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Real Estate Properties

9 Months Ended

Sep. 30, 2025

Real Estate Properties

The following table presents certain information about the Company’s wholly owned and consolidated multifamily real estate properties as of September 30, 2025:

Property Name	Location	Date Acquired	Number of Units
Arbors Harbor Town	Memphis, Tennessee	December 20, 2011		345
The Aster (formerly Parkside) Apartments	Sugar Land, Texas	August 8, 2013		240
Axis at Westmont	Westmont, Illinois	November 27, 2018		400
Valley Ranch Apartments	Ann Arbor, Michigan	February 14, 2019		384
BayVue Apartments	Tampa, Florida	July 7, 2021		368
Citadel Apartments	Houston, Texas	October 6, 2021		293
Camellia Apartments	St. Augustine, Florida	December 19, 2023		210
Discovery at Space Coast Apartments	Rockledge, Florida	December 19, 2024		240
				2,480

Disposition of the Autumn Breeze Apartments

On February 27, 2025, the Company completed the disposition of a 280-unit multifamily residential property located in Noblesville, Indiana (the “Autumn Breeze Apartments”) to an unrelated third party for a contractual sales price of $59.5 million. In connection with the disposition of the Autumn Breeze Apartments, its non-recourse mortgage loan (the “Autumn Breeze Apartments Mortgage”) of $28.8 million was fully defeased at a total cost of $28.1 million. The Company’s net proceeds from the disposition of the Autumn Breeze Apartments were $30.5 million, after the aforementioned defeasance of the Autumn Breeze Apartments Mortgage, pro rations, and closing and other related transaction costs. In connection with the disposition of Autumn Breeze Apartments, the Company recognized a gain on sale of investment property of $18.1 million during the first calendar quarter of 2025.

In connection with the sale of the Autumn Breeze Apartments, the Company funded $31.0 million into an escrow account with a qualified intermediary in order to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code, as amended. These funds, which were initially classified in restricted cash on the consolidated balance sheet, were subsequently released to the Company during the second and third quarters of 2025.

The disposition of the Autumn Breeze Apartments did not qualify to be reported as discontinued operations since it did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of the Autumn Breeze Apartments are reflected in the Company’s results from continuing operations for all periods presented through its date of disposition.