Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Acquisitions and Dispositions

7. Acquisitions, Dispositions, and Impairments

Acquisition of Operating Properties. In 2025, we acquired four operating properties, consisting of a 352-apartment home community in Leander, Texas in January, a 435-apartment home community in Nashville, Tennessee in February, a 360-apartment home community in Clearwater, Florida in May, and a 322-apartment home community in Orlando, Florida in December for approximately $422.9 million. We did not acquire any operating properties during the year ended December 31, 2024.

Sale of Operating Properties. In 2025, we completed five dispositions consisting of one operating property in Houston, Texas in June, one dual-phased operating property in Houston, Texas and one operating property in Irving, Texas in July, and one dual-phased operating property in Houston, Texas and one operating property in Phoenix, Arizona in November for a total of approximately $374.5 million and recognized a total gain of approximately $260.9 million. During the year ended December 31, 2024, we sold one operating property in Atlanta, Georgia in February and recognized a gain of approximately $43.8 million.

Impairments. We review our long-lived assets on an annual basis or whenever events or circumstances indicate the carrying amount of an asset may not be recoverable and our impairment evaluations take into consideration the current and anticipated economic climate. During the year ended December 31, 2025, we recognized an impairment charge of approximately $12.9 million related to two undeveloped land parcels, as the estimated fair value was less than its book value.

For the year ended December 31, 2024, we recognized impairment charges of approximately $41.0 million associated with three land parcels as a result of strategic decisions to reduce exposure in certain markets. These charges reflect the difference between the estimated fair value of each parcel and its carrying value. The 2024 impairments included the original purchase price and other capitalized development costs. No impairment charges were recorded for the year ended December 31, 2023.