| Investments in Real Estate |
Note 5 - Investments in Real Estate As of March 31, 2026, the Company held eighteen consolidated investments and five preferred equity investments. The following tables provide summary information regarding the Company’s consolidated investments and preferred equity investments. Consolidated Investments | | | | | | | | | | | | Number of | | Ownership | | Operating Investment Name | | Location / Market | | Units (1) | | Interest | | Residential Communities | | | | | | | | Allure at Southpark | | Charlotte, NC | | 350 | | 98 | % | Amira at Westly | | Tampa, FL | | 408 | | | (2) | Avenue at Timberlin Park | | Jacksonville, FL | | 200 | | 100 | % | District at Parkview (3) | | Stone Mountain, GA | | 264 | | 55 | % | Skytop Apartments | | Cincinnati, OH | | 361 | | | (2) | Southern Pines Reserve (3) | | Aberdeen, NC | | 272 | | 8 | % | Villas at Huffmeister | | Houston, TX | | 294 | | 95 | % | Wayford at Concord | | Concord, NC | | 150 | | 83 | % | Yauger Park Villas | | Olympia, WA | | 80 | | 95 | % | Total Residential Communities Units | | | | 2,379 | | | | | | | | | | | | Scattered Single-Family Homes | | | | | | | | Ballast | | AZ / CO / WA | | 74 | | 95 | % | Golden Pacific | | IN / KS / MO | | 142 | | 97 | % | ILE | | TX / SE US | | 425 | | 95 | % | Indy-Springfield | | IN / MO | | 298 | | 100 | % | Peak JV 2 | | Various / TX | | 520 | | 100 | % | Savannah-84 | | Savannah, GA | | 84 | | 100 | % | Total Scattered Single-Family Homes | | | | 1,543 | | | | Total Operating Units | | | | 3,922 | | | | | | | | | | | | Development / Lease-up Investment Name | | | | | | | | Residential Communities | | | | | | | | Abode Wendell Falls (4) | | Wendell, NC | | 170 | | 100 | % | Harmony at Clear Creek (4) | | Shawnee, KS | | 188 | | 85 | % | Parkside at Summers Corner (5) | | Summerville, SC | | 22 | | 100 | % | Total Development Units | | | | 380 | | | | Total Units | | | | 4,302 | | | |
| (1) | Total number of units includes an aggregate of 58 units classified as held for sale, with such units included in the following portfolios: 19 units of Ballast, 22 units of Golden Pacific, 1 unit of ILE, 12 units of Indy-Springfield, and 4 units of Peak JV 2. |
| (2) | Amira at Westly and Skytop Apartments are held through the Company’s DST Program (refer to Note 9 for further information). The Amira at Westly DST and Skytop Apartments DST have been fully subscribed with equity from individual investors. |
| (3) | District at Parkview and Southern Pines Reserve are held through the Company’s DST Program. |
| (4) | Represents a development project with no units delivered as of March 31, 2026. |
| (5) | Parkside at Summers Corner represents a development project with units to be acquired in tranches as construction is completed. Of the total 100 units that the Company has committed to acquire, 22 units had been acquired as of March 31, 2026. |
Depreciation expense was $7.3 million and $5.6 million for the three months ended March 31, 2026 and 2025, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. Amortization expense related to the in-place leases was $1.5 million and $1.9 million for the three months ended March 31, 2026 and 2025, respectively. Preferred Equity Investments | | | | | | | | | Actual / | | | | | Planned | | | | | Number of | Development Investment Name | | Location | | Units | Archer at RiverBlue | | Asheville, NC | | 245 | Canvas at Wildwood | | Wildwood, FL | | 224 | River Ford | | Brunswick, GA | | 170 | Sanford Marketplace | | Sanford, NC | | 300 | Total Development Units | | | | 939 | | | | | | Operating Investment Name (1) | | | | | Wayford at Innovation Park | | Charlotte, NC | | 210 | Total Operating Units | | | | 210 | Total Units | | | | 1,149 |
(1) | Operating investment represents a stabilized operating property. |
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