Significant Transactions

9 Months Ended

Sep. 30, 2025

Significant Transactions [Abstract]

Significant Transactions

Significant Transactions

Apartment Community Dispositions

During the three months ended September 30, 2025, we did not sell any apartment communities.

During the three months ended June 30, 2025, we sold two apartment communities, located in San Jose, California and Minneapolis, Minnesota, for gross consideration of $283.3 million, including the assumption of $107.3 million of non-recourse property debt. The apartment community located in San Jose, California was included in our consolidated joint venture with a passive institutional investor, which is now comprised of 11 apartment communities located in California.

During the three months ended March 31, 2025, we sold three apartment communities, located in Boston, Massachusetts, Denver, Colorado, and San Diego, California, to a limited partner in the Operating Partnership for gross consideration of $155.8 million, comprised of the redemption of 2,521,132 common OP Units valued at $25.62 per unit, and $91.2 million in cash proceeds.

During the nine months ended September 30, 2025, the five apartment community sales resulted in a gain on dispositions of real estate of $241.4 million.

At the end of each reporting period, we evaluate whether any communities meet the criteria to be classified as held for sale. As of September 30, 2025, no communities were classified as held for sale.

As of November 12, 2025, two apartment communities located in Ardmore, Pennsylvania and North Andover, Massachusetts met the criteria to be classified as held for sale.

Distributions

During the three months ended September 30, 2025, there were no distributions to common OP Unit holders. During the nine months ended September 30, 2025, we paid a cash distribution from excess partnership cash attributed to remaining financing proceeds in an aggregate amount of $198.0 million to holders of record of common OP Units and LTIP units as of the close of business on June 5, 2025, representing a distribution of $1.31 per common OP Unit.

On June 28, 2024, we paid a cash distribution, in connection with the merger with funds affiliated with Blackstone Inc. (the "Merger"), in an aggregate amount of $1.2 billion to holders of record of common OP Units and LTIP units immediately following the effective time of the Merger, representing a distribution of $7.70 per common OP Unit. The distribution paid to the General Partner and Special Limited Partner was used to fund the Merger.

On August 1, 2024, in connection with the July 2024 financing transactions, we paid a cash distribution in an aggregate amount of $892.0 million to holders of record of common OP Units and LTIP units, representing a distribution of $5.80 per common OP Unit.

During the three and nine months ended September 30, 2024, regular, recurring distributions paid per common OP Unit were $0.00, and $0.45, respectively.