v3.26.1
Note 3 - Investments in Real Estate
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Real Estate Disclosure [Text Block]

NOTE 3: Investments in Real Estate

 

As of  June 30, 2026, our investments in real estate consisted of 116 operating apartment properties, including one owned through a consolidated joint venture, that contain an aggregate of 33,898 units. The following table summarizes our investments in real estate except for two properties that we classified as held for sale as of  June 30, 2026:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 As of June 30, 2026

 

 

 As of December 31, 2025

 

 

 Depreciable Lives (In years)

 

Land

 

 $ 588,581

 

 

 $ 573,777

 

 

 

 —

 

Building

 

 

 5,577,785

 

 

 

 5,450,891

 

 

 

 40

 

Furniture, fixtures and equipment

 

 

 631,854

 

 

 

 571,339

 

 

 

 5 - 10

 

Total investments in real estate

 

 $ 6,798,220

 

 

 $ 6,596,007

 

 

 

 

 

Accumulated depreciation

 

 

 (1,029,116 )

 

 

 (915,247 )

 

 

 

 

Investments in real estate, net

 

 $ 5,769,104

 

 

 $ 5,680,760

 

 

 

 

 

 

The following table summarizes our properties held for sale as of  June 30, 2026:

 

Property

 

Market

 

Units

 

 

Carrying Value

 

Bella Terra at City Center

 

Denver, CO

 

 

 304

 

 

 $ 49,828

 

Stonebridge Crossing

 

Memphis, TN

 

 

 500

 

 

 

 27,928

 

 

 

 

 

 

 804

 

 

 $ 77,756

 

 

Acquisitions

 

The following table summarizes our asset acquisition for the six months ended June 30, 2026:

 

Property

 

Date Acquired

 

Market

 

Units

 

 

Purchase Price

 

The Retreat at Canal

 

1/15/2026

 

Columbus, OH

 

 

 140

 

 

 $ 29,500

 

 

The following table summarizes the relative fair value of the assets and liabilities associated with acquisitions during the six months ended June 30, 2026, on the date of acquisition accounted for under FASB ASC Topic 805-50-15-3.

 

 

 

Fair Value of Assets and Liabilities Acquired During the

 

 

 

Six Months Ended

 

 

 

June 30, 2026

 

Assets acquired:

 

 

 

 

Investments in real estate

 

 $ 28,923

 

Other assets

 

 

 16

 

Intangible assets

 

 

 753

 

Total assets acquired

 

 

 29,692

 

Liabilities assumed:

 

 

 

 

Accounts payable and accrued expenses

 

 

 281

 

Other liabilities

 

 

 19

 

Total liabilities assumed

 

 

 300

 

Estimated fair value of net assets acquired

 

 $ 29,392

 

 

Dispositions

 

There were no asset dispositions for the six months ended June 30, 2026.