Significant Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Significant Transactions [Abstract]

Schedule of Acquisition

Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands):

	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Number of apartment communities	2		3
Number of apartment homes	620		1,115
Purchase price	$	154,500	$	452,500
Capitalized transaction costs	1,270		6,739
Total consideration (1)	$	155,770	$	459,239
Land	$	19,226	$	118,564
Building and improvements	130,937		318,364
Intangible assets (2)	5,768		17,845
Mark-to-market on debt assumed	—		7,370
Below-market lease liabilities (2)	(161)		(2,904)
Total consideration (1)	$	155,770	$	459,239

(1)Total consideration for the apartment community acquisition in South Florida includes $101.2 million of debt assumed and the issuance of $22.4 million in common OP Units.

(2)Intangible assets and below-market lease liabilities for the South Florida apartment community acquisition have a weighted-average term of 1.4 years and 0.5 years, respectively. Intangible assets and below-market lease liabilities for the North Carolina apartment community acquisitions have a weighted-average term of 0.5 years.