Acquisitions, Dispositions, and Properties Held for Sale |
6 Months Ended |
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Jun. 30, 2026 | |
| Property, Plant, and Equipment [Abstract] | |
| Acquisitions and Dispositions | 5. Acquisitions, Dispositions, and Properties Held for Sale Acquisitions of Operating Properties. During the six months ended June 30, 2026, we acquired five operating properties for an aggregate purchase price of approximately $449.3 million, including a 288-apartment home community in Orlando, Florida and a 269-apartment home community in Alpharetta, Georgia, both acquired in April; a 196-apartment home community in Franklin, Tennessee, a 349-apartment home community in Roanoke, Texas, and a 320-apartment home community in Gilbert, Arizona, each acquired in June. During the six months ended June 30, 2025, we acquired three operating properties for an aggregate purchase price of approximately $337.7 million, including a 352-apartment home community in Leander, Texas in January, a 435-apartment home community in Nashville, Tennessee in February, and a 360-apartment home community in Clearwater, Florida in May. In July 2026, we acquired two operating properties for an aggregate purchase price of approximately $196.1 million, including a 296-apartment home community in Tampa, Florida and a 343-apartment home community in Charlotte, North Carolina. Acquisitions of Land. During the six months ended June 30, 2026, we acquired for future development purposes two parcels of land for an aggregate purchase price of approximately $45.0 million. These acquisitions, both completed in May 2026, consisted of approximately 17.9 acres in Morrisville, North Carolina and 64.4 acres in Tampa, Florida. We did not acquire any land during the six months ended June 30, 2025. Sale of Operating Properties. During the six months ended June 30, 2026, we sold one operating property in Irving, Texas for approximately $77.0 million in February and recognized a gain of approximately $67.9 million in the six months ended June 30, 2026. During the six months ended June 30, 2025, we sold one operating property in Houston, Texas for approximately $60.0 million in June and recognized a gain of approximately $47.3 million in the three and six months ended June 30, 2025. Properties Held for Sale. As of June 30, 2026, 11 operating properties, comprised of 3,620 apartment homes, located in Los Angeles/Orange County and San Diego/Inland Empire, California were classified as held for sale. The criteria for classifying the operating properties as held for sale was met during June 2026, and the properties remained in the Company's portfolio as of June 30, 2026. The planned disposition of these properties did not meet the criteria for discontinued operations, because it does not represent a strategic shift which would have a major effect on our financial results. As a result, the assets and liabilities associated with these communities were presented as "Real estate and other assets held for sale" and "Liabilities held for sale," respectively, in the accompanying condensed consolidated balance sheet as of June 30, 2026 and the results of operations continue to be included in income from continuing operations for all periods presented. At June 30, 2026, these California properties had aggregate net real estate and other assets of approximately $625.3 million, consisting of $463.0 million of buildings and improvements, less accumulated depreciation, $159.0 million of land, and $3.3 million of restricted cash. These properties also had liabilities of approximately $6.4 million, primarily consisting of resident deposits and prepaid rental income. The 11 operating properties were subsequently sold in July 2026 for an aggregate sales price of approximately $1.6 billion.
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