Significant Transactions During the Six Months Ended June 30, 2025 and Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Acquired Real Estate Investments

The table below summarizes acquisition activity for the six months ended June 30, 2025 ($ in millions):

Property Name	Location	Date	Apartment Homes	Contract Price at Pro Rata Share
The Plaza	CA	Jan-25	307	$	161.4
One Hundred Grand	CA	Feb-25	166	105.3		(1)
ROEN Menlo Park	CA	Feb-25	146	78.8
Revere Campbell	CA	May-25	168	118.0		(1)
The Parc at Pruneyard	CA	May-25	252	122.5
Total acquisitions			1,039	$	586.0

(1)    One Hundred Grand and Revere Campbell replaced Highridge, an apartment community owned by DownREIT entities that are consolidated by the Company, within the DownREIT structures of those entities pursuant to the like-kind exchange rules under Section 1031 of the Internal Revenue Code of 1986, as amended (“Section 1031 Exchange”).

Schedule of Sales Of Real Estate Investments

The table below summarizes disposition activity for the six months ended June 30, 2025 ($ in millions):

Property Name	Location	Date	Apartment Homes	Sale Price at Pro Rata Share
Highridge	CA	Feb-25	255	$	127.0	(1)
Essex Skyline	CA	Apr-25	350	239.6		(2)
Total dispositions			605	$	366.6

(1)    Highridge, an apartment community owned by DownREIT entities that are consolidated by the Company, was replaced by One Hundred Grand and Revere Campbell within the DownREIT structures of those entities pursuant to a Section 1031 Exchange. The Company recognized a $111.0 million gain on sale of real estate and land in the condensed consolidated statements of income and comprehensive income. In conjunction with the sale, $69.6 million in debt associated with the property was paid off and the Company recorded a $0.8 million loss on early extinguishment of debt.

(2)     The Company recognized a $126.2 million gain on sale in the condensed consolidated statements of income and comprehensive income.