ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Acquisitions

The Company’s acquisitions during the years ended December 31, 2024 and 2023 are detailed below.

Year Ended December 31, 2024

	Date Acquired	(in thousands)
		Total Acquisition Cost(1)		Form of Consideration						Investment Allocation
Acquisitions				Cash		Units(2)		Other(3)		Land		Building		Intangible Assets(4)		Other(5)
129 homes - The Lydian - Denver, CO	October 1, 2024	$	53,359	$	484	$	13,875	$	39,000	$	4,804	$	34,997	$	2,263	$	11,295
Total Acquisitions		$	53,359	$	484	$	13,875	$	39,000	$	4,804	$	34,997	$	2,263	$	11,295

(1)Excludes $546,000 in capitalized transaction cost.

(2)Fair value of operating partnership units issued on acquisition, including a $641,000 fair value adjustment.

(3)Assumption of seller's debt upon closing.

(4)Intangible assets consist of in-place leases valued at the time of acquisition.

(5)Debt premium on assumed mortgage and TIF note acquired. Refer to Note 2 for further TIF note discussion.

Year Ended December 31, 2023

	Date Acquired	(in thousands)
		Total Acquisition Cost(1)		Form of Consideration				Investment Allocation
Acquisitions				Cash		Other(2)		Land		Building		Intangible Assets(3)		Other(4)
303 homes - Lake Vista Apartment Homes - Loveland, CO	October 11, 2023	$	94,500	$	41,777	$	52,723	$	6,618	$	80,737	$	3,221	$	3,924
Total Acquisitions		$	94,500	$	41,777	$	52,723	$	6,618	$	80,737	$	3,221	$	3,924

(1)Excludes $405,000 in capitalized transaction cost.

(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 mortgage.

Schedule of Dispositions

The dispositions for the years ended December 31, 2024 and 2023 are detailed below.

Year Ended December 31, 2024

		(in thousands)
	Date			Book Value
Dispositions	Disposed	Sales Price		and Sale Cost		Gain/(Loss)
Multifamily
69 homes - Southdale Parc - Richfield, MN	February 29, 2024	$	6,200	$	6,497	$	(297)
136 homes - Wingate - New Hope, MN	February 29, 2024	12,800		13,080		(280)
Total Dispositions		$	19,000	$	19,577	$	(577)

Year Ended December 31, 2023

		(in thousands)
	Date			Book Value
Dispositions	Disposed	Sales Price		and Sale Cost		Gain/(Loss)
Multifamily
115 homes - Boulder Court - Eagan, MN	March 8, 2023	$	14,605	$	4,971	$	9,634
498 homes - 2 Nebraska apartment communities	March 14, 2023	48,500		15,025		33,475
892 homes - 5 Minnesota apartment communities	March 15, 2023	74,500		55,186		19,314
62 homes - Portage - Minneapolis, MN	March 15, 2023	6,650		9,098		(2,448)
712 homes - 4 North Dakota apartment communities	September 14, 2023	82,500		71,235		11,265
Total Dispositions		$	226,755	$	155,515	$	71,240