Significant Transactions (Tables)

9 Months Ended

Sep. 30, 2021

Apartment Community [Member] | Pembroke Pines, Florida [Member]

Business Acquisition [Line Items]

Schedule of Acquisition

On June 17, 2021, we acquired an apartment community located in Pembroke Pines, Florida. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands):

Number of apartment homes		700
Purchase price	$	222,650
Capitalized transaction costs (1)		2,876
Total consideration	$	225,526
Consideration allocated to land	$	35,184
Consideration allocated to building and improvements		186,823
Consideration allocated to intangible assets (2)		3,644
Consideration allocated to below-market lease liabilities (3)		(125	)
Total consideration	$	225,526

(1)Capitalized transaction costs include a broker fee of $2.3 million paid to Aimco.

(2)Intangible assets include in-place leases and leasing costs with a weighted-average term of less than one year.

(3)Below-market leases have a weighted-average term of less than one year.