Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2026

Property, Plant, and Equipment [Abstract]

Acquisitions and Dispositions

5. Acquisitions and Dispositions

Acquisition of Operating Properties. We did not acquire any operating properties during the three months ended March 31, 2026. During the three months ended March 31, 2025, we acquired two operating properties, consisting of a 352- apartment home community in Leander, Texas in January 2025 and a 435-apartment home community in Nashville, Tennessee in February 2025 for approximately $199.0 million.

In April 2026, we acquired two operating properties, consisting of a 269-apartment home community in the Atlanta, Georgia metropolitan area and a 288-apartment home community in Orlando, Florida for approximately $171.3 million.

Sale of Operating Properties. During the three months ended March 31, 2026 we sold one operating property in Irving, Texas for approximately $77.0 million and recognized a gain of approximately $67.9 million. Our restricted cash balance as of March 31, 2026 included approximately $76.4 million in proceeds from the disposition of this operating property, which was held with a qualified intermediary for use in a Section 1031 exchange. These proceeds were applied toward the April 2026 acquisition in Orlando, Florida, as discussed above. We did not sell any operating properties during the three months ended March 31, 2025.