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Co-investments
 9 Months Ended
Sep. 30, 2026
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]  
Co-investments Co-investments
The Company has joint ventures which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The co-investments typically own, operate, and develop apartment home communities. The Company has provided limited payment guarantees on certain loans of its co-investments, which are secured by joint venture-owned apartment home communities. The aggregate amount guaranteed by the Company is $165.4 million as of September 30, 2026. The Company does not expect to incur any obligations under these guarantees, therefore there is no liability associated with these guarantees in the accompanying condensed consolidated balance sheets. The Company also invests in five unconsolidated technology co-investments with an aggregate commitment of $86.0 million as of both September 30, 2026 and December 31, 2025. The unconsolidated technology co-investment balance of these investments was $94.1 million, and $74.7 million as of September 30, 2026 and December 31, 2025, respectively.

In August 2026, a single asset joint venture in which the Company owned 58.0% interest, sold its apartment home community named Silver for a total contract price of $122.3 million. Concurrent with the sale of the property, the Company received cash proceeds of $15.6 million from the redemption of a preferred equity investment associated with the property. The Company recorded a $5.8 million gain from the sale as equity income from co-investments within the condensed consolidated statements of income and comprehensive income.

In June 2026, Wesco V, a joint venture in which the Company owns a 50.0% interest, sold one of its apartment home communities named Meridian at Midtown for a total contract price of $105.3 million. In conjunction with the sale of the property, the related bridge loan in the amount of $59.5 million made by the Company to Wesco V was repaid. The Company recorded a $9.2 million gain from the sale as equity income from co-investments within the condensed consolidated statements of income and comprehensive income.
The carrying values of the Company’s co-investments as of September 30, 2026 and December 31, 2025 were as follows ($ in thousands, except in parenthetical):
Weighted Average Company Ownership Percentage (1)
September 30, 2026December 31, 2025
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2)
55%$62,358 $73,002 
BEX IV and 500 Folsom50%130,262 135,518 
Other (2)
50%113,125 95,851 
Total operating and other co-investments, net305,745 304,371 
Total preferred equity co-investments (3) (includes related party investments of $31.2 million and $52.8 million as of September 30, 2026 and December 31, 2025, respectively. See Note 6, Related Party Transactions, for further discussion)
198,272 227,342 
Total co-investments, net$504,017 $531,713 

(1)Weighted average company ownership percentages are as of September 30, 2026.
(2)As of September 30, 2026 and December 31, 2025, the Company’s investments in Wesco I, Wesco III, Wesco IV, and Expo were classified as a liability of $108.9 million and $98.8 million, respectively, due to distributions received in excess of the Company’s investment. The weighted average company ownership percentage excludes the Company’s investments in unconsolidated technology co-investments.
(3)Includes three preferred equity investments held by Wesco VII.

The combined summarized financial information of co-investments was as follows ($ in thousands):
September 30, 2026December 31, 2025
Combined balance sheets: (1)
  Rental properties and real estate under development$3,158,933 $3,220,390 
  Other assets164,297 194,413 
   Total assets$3,323,230 $3,414,803 
  Debt$2,140,215 $2,412,106 
  Other liabilities180,789 163,358 
  Equity 1,002,226 839,339 
  Total liabilities and equity$3,323,230 $3,414,803 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Combined statements of income: (1)
Property revenues$98,289 $84,580 $247,864 $255,455 
Property operating expenses(42,540)(32,008)(98,290)(95,864)
Net operating income55,749 52,572 149,574 159,591 
Gain on sale of real estate37,913 10,378 56,840 10,378 
Interest expense(31,677)(26,565)(71,855)(82,003)
General and administrative(4,599)(4,431)(12,716)(12,995)
Depreciation and amortization(44,703)(35,052)(99,778)(107,863)
Net income (loss)$12,683 $(3,098)$22,065 $(32,892)
Company’s share of net income (2)
$9,212 $17,798 $46,542 $39,984 

(1)Includes preferred equity investments held by the Company and excludes investments in technology co-investments.
(2)Includes the Company’s share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income, and income from early redemption of preferred equity investments. Includes related party income of $0.7 million and $1.3 million for the three months ended September 30, 2026 and 2025, respectively, and $3.0 million and $3.8 million for the nine months ended September 30, 2026 and 2025, respectively.