| Schedule III - Real Estate and Accumulated Depreciation |
VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (dollars in thousands) Included below is a summary of real estate and accumulated depreciation for the VineBrook Portfolio as of December 31, 2025:
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|
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|
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|
|
|
Initial Cost to Company |
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|
|
|
Gross Cost Basis as of December 31, 2025 (1) |
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|
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|
Market |
|
Number of
Homes |
|
|
Gross Cost
Basis
Encumbered |
|
|
Land |
|
|
Buildings and
Improvements
(2) |
|
|
Costs
Capitalized
Subsequent to
Acquisition |
|
|
Land |
|
|
Buildings and
Improvements
(2) |
|
|
Total |
|
|
Accumulated
Depreciation
and
Amortization |
|
|
Net Cost
Basis |
|
|
Dates of
Acquisition |
|
Life on which Depreciation in Latest Statements of Comprehensive Income is Computed
Acquisition |
Operating homes |
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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|
Cincinnati |
|
|
2,704 |
|
|
$ |
325,373 |
|
|
$ |
70,504 |
|
|
$ |
199,464 |
|
|
$ |
55,405 |
|
|
$ |
70,504 |
|
|
$ |
254,869 |
|
|
$ |
325,373 |
|
|
$ |
(57,474 |
) |
|
|
267,899 |
|
|
2019-2022 |
|
3 - 27.5 years |
Dayton |
|
|
2,685 |
|
|
|
234,433 |
|
|
|
48,925 |
|
|
|
145,603 |
|
|
|
39,905 |
|
|
$ |
48,925 |
|
|
$ |
185,508 |
|
|
$ |
234,433 |
|
|
|
(46,299 |
) |
|
|
188,134 |
|
|
2021-2022 |
|
3 - 27.5 years |
St. Louis |
|
|
1,669 |
|
|
|
206,421 |
|
|
|
27,787 |
|
|
|
125,514 |
|
|
|
53,120 |
|
|
$ |
27,787 |
|
|
$ |
178,634 |
|
|
$ |
206,421 |
|
|
|
(31,301 |
) |
|
|
175,120 |
|
|
2021-2022 |
|
3 - 27.5 years |
Columbus |
|
|
1,584 |
|
|
|
180,351 |
|
|
|
38,964 |
|
|
|
107,030 |
|
|
|
34,357 |
|
|
$ |
38,964 |
|
|
$ |
141,387 |
|
|
$ |
180,351 |
|
|
|
(33,318 |
) |
|
|
147,033 |
|
|
2021-2022 |
|
3 - 27.5 years |
Indianapolis |
|
|
1,416 |
|
|
|
195,808 |
|
|
|
25,482 |
|
|
|
135,166 |
|
|
|
35,160 |
|
|
$ |
25,482 |
|
|
$ |
170,326 |
|
|
$ |
195,808 |
|
|
|
(30,329 |
) |
|
|
165,479 |
|
|
2019-2022 |
|
3 - 27.5 years |
Memphis |
|
|
1,231 |
|
|
|
153,660 |
|
|
|
22,721 |
|
|
|
92,051 |
|
|
|
38,888 |
|
|
$ |
22,721 |
|
|
$ |
130,939 |
|
|
$ |
153,660 |
|
|
|
(21,691 |
) |
|
|
131,969 |
|
|
2019-2022 |
|
3 - 27.5 years |
Kansas City |
|
|
1,065 |
|
|
|
157,032 |
|
|
|
22,173 |
|
|
|
103,968 |
|
|
|
30,891 |
|
|
$ |
22,173 |
|
|
$ |
134,859 |
|
|
$ |
157,032 |
|
|
|
(23,554 |
) |
|
|
133,478 |
|
|
2019-2022 |
|
3 - 27.5 years |
Birmingham |
|
|
1,006 |
|
|
|
162,691 |
|
|
|
27,328 |
|
|
|
116,518 |
|
|
|
18,845 |
|
|
$ |
27,328 |
|
|
$ |
135,363 |
|
|
$ |
162,691 |
|
|
|
(25,361 |
) |
|
|
137,330 |
|
|
2018-2022 |
|
3 - 27.5 years |
Columbia |
|
|
921 |
|
|
|
143,400 |
|
|
|
21,494 |
|
|
|
104,082 |
|
|
|
17,824 |
|
|
$ |
21,494 |
|
|
$ |
121,906 |
|
|
$ |
143,400 |
|
|
|
(21,705 |
) |
|
|
121,695 |
|
|
2018-2022 |
|
3 - 27.5 years |
Jackson |
|
|
753 |
|
|
|
111,448 |
|
|
|
21,239 |
|
|
|
62,077 |
|
|
|
28,132 |
|
|
$ |
21,239 |
|
|
$ |
90,209 |
|
|
$ |
111,448 |
|
|
|
(13,859 |
) |
|
|
97,589 |
|
|
2021-2022 |
|
3 - 27.5 years |
Milwaukee |
|
|
740 |
|
|
|
103,082 |
|
|
|
11,556 |
|
|
|
60,398 |
|
|
|
31,128 |
|
|
$ |
11,556 |
|
|
$ |
91,526 |
|
|
$ |
103,082 |
|
|
|
(13,670 |
) |
|
|
89,412 |
|
|
2019-2022 |
|
3 - 27.5 years |
Augusta |
|
|
616 |
|
|
|
87,608 |
|
|
|
14,444 |
|
|
|
54,399 |
|
|
|
18,765 |
|
|
$ |
14,444 |
|
|
$ |
73,164 |
|
|
$ |
87,608 |
|
|
|
(12,268 |
) |
|
|
75,340 |
|
|
2018-2022 |
|
3 - 27.5 years |
Pensacola |
|
|
377 |
|
|
|
68,065 |
|
|
|
6,949 |
|
|
|
59,728 |
|
|
|
1,388 |
|
|
$ |
6,949 |
|
|
$ |
61,116 |
|
|
$ |
68,065 |
|
|
|
(7,459 |
) |
|
|
60,606 |
|
|
2021-2025 |
|
3 - 27.5 years |
Greenville |
|
|
350 |
|
|
|
59,890 |
|
|
|
7,204 |
|
|
|
43,663 |
|
|
|
9,023 |
|
|
$ |
7,204 |
|
|
$ |
52,686 |
|
|
$ |
59,890 |
|
|
|
(8,637 |
) |
|
|
51,253 |
|
|
2019-2022 |
|
3 - 27.5 years |
Portales |
|
|
350 |
|
|
|
48,007 |
|
|
|
4,821 |
|
|
|
34,886 |
|
|
|
8,300 |
|
|
$ |
4,821 |
|
|
$ |
43,186 |
|
|
$ |
48,007 |
|
|
|
(5,752 |
) |
|
|
42,255 |
|
|
2022 |
|
3 - 27.5 years |
Pittsburgh |
|
|
317 |
|
|
|
39,794 |
|
|
|
6,621 |
|
|
|
18,763 |
|
|
|
14,410 |
|
|
$ |
6,621 |
|
|
$ |
33,173 |
|
|
$ |
39,794 |
|
|
|
(5,124 |
) |
|
|
34,670 |
|
|
2019-2022 |
|
3 - 27.5 years |
Montgomery |
|
|
282 |
|
|
|
44,233 |
|
|
|
6,713 |
|
|
|
28,843 |
|
|
|
8,677 |
|
|
$ |
6,713 |
|
|
$ |
37,520 |
|
|
$ |
44,233 |
|
|
|
(5,489 |
) |
|
|
38,744 |
|
|
2019-2022 |
|
3 - 27.5 years |
Huntsville |
|
|
270 |
|
|
|
46,808 |
|
|
|
6,355 |
|
|
|
33,563 |
|
|
|
6,890 |
|
|
$ |
6,355 |
|
|
$ |
40,453 |
|
|
$ |
46,808 |
|
|
|
(6,293 |
) |
|
|
40,515 |
|
|
2019-2022 |
|
3 - 27.5 years |
Raeford |
|
|
250 |
|
|
|
33,208 |
|
|
|
3,335 |
|
|
|
28,665 |
|
|
|
1,208 |
|
|
$ |
3,335 |
|
|
$ |
29,873 |
|
|
$ |
33,208 |
|
|
|
(4,826 |
) |
|
|
28,382 |
|
|
2019-2022 |
|
3 - 27.5 years |
Omaha |
|
|
249 |
|
|
|
36,513 |
|
|
|
3,209 |
|
|
|
25,711 |
|
|
|
7,593 |
|
|
$ |
3,209 |
|
|
$ |
33,304 |
|
|
$ |
36,513 |
|
|
|
(4,868 |
) |
|
|
31,645 |
|
|
2019-2022 |
|
3 - 27.5 years |
Little Rock |
|
|
248 |
|
|
|
28,942 |
|
|
|
4,241 |
|
|
|
14,471 |
|
|
|
10,230 |
|
|
$ |
4,241 |
|
|
$ |
24,701 |
|
|
$ |
28,942 |
|
|
|
(3,652 |
) |
|
|
25,290 |
|
|
2019-2022 |
|
3 - 27.5 years |
Atlanta |
|
|
217 |
|
|
|
39,204 |
|
|
|
6,976 |
|
|
|
28,212 |
|
|
|
4,016 |
|
|
$ |
6,976 |
|
|
$ |
32,228 |
|
|
$ |
39,204 |
|
|
|
(5,601 |
) |
|
|
33,603 |
|
|
2018-2022 |
|
3 - 27.5 years |
Triad |
|
|
214 |
|
|
|
36,886 |
|
|
|
6,066 |
|
|
|
24,853 |
|
|
|
5,967 |
|
|
$ |
6,066 |
|
|
$ |
30,820 |
|
|
$ |
36,886 |
|
|
|
(4,920 |
) |
|
|
31,966 |
|
|
2021-2022 |
|
3 - 27.5 years |
Nashville |
|
|
105 |
|
|
|
25,343 |
|
|
|
6,966 |
|
|
|
18,189 |
|
|
|
188 |
|
|
$ |
6,966 |
|
|
$ |
18,377 |
|
|
$ |
25,343 |
|
|
|
— |
|
|
|
25,343 |
|
|
2025 |
|
3 - 27.5 years |
Phoenix |
|
|
102 |
|
|
|
39,589 |
|
|
|
8,442 |
|
|
|
30,933 |
|
|
|
214 |
|
|
$ |
8,442 |
|
|
$ |
31,147 |
|
|
$ |
39,589 |
|
|
|
— |
|
|
|
39,589 |
|
|
2025 |
|
3 - 27.5 years |
Myrtle Beach |
|
|
97 |
|
|
|
27,055 |
|
|
|
6,798 |
|
|
|
20,030 |
|
|
|
227 |
|
|
$ |
6,798 |
|
|
$ |
20,257 |
|
|
$ |
27,055 |
|
|
|
(52 |
) |
|
|
27,003 |
|
|
2025 |
|
3 - 27.5 years |
Total VineBrook operating homes |
|
|
19,818 |
|
|
|
2,634,844 |
|
|
|
437,313 |
|
|
|
1,716,780 |
|
|
|
480,751 |
|
|
|
437,313 |
|
|
|
2,197,531 |
|
|
|
2,634,844 |
|
|
|
(393,502 |
) |
|
|
2,241,342 |
|
|
|
|
|
VineBrook homes held for sale |
|
537 |
|
|
|
— |
|
|
|
13,219 |
|
|
|
52,113 |
|
|
|
— |
|
|
|
13,219 |
|
|
|
52,113 |
|
|
|
65,332 |
|
|
|
— |
|
|
|
65,332 |
|
|
2018-2022 |
|
3 - 27.5 years |
Total VineBrook homes |
|
|
20,355 |
|
|
$ |
2,634,844 |
|
|
$ |
450,532 |
|
|
$ |
1,768,893 |
|
|
$ |
480,751 |
|
|
$ |
450,532 |
|
|
$ |
2,249,644 |
|
|
$ |
2,700,176 |
|
|
$ |
(393,502 |
) |
|
$ |
2,306,674 |
|
|
|
|
|
(1)The unaudited aggregate cost of real estate for the VineBrook Portfolio in the table above for federal income tax purposes was approximately $2.7 billion as of December 31, 2025. (2)Balances include intangible lease assets. VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (dollars in thousands) Included below is a summary of real estate and accumulated depreciation for the NexPoint Homes Portfolio as of December 31, 2025 and a reconciliation to consolidated real estate and accumulated depreciation as of December 31, 2025:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost to Company |
|
|
|
|
|
Gross Cost Basis as of December 31, 2025 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Homes |
|
|
Gross Cost
Basis
Encumbered |
|
|
Land |
|
|
Buildings and
Improvements
(2) |
|
|
Costs
Capitalized
Subsequent to
Acquisition |
|
|
Land |
|
|
Buildings and
Improvements
(2) |
|
|
Total |
|
|
Accumulated
Depreciation
and
Amortization |
|
|
Net Cost
Basis |
|
|
Dates of
Acquisition |
|
Life on which Depreciation in Latest Statements of Comprehensive Income is Computed
Acquisition |
Operating homes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma City |
|
|
318 |
|
|
$ |
91,171 |
|
|
$ |
11,443 |
|
|
$ |
75,859 |
|
|
$ |
3,869 |
|
|
$ |
11,443 |
|
|
$ |
79,729 |
|
|
$ |
91,171 |
|
|
$ |
(11,562 |
) |
|
$ |
79,609 |
|
|
2022 |
|
3 - 27.5 years |
Fayetteville |
|
|
301 |
|
|
|
89,818 |
|
|
|
12,050 |
|
|
|
74,106 |
|
|
|
3,662 |
|
|
$ |
12,050 |
|
|
$ |
77,768 |
|
|
$ |
89,818 |
|
|
|
(10,944 |
) |
|
$ |
78,874 |
|
|
2022 |
|
3 - 27.5 years |
Little Rock |
|
|
210 |
|
|
|
59,037 |
|
|
|
8,274 |
|
|
|
48,208 |
|
|
|
2,555 |
|
|
$ |
8,274 |
|
|
$ |
50,763 |
|
|
$ |
59,037 |
|
|
|
(7,636 |
) |
|
$ |
51,402 |
|
|
2022 |
|
3 - 27.5 years |
Atlanta |
|
|
199 |
|
|
|
70,409 |
|
|
|
9,733 |
|
|
|
58,255 |
|
|
|
2,421 |
|
|
$ |
9,733 |
|
|
$ |
60,676 |
|
|
$ |
70,409 |
|
|
|
(7,236 |
) |
|
$ |
63,173 |
|
|
2022 |
|
3 - 27.5 years |
San Antonio |
|
|
184 |
|
|
|
47,398 |
|
|
|
7,174 |
|
|
|
37,985 |
|
|
|
2,239 |
|
|
$ |
7,174 |
|
|
$ |
40,224 |
|
|
$ |
47,398 |
|
|
|
(6,690 |
) |
|
$ |
40,708 |
|
|
2022 |
|
3 - 27.5 years |
Tulsa |
|
|
147 |
|
|
|
40,620 |
|
|
|
5,534 |
|
|
|
33,297 |
|
|
|
1,789 |
|
|
$ |
5,534 |
|
|
$ |
35,086 |
|
|
$ |
40,620 |
|
|
|
(5,345 |
) |
|
$ |
35,275 |
|
|
2022 - 2023 |
|
3 - 27.5 years |
Birmingham |
|
|
115 |
|
|
|
34,982 |
|
|
|
4,846 |
|
|
|
28,737 |
|
|
|
1,399 |
|
|
$ |
4,846 |
|
|
$ |
30,136 |
|
|
$ |
34,982 |
|
|
|
(4,181 |
) |
|
$ |
30,801 |
|
|
2022 |
|
3 - 27.5 years |
Kansas City |
|
|
102 |
|
|
|
28,168 |
|
|
|
4,230 |
|
|
|
22,697 |
|
|
|
1,241 |
|
|
$ |
4,230 |
|
|
$ |
23,938 |
|
|
$ |
28,168 |
|
|
|
(3,709 |
) |
|
$ |
24,460 |
|
|
2022 |
|
3 - 27.5 years |
Huntsville |
|
|
67 |
|
|
|
23,269 |
|
|
|
3,624 |
|
|
|
18,830 |
|
|
|
815 |
|
|
$ |
3,624 |
|
|
$ |
19,645 |
|
|
$ |
23,269 |
|
|
|
(2,436 |
) |
|
$ |
20,833 |
|
|
2022 |
|
3 - 27.5 years |
Charlotte |
|
|
52 |
|
|
|
18,315 |
|
|
|
2,757 |
|
|
|
14,925 |
|
|
|
633 |
|
|
$ |
2,757 |
|
|
$ |
15,558 |
|
|
$ |
18,315 |
|
|
|
(1,891 |
) |
|
$ |
16,424 |
|
|
2022 |
|
3 - 27.5 years |
Other (3) |
|
|
231 |
|
|
|
78,251 |
|
|
|
11,747 |
|
|
|
63,694 |
|
|
|
2,811 |
|
|
$ |
11,747 |
|
|
$ |
66,504 |
|
|
$ |
78,251 |
|
|
|
(8,399 |
) |
|
$ |
69,852 |
|
|
2022 - 2023 |
|
3 - 27.5 years |
Total NexPoint Homes operating homes |
|
|
1,926 |
|
|
|
581,438 |
|
|
|
81,411 |
|
|
|
476,593 |
|
|
|
23,434 |
|
|
|
81,411 |
|
|
|
500,027 |
|
|
|
581,438 |
|
|
|
(70,029 |
) |
|
|
511,409 |
|
|
|
|
|
NexPoint Homes homes held for sale |
|
|
109 |
|
|
|
— |
|
|
|
3,875 |
|
|
|
22,333 |
|
|
|
— |
|
|
|
3,875 |
|
|
|
22,333 |
|
|
|
26,208 |
|
|
|
— |
|
|
|
26,208 |
|
|
|
|
|
Total NexPoint Homes homes |
|
|
2,035 |
|
|
$ |
581,438 |
|
|
$ |
85,286 |
|
|
$ |
498,925 |
|
|
$ |
23,434 |
|
|
$ |
85,286 |
|
|
$ |
522,360 |
|
|
$ |
607,646 |
|
|
$ |
(70,029 |
) |
|
$ |
537,617 |
|
|
|
|
|
Total VineBrook homes |
|
|
20,355 |
|
|
|
2,634,844 |
|
|
|
450,532 |
|
|
|
1,768,893 |
|
|
|
480,751 |
|
|
|
450,532 |
|
|
|
2,249,644 |
|
|
|
2,700,176 |
|
|
|
(393,502 |
) |
|
|
2,306,674 |
|
|
|
|
|
Total consolidated homes |
|
|
22,390 |
|
|
$ |
3,216,282 |
|
|
$ |
535,818 |
|
|
$ |
2,267,818 |
|
|
$ |
504,185 |
|
|
$ |
535,818 |
|
|
$ |
2,772,004 |
|
|
$ |
3,307,822 |
|
|
$ |
(463,531 |
) |
|
$ |
2,844,291 |
|
|
|
|
|
(1)The unaudited aggregate cost of consolidated real estate in the table above for federal income tax purposes was approximately $3.3 billion as of December 31, 2025. The unaudited aggregate cost of real estate for the NexPoint Homes Portfolio in the table above for federal income tax purposes was approximately $607.6 million as of December 31, 2025. (2)Balances include intangible lease assets. (3)Contains markets that have less than 50 homes which include Mobile, Jacksonville, Orlando, Tampa, Wichita, Austin and Houston. VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (dollars in thousands) A summary of consolidated activity for real estate and accumulated depreciation for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Gross operating real estate: |
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
3,267,399 |
|
|
$ |
3,432,816 |
|
|
$ |
3,736,855 |
|
Acquisitions |
|
|
125,725 |
|
|
|
— |
|
|
|
— |
|
Building improvements |
|
|
44,945 |
|
|
|
62,942 |
|
|
|
122,743 |
|
Dispositions and transfers to held for sale |
|
|
(216,955 |
) |
|
|
(222,749 |
) |
|
|
(412,905 |
) |
Write-offs and impairment |
|
|
(4,832 |
) |
|
|
(5,610 |
) |
|
|
(13,877 |
) |
Balance, end of year |
|
$ |
3,216,282 |
|
|
$ |
3,267,399 |
|
|
$ |
3,432,816 |
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation and amortization: |
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
373,964 |
|
|
$ |
275,534 |
|
|
$ |
171,648 |
|
Depreciation expense (1) |
|
|
116,453 |
|
|
|
121,608 |
|
|
|
126,066 |
|
Amortization expense |
|
|
143 |
|
|
|
— |
|
|
|
1,415 |
|
Write-offs |
|
|
— |
|
|
|
(64 |
) |
|
|
(6,221 |
) |
Reclassifications to held for sale |
|
|
(27,029 |
) |
|
|
(23,114 |
) |
|
|
(17,374 |
) |
Balance, end of year |
|
$ |
463,531 |
|
|
$ |
373,964 |
|
|
$ |
275,534 |
|
(1)Depreciation of buildings and improvements is computed on a straight-line basis over estimated useful lives ranging from 3 to 27.5 years.
|