v3.26.1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2025
Initial CostCost
Capitalized
Subsequent to
Acquisition		Gross Amount Carried at End of Year
Property/LocationEncumbrancesLandBuildingsLandBuilding &
Improvements		TotalAccumulated
Depreciation		Date of
Construction		Date
Acquired
Multifamily
Alera $29,243 $5,140 $50,235 $— $5,140 $50,235 $55,375 $403 20252025
Bandera Ridge 18,808 2,720 45,362 — 2,720 45,362 48,082 293 20252025
Blue Lake Villas9,146 6,920 27,680 225 6,920 27,905 34,825 2,232 20022022
Blue Lake Villas Phase II3,192 2,400 9,600 53 2,400 9,653 12,053 768 20042022
Chelsea7,686 1,225 11,230 62 1,231 11,286 12,517 2,095 19992018
Forest Grove6,442 1,440 10,234 64 1,440 10,298 11,738 1,451 20202020
Landing on Bayou Cane13,872 2,011 18,255 513 2,011 18,768 20,779 2,911 20052018
Legacy at Pleasant Grove12,034 2,005 18,109 176 2,033 18,257 20,290 5,616 20062018
Merano 24,284 5,200 43,772 — 5,200 43,772 48,972 205 20252025
Mountain Creek — — — 9,268 3,510 5,758 9,268 — 
Northside on Travis10,849 7,160 28,640 21 7,160 28,661 35,821 2,270 20082022
Parc at Denham Springs15,683 6,060 24,240 29 6,060 24,269 30,329 1,927 20072022
Parc at Denham Springs Phase II15,223 1,505 16,975 — 1,505 16,975 18,480 2,610 20102009
Residences at Holland Lake10,006 6,300 25,200 51 6,300 25,251 31,551 2,008 20042022
Villas of Park West Phase I8,779 8,200 32,800 109 8,200 32,909 41,109 2,613 20052022
Villas of Park West Phase II7,977 6,860 27,440 22 6,860 27,462 34,322 2,175 20102022
Vista Ridge9,165 1,339 13,398 6 1,339 13,404 14,743 4,306 20092018
202,389 66,485 403,170 10,599 70,029 410,225 480,254 33,883 
Commercial
770 South Post Oak— 1,763 16,312 1,998 1,763 18,310 20,073 5,148 19702015
Browning Place— 5,096 49,441 15,973 5,096 65,414 70,510 34,572 19842005
Stanford Center— 20,278 21,510 6,843 20,278 28,353 48,631 14,126 20072008
Other— 646 74 4,268 622 4,366 4,988 40 
— 27,783 87,337 29,082 27,759 116,443 144,202 53,886 
Developed and Undeveloped Land
Mercer Crossing— 2,999 — (166)2,833 — 2,833 — 2018
Windmill Farms— 43,608 — 3,288 46,896 — 46,896 — 2006
Other8,436 19,608 — (3,593)16,015 — 16,015 — 
8,436 66,215 — (471)65,744 — 65,744 — 
$210,825 $160,483 $490,507 $39,210 $163,532 $526,668 $690,200 $87,769 
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2025

202520242023
Reconciliation of Real Estate
Balance at January 1,$636,181 $568,951 $559,875 
Additions
74,082 69,145 29,474 
Deductions
(20,063)(1,915)(20,398)
Balance at December 31,$690,200 $636,181 $568,951 
Reconciliation of Accumulated Depreciation
Balance at January 1,$78,793 $67,365 $66,054 
Additions
11,851 11,662 12,887 
Deductions
(2,875)(234)(11,576)
Balance at December 31,$87,769 $78,793 $67,365