,572,000, respectively, and lease obligations of $149,403,000 and $153,333,000, respectively, reported as components of and , respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $3,836,000 and $4,206,000 for the three months ended June 30, 2025 and 2024, respectively, and $7,771,000 and $8,377,000 for the six months ended June 30, 2025 and 2024, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages adjacent to apartment communities that are finance leases. As of June 30, 2025 and December 31, 2024, the Company had total finance lease assets of $27,862,000 and $28,082,000, respectively, and total finance lease obligations of $19,916,000 and $19,949,000, respectively, reported as components of and on the accompanying Condensed Consolidated Balance Sheets.
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