v3.26.3
ACQUISITIONS AND DISPOSITIONS (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Acquisitions The acquisitions for the nine months ended September 30, 2025 are detailed below.
(in thousands)
Form of Consideration
Investment Allocation
Acquisitions
Date
Acquired
Cash(1)
Other(2)
Land
Building & Improvements
Intangible Assets(3)
Other(4)
341 homes - Sugarmont - Salt Lake City, UT
May 30, 2025$149,000 $— $20,086 $124,649 $4,265 $— 
420 homes - Railway Flats - Loveland, CO
July 29, 202555,704 76,496 10,387 94,198 4,046 23,569 
Total Acquisitions
$204,704 $76,496 $30,473 $218,847 $8,311 $23,569 
(1)Excludes $1.5 million in capitalized transaction costs.
(2)Assumption of seller’s debt upon closing.
(3)Intangible assets consist of in-place leases valued at the time of acquisition.
(4)Debt premium on assumed mortgages acquired.
Schedule of Dispositions The dispositions for the nine months ended September 30, 2026 and 2025 are detailed below.
Nine Months Ended September 30, 2026
(in thousands)
DispositionsDate
Disposed		Sale Price
Net Book Value and Transaction Costs
Gain
176 homes - Civic Lofts - Denver, CO
June 29, 2026$30,000 $29,750 $250 
474 homes - 5 Rapid City, SD apartment communities
July 9, 202666,000 23,157 42,843 
312 homes - 2 Minnesota apartment communities(1)
July 14, 202673,800 54,969 18,831 
848 homes - 6 Bismarck, ND apartment communities
August 11, 2026149,000 60,345 88,655 
Total Dispositions$318,800 $168,221 $150,579 
(1)Includes a loss of $174,000 on disposition of a TIF note receivable with a carrying value of $4.5 million at the date of disposition.
Nine Months Ended September 30, 2025
(in thousands)
DispositionsDate
Disposed		Sale Price
Net Book Value and Transaction Costs
Gain
832 homes - 5 St. Cloud apartment communities
September 23, 2025$124,000 $44,469 $79,531 
Total Dispositions$124,000 $44,469 $79,531