Commitments and Contingencies	9 Months Ended
Sep. 30, 2024
Leases [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Contingencies The Company recognizes a loss associated with contingent legal matters when the loss is probable and estimable. In 2022 and early 2023, the Company was named as a defendant in cases brought by private litigants alleging antitrust violations by RealPage, Inc. and owners and/or operators of multifamily housing which utilize revenue management systems provided by RealPage, Inc. The Company engaged with the plaintiffs' counsel to explain why it believed that these cases were without merit as they pertained to the Company. Following these discussions, the plaintiffs filed a notice of voluntary dismissal in July 2023, which resulted in the Company being dismissed without prejudice from these cases. Subsequently, on November 1, 2023, the District of Columbia filed a lawsuit in the Superior Court of the District of Columbia against RealPage, Inc. and 14 owners and/or operators of multifamily housing in the District of Columbia, including the Company, alleging that the defendants violated the District of Columbia Antitrust Act by unlawfully agreeing to use RealPage, Inc. revenue management systems and sharing sensitive data (the “D.C. Antitrust Litigation”). On May 29, 2024, the Superior Court granted, with prejudice, the Company’s motion to dismiss this case as it pertains to the Company. See Note 12, "Subsequent Events," for further discussion of the D.C. Antitrust Litigation. The Company is not currently a defendant of any other cases with allegations similar to those above. The Company is involved in various other claims and/or administrative proceedings that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these other outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations. Lease Obligations The Company owns seven apartment communities, two commercial properties and one development right located on land subject to ground leases expiring between July 2046 and May 2123. The Company has purchase options for all ground leases expiring prior to 2062. The ground leases for six of the seven apartment communities, the two commercial properties and one development right are operating leases, with rental expense recognized on a straight-line basis over the lease term. During the three and nine months ended September 30, 2024, the Company entered into a new ground lease, expiring May 2123, for a development right, resulting in minimum lease payments over the term of the lease of $155,600,000 and a lease liability balance of $25,297,000 as of September 30, 2024. In addition, the Company is party to 15 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. As of September 30, 2024 and December 31, 2023, the Company had total operating lease assets of $128,796,000 and $106,146,000, respectively, and lease obligations of $155,435,000 and $133,220,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $4,166,000 and $4,081,000 for the three months ended September 30, 2024 and 2023, respectively, and $12,543,000 and $12,167,000, respectively, for the nine months ended September 30, 2024 and 2023, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages adjacent to apartment communities that are finance leases. As of September 30, 2024 and December 31, 2023, the Company had total finance lease assets of $28,198,000 and $28,528,000, respectively, and total finance lease obligations of $19,965,000 and $20,012,000, respectively, reported as components of right of use lease assets and lease liabilities on the accompanying Condensed Consolidated Balance Sheets.
Commitments and Contingencies	Lease Obligations The Company owns seven apartment communities, two commercial properties and one development right located on land subject to ground leases expiring between July 2046 and May 2123. The Company has purchase options for all ground leases expiring prior to 2062. The ground leases for six of the seven apartment communities, the two commercial properties and one development right are operating leases, with rental expense recognized on a straight-line basis over the lease term. During the three and nine months ended September 30, 2024, the Company entered into a new ground lease, expiring May 2123, for a development right, resulting in minimum lease payments over the term of the lease of $155,600,000 and a lease liability balance of $25,297,000 as of September 30, 2024. In addition, the Company is party to 15 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. As of September 30, 2024 and December 31, 2023, the Company had total operating lease assets of $128,796,000 and $106,146,000, respectively, and lease obligations of $155,435,000 and $133,220,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $4,166,000 and $4,081,000 for the three months ended September 30, 2024 and 2023, respectively, and $12,543,000 and $12,167,000, respectively, for the nine months ended September 30, 2024 and 2023, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages adjacent to apartment communities that are finance leases. As of September 30, 2024 and December 31, 2023, the Company had total finance lease assets of $28,198,000 and $28,528,000, respectively, and total finance lease obligations of $19,965,000 and $20,012,000, respectively, reported as components of right of use lease assets and lease liabilities on the accompanying Condensed Consolidated Balance Sheets.
Commitments and Contingencies	Lease Obligations The Company owns seven apartment communities, two commercial properties and one development right located on land subject to ground leases expiring between July 2046 and May 2123. The Company has purchase options for all ground leases expiring prior to 2062. The ground leases for six of the seven apartment communities, the two commercial properties and one development right are operating leases, with rental expense recognized on a straight-line basis over the lease term. During the three and nine months ended September 30, 2024, the Company entered into a new ground lease, expiring May 2123, for a development right, resulting in minimum lease payments over the term of the lease of $155,600,000 and a lease liability balance of $25,297,000 as of September 30, 2024. In addition, the Company is party to 15 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. As of September 30, 2024 and December 31, 2023, the Company had total operating lease assets of $128,796,000 and $106,146,000, respectively, and lease obligations of $155,435,000 and $133,220,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $4,166,000 and $4,081,000 for the three months ended September 30, 2024 and 2023, respectively, and $12,543,000 and $12,167,000, respectively, for the nine months ended September 30, 2024 and 2023, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages adjacent to apartment communities that are finance leases. As of September 30, 2024 and December 31, 2023, the Company had total finance lease assets of $28,198,000 and $28,528,000, respectively, and total finance lease obligations of $19,965,000 and $20,012,000, respectively, reported as components of right of use lease assets and lease liabilities on the accompanying Condensed Consolidated Balance Sheets.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Legal Contingencies

The Company recognizes a loss associated with contingent legal matters when the loss is probable and estimable.

In 2022 and early 2023, the Company was named as a defendant in cases brought by private litigants alleging antitrust violations by RealPage, Inc. and owners and/or operators of multifamily housing which utilize revenue management systems provided by RealPage, Inc. The Company engaged with the plaintiffs' counsel to explain why it believed that these cases were without merit as they pertained to the Company. Following these discussions, the plaintiffs filed a notice of voluntary dismissal in July 2023, which resulted in the Company being dismissed without prejudice from these cases.

Subsequently, on November 1, 2023, the District of Columbia filed a lawsuit in the Superior Court of the District of Columbia against RealPage, Inc. and 14 owners and/or operators of multifamily housing in the District of Columbia, including the Company, alleging that the defendants violated the District of Columbia Antitrust Act by unlawfully agreeing to use RealPage, Inc. revenue management systems and sharing sensitive data (the “D.C. Antitrust Litigation”). On May 29, 2024, the Superior Court granted, with prejudice, the Company’s motion to dismiss this case as it pertains to the Company. See Note 12, "Subsequent Events," for further discussion of the D.C. Antitrust Litigation.

The Company is not currently a defendant of any other cases with allegations similar to those above.

The Company is involved in various other claims and/or administrative proceedings that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these other outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations.

Lease Obligations

The Company owns seven apartment communities, two commercial properties and one development right located on land subject to ground leases expiring between July 2046 and May 2123. The Company has purchase options for all ground leases expiring prior to 2062. The ground leases for six of the seven apartment communities, the two commercial properties and one development right are operating leases, with rental expense recognized on a straight-line basis over the lease term. During the three and nine months ended September 30, 2024, the Company entered into a new ground lease, expiring May 2123, for a development right, resulting in minimum lease payments over the term of the lease of $155,600,000 and a lease liability balance of $25,297,000 as of September 30, 2024. In addition, the Company is party to 15 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases.

As of September 30, 2024 and December 31, 2023, the Company had total operating lease assets of $128,796,000 and $106,146,000, respectively, and lease obligations of $155,435,000 and $133,220,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $4,166,000 and $4,081,000 for the three months ended September 30, 2024 and 2023, respectively, and $12,543,000 and $12,167,000, respectively, for the nine months ended September 30, 2024 and 2023, respectively, related to operating leases.

The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages adjacent to apartment communities that are finance leases. As of September 30, 2024 and December 31, 2023, the Company had total finance lease assets of $28,198,000 and $28,528,000, respectively, and total finance lease obligations of $19,965,000 and $20,012,000, respectively, reported as components of right of use lease assets and lease liabilities on the accompanying Condensed Consolidated Balance Sheets.

Commitments and Contingencies

Lease Obligations

Commitments and Contingencies

Lease Obligations