SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

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, 2024

			Initial Cost				Cost Capitalized Subsequent to Acquisition		Gross Amount Carried at End of Year
Property/Location	Encumbrances		Land		Buildings				Land		Building & Improvements		Total		Accumulated Depreciation		Date of Construction	Date Acquired
Multifamily
Alera	$	8,554	$	—	$	—	$	36,583	$	6,064	$	30,519	$	36,583	$	—
Bandera Ridge	—		—		—		26,273		2,700		23,573		26,273		—
Blue Lake Villas	9,327		6,920		27,680		219		6,920		27,899		34,819		1,517		2002	2022
Blue Lake Villas Phase II	3,271		2,400		9,600		53		2,400		9,653		12,053		523		2004	2022
Chelsea	7,878		1,225		11,230		53		1,231		11,277		12,508		1,794		1999	2018
Forest Grove	6,421		1,440		10,234		64		1,440		10,298		11,738		1,191		2020	2020
Landing on Bayou Cane	14,162		2,011		18,255		122		2,011		18,377		20,388		2,421		2005	2018
Legacy at Pleasant Grove	12,381		2,005		18,109		116		2,033		18,197		20,230		5,127		2006	2018
Merano	—		—		—		24,828		4,500		20,328		24,828		—
Mountain Creek	—		—		—		5,037		3,510		1,527		5,037		—
Northside on Travis	11,125		7,160		28,640		14		7,160		28,654		35,814		1,552		2008	2022
Parc at Denham Springs	16,048		6,060		24,240		29		6,060		24,269		30,329		1,318		2007	2022
Parc at Denham Springs Phase II	15,419		1,505		16,975		—		1,505		16,975		18,480		2,186		2010	2009
Residences at Holland Lake	10,219		6,300		25,200		51		6,300		25,251		31,551		1,373		2004	2022
Villas at Bon Secour	18,798		2,715		15,385		87		2,715		15,472		18,187		2,491		2007	2018
Villas of Park West I	8,983		8,200		32,800		100		8,200		32,900		41,100		1,783		2005	2022
Villas of Park West II	8,158		6,860		27,440		22		6,860		27,462		34,322		1,487		2010	2022
Vista Ridge	9,342		1,339		13,398		6		1,339		13,404		14,743		3,957		2009	2018
	160,086		56,140		279,186		93,657		72,948		356,035		428,983		28,720
Commercial
770 South Post Oak	10,939		1,763		16,312		1,537		1,763		17,849		19,612		4,473		1970	2015
Browning Place	—		5,096		49,441		15,054		5,096		64,495		69,591		32,392		1984	2005
Stanford Center	—		20,278		25,876		3,749		20,278		29,625		49,903		13,208		2007	2008
Other	—		646		74		(98)		622		—		622		—
	10,939		27,783		91,703		20,242		27,759		111,969		139,728		50,073
Developed and Undeveloped Land
Mercer Crossing	—		2,999		—		(166)		2,833		—		2,833		—			2018
Windmill Farms	2,395		43,608		—		3,717		47,325		—		47,325		—			2006
Other	8,436		19,608		—		(2,296)		17,312		—		17,312		—
	10,831		66,215		—		1,255		67,470		—		67,470		—
	$	181,856	$	150,138	$	370,889	$	115,154	$	168,177	$	468,004	$	636,181	$	78,793

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2024

	2024		2023		2022
Reconciliation of Real Estate
Balance at January 1,	$	568,951	$	559,875	$	359,296
Additions	69,145		29,474		240,018
Deductions	(1,915)		(20,398)		(39,439)
Balance at December 31,	$	636,181	$	568,951	$	559,875
Reconciliation of Accumulated Depreciation
Balance at January 1,	67,365		66,054		62,933
Additions	11,662		12,887		8,962
Deductions	(234)		(11,576)		(5,841)
Balance at December 31,	$	78,793	$	67,365	$	66,054