Significant Transactions During the Six Months Ended June 30, 2026 and Subsequent Events

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Significant Transactions During the Six Months Ended June 30, 2026 and Subsequent Events

Significant Transactions During the Six Months Ended June 30, 2026 and Subsequent Events

Significant Transactions

Notes Receivable

In the second quarter of 2026, the Company received cash of $45.7 million from the repayment of a mezzanine loan for a property located in Northern California.

In February 2026, the Company funded a $59.5 million related party bridge loan to Wesco V, LLC (“Wesco V”), a co-investment, in connection with the payoff of a mortgage associated with one of Wesco V’s properties located in Northern California. The note receivable accrued interest at 5.0% and was scheduled to mature in September 2026. The loan was repaid in conjunction with the disposition of the property in June 2026. See Note 4, Co-investments, for additional information regarding the disposition.

Preferred Equity Investments

In the second quarter of 2026, the Company received cash of $42.1 million, including an early redemption fee of $0.2 million, for the full redemption of two preferred equity investments, one of which involved a related party, in joint ventures that hold properties located in California. See Note 6, Related Party Transactions, for additional details.

Common Stock

In May 2026, the Company’s Board of Directors approved a new stock repurchase plan, without an expiration date, to allow the Company to acquire common stock up to an aggregate value of $500.0 million. The plan supersedes the Company’s previous common stock repurchase plan announced in September 2022. During the three months ended June 30, 2026, the Company repurchased and retired 48,261 shares of the Company’s common stock through the Company’s previous plan, totaling $11.7 million, including commissions, at an average price per share of $242.47. During the six months ended June 30, 2026, the Company repurchased and retired 254,001 shares of the Company’s common stock through the Company’s previous plan, totaling $61.9 million, including commissions, at an average price per share of $243.76. As a result, as of June 30, 2026, the Company had $500.0 million of purchase authority remaining under the Company’s current stock repurchase plan.

Subsequent Events

Subsequent to quarter end, Wesco VII, LLC (“Wesco VII”), a joint venture in which the Company owns a 50% interest, funded preferred equity investments totaling $36.2 million in two stabilized apartment home communities located in Southern California. The investments have an initial preferred return of 11.5%.