Significant Transactions

3 Months Ended

Mar. 31, 2026

Significant Transactions [Abstract]

Significant Transactions

Significant Transactions

Apartment Community Acquisitions

During the three months ended March 31, 2026, we acquired seven apartment homes at an apartment community located in Miami for total gross consideration of $3.5 million.

During the three months ended March 31, 2025, we did not acquire any apartment homes or apartment communities.

Apartment Community Dispositions

During the three months ended March 31, 2026, we did not sell any apartment communities.

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. In connection with the sale, we repaid $129.3 million of variable-rate property debt.

At the end of each reporting period, we evaluate whether any communities meet the criteria to be classified as held for sale. As of March 31, 2026, no communities were classified as held for sale on the condensed consolidated balance sheets.

Distributions

On February 12, 2026, we paid a cash distribution from excess partnership cash attributed to prior period community dispositions in an aggregate amount of $104.6 million to holders of record of common OP Units and long-term incentive plan ("LTIP") units as of the close of business on January 29, 2026, representing a distribution of $0.69 per common OP Unit.

On February 23, 2026, we paid a cash distribution from excess partnership cash attributed to remaining financing proceeds in an aggregate amount of $45.8 million to holders of record of common OP Units and LTIP units as of the close of business on February 9, 2026, representing a distribution of $0.30 per common OP Unit.

On April 29, 2026, we paid a cash distribution from excess partnership cash attributed to remaining financing proceeds in an aggregate amount of $29.9 million to holders of record of common OP Units and LTIP units as of the close of business on April 15, 2026, representing a distribution of $0.20 per common OP Unit.