Significant Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Significant Transactions [Abstract]

Schedule of Acquisition

Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands) as of December 31, 2023:

Number of apartment communities	3
Number of apartment homes	1,115
Purchase price	$	452,500
Capitalized transaction costs	6,739
Total consideration (1)	$	459,239
Land	$	118,564
Building and improvements	318,364
Intangible assets (2)	17,845
Mark-to-market on debt assumed	7,370
Below-market lease liabilities (2)	(2,904)
Total consideration (1)	$	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, which represent non-cash financing.

(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.

Summary of Apartment Community Sold

Sold apartment communities during the years ended December 31, 2023, 2022, and 2021, are summarized below (dollars in thousands):

	2023		2022		2021
Number of apartment communities sold	3		18		16
Number of apartment homes sold	257		3,364		1,395
Gain on apartment community sales (1)	$	—	$	939,806	$	243,369

(1)    The apartment communities sold during the year ended December 31, 2023 generated net proceeds of $52.1 million, which approximated their carrying value.