Bluerock Residential Growth REIT (BRG) 10-Q8 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 02, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-36369
Entity Registrant Name	Bluerock Residential Growth REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-3136483
Entity Address, Address Line One	1345 Avenue of the Americas, 32nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	843-1601
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001442626
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	BRG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		30,506,694
Cumulative Redeemable Preferred Stock \| Series C [Member]
Document Information [Line Items]
Title of 12(b) Security	7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	BRG
Security Exchange Name	NYSE
Cumulative Redeemable Preferred Stock \| Series D [Member]
Document Information [Line Items]
Title of 12(b) Security	7.125% Series D Cumulative Preferred Stock, $0.01 par value per share
Trading Symbol	BRG
Security Exchange Name	NYSE
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		67,933

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Net Real Estate Investments
Land	$ 307,341	$ 287,406
Buildings and improvements	1,989,363	1,894,745
Furniture, fixtures and equipment	95,102	89,270
Total Gross Real Estate Investments	2,391,806	2,271,421
Accumulated depreciation	(264,286)	(224,123)
Total Net Real Estate Investments	2,127,520	2,047,298
Cash and cash equivalents	244,924	166,492
Restricted cash	30,807	30,015
Notes and accrued interest receivable, net	23,118	173,489
Due from affiliates	1,536	711
Accounts receivable, prepaids and other assets, net	48,543	43,108
Preferred equity investments and investments in unconsolidated real estate joint ventures, net	165,556	135,690
In-place lease intangible assets, net	97	2,530
Total Assets	2,642,101	2,599,333
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Mortgages payable	1,393,076	1,364,991
Revolving credit facilities	49,407
Accounts payable	3,184	3,824
Other accrued liabilities	50,095	52,947
Due to affiliates	595	599
Distributions payable	15,590	15,345
Total Liabilities	1,511,947	1,437,706
Stockholders' Equity
Additional paid-in-capital	353,155	344,003
Distributions in excess of cumulative earnings	(369,705)	(327,270)
Total Stockholders' Equity	50,622	83,874
Noncontrolling Interests
Operating Partnership units	(4,922)	5,889
Partially owned properties	40,098	39,630
Total Noncontrolling Interests	35,176	45,519
Total Equity	85,798	129,393
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	2,642,101	2,599,333
Preferred Stock [Member]
Stockholders' Equity
Preferred Stock Value
Class A Common Stock
Stockholders' Equity
Common Stock Value	304	273
Class C Common Stock
Stockholders' Equity
Common Stock Value	1	1
Cumulative Redeemable Preferred Stock \| Series A [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	0	0
Cumulative Redeemable Preferred Stock \| Series C [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	57,002	56,823
Cumulative Redeemable Preferred Stock \| Series D [Member]
Stockholders' Equity
Preferred Stock Value	66,867	66,867
Redeemable Preferred Stock \| Series B [Member]
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	338,444	331,983
Redeemable Preferred Stock \| Series T
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Redeemable Preferred Stock	$ 648,910	$ 643,428

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	203,621,460	203,621,460
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Redeemable Preferred Stock \| Series B [Member]
Preferred Stock, Dividend Rate, Percentage	6%	6%
Temporary Equity, Liquidation Preference Per Share	$ 1,000	$ 1,000
Temporary Equity, Shares Authorized	1,225,000	1,225,000
Temporary Equity, Shares Issued	358,235	359,197
Temporary Equity, Shares Outstanding	358,235	359,197
Redeemable Preferred Stock \| Series T
Preferred Stock, Dividend Rate, Percentage	6.15%	6.15%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	32,000,000	32,000,000
Temporary Equity, Shares Issued	28,235,362	28,272,134
Temporary Equity, Shares Outstanding	28,235,362	28,272,134
Cumulative Redeemable Preferred Stock \| Series A [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%	8.25%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	5,153,540	5,153,540
Temporary Equity, Shares Issued	0	0
Temporary Equity, Shares Outstanding	0	0
Cumulative Redeemable Preferred Stock \| Series C [Member]
Preferred Stock, Dividend Rate, Percentage	7.625%	7.625%
Temporary Equity, Liquidation Preference Per Share	$ 25	$ 25
Temporary Equity, Shares Authorized	4,000,000	4,000,000
Temporary Equity, Shares Issued	2,295,845	2,295,845
Temporary Equity, Shares Outstanding	2,295,845	2,295,845
Cumulative Redeemable Preferred Stock \| Series D [Member]
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25
Preferred Stock, Shares Authorized	4,000,000	4,000,000
Preferred Stock, Shares Issued	2,774,338	2,774,338
Preferred Stock, Shares Outstanding	2,774,338	2,774,338
Preferred Stock, Dividend Rate, Percentage	7.125%	7.125%
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	747,509,582	747,509,582
Common stock, shares issued	30,410,316	27,257,586
Common stock, shares outstanding	30,410,316	27,257,586
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	76,603	76,603
Common stock, shares issued	67,933	76,603
Common stock, shares outstanding	67,933	76,603
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Rental and other property revenues	$ 58,515	$ 49,721	$ 115,014	$ 100,803
Interest income from loan and ground lease investments	1,073	4,114	7,825	8,835
Total revenues	59,588	53,835	122,839	109,638
Expenses
Property operating	21,806	18,909	41,690	38,841
Property management fees	2,104	1,247	3,974	2,528
General and administrative	7,284	6,595	15,204	13,240
Acquisition and pursuit costs	71	3	116	15
Weather-related losses, net				400
Depreciation and amortization	21,425	19,926	43,456	40,250
Total expenses	52,690	46,680	104,440	95,274
Operating income	6,898	7,155	18,399	14,364
Other income (expense)
Other income	198	57	1,184	209
Preferred returns on unconsolidated real estate joint ventures	4,547	2,329	8,364	4,616
Provision for credit losses	134	(26)	930	(567)
Gain on sale of real estate investments		19,429	0	88,342
Gain on sale of unconsolidated joint ventures	2,802		6,694	0
Transaction costs	(2,158)		(9,703)
Loss on extinguishment of debt and debt modification costs	0	(647)	0	(3,687)
Interest expense, net	(13,373)	(13,460)	(24,918)	(27,294)
Total other (expense) income	(7,850)	7,682	(17,449)	61,619
Net (loss) income	(952)	14,837	950	75,983
Preferred stock dividends	(18,557)	(14,367)	(37,129)	(28,984)
Preferred stock accretion	(5,639)	(7,290)	(10,845)	(14,312)
Net (loss) income attributable to noncontrolling interests
Operating Partnership units	(6,108)	(1,978)	(11,924)	8,182
Partially owned properties	(1,766)	587	(2,430)	6,353
Net (loss) income attributable to noncontrolling interests	(7,874)	(1,391)	(14,354)	14,535
Net (loss) income attributable to common stockholders	$ (17,274)	$ (5,429)	$ (32,670)	$ 18,152
Net (loss) income per common share - Basic	$ (0.59)	$ (0.21)	$ (1.14)	$ 0.68
Net (loss) income per common share - Diluted	$ (0.59)	$ (0.21)	$ (1.14)	$ 0.68
Weighted average basic common shares outstanding	30,022,451	28,129,862	29,239,514	25,623,537
Weighted average diluted common shares outstanding	30,022,451	28,129,862	29,239,514	25,688,530

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Additional Paid-in Capital [Member]	Cumulative Distributions [Member]	Net Income to Common Stockholders [Member]	Noncontrolling Interests [Member]	Common Stock [Member] Class A Common Stock	Common Stock [Member] Class C Common Stock	Preferred Stock [Member] Series D Preferred Stock [Member]	Total
Balance at Dec. 31, 2020	$ 304,710,000	$ (350,154,000)	$ 36,762,000	$ 21,394,000	$ 220,000	$ 1,000	$ 66,867,000	$ 79,800,000
Balance (in shares) at Dec. 31, 2020					22,020,950	76,603	2,774,338
Issuance of Class A common stock, net	19,000	0	0	0	$ 0	$ 0	$ 0	19,000
Issuance of Class A common stock, net (in shares)					1,740	0	0
Issuance costs for Class A common stock ATM	(626,000)	0	0	0	$ 0	$ 0	$ 0	(626,000)
Issuance of Class A common stock due to Series B warrant exercises	228,000	0	0	0	$ 0	$ 0	$ 0	228,000
Issuance of Class A common stock due to Series B warrant exercises (in shares)					20,908	0	0
Repurchase of Class A common stock	(85,744,000)	0	0	0	$ (81,000)	$ 0	$ 0	(85,825,000)
Repurchase of Class A common stock (in shares)					(8,163,160)	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	61,000	0	0	0	$ 0	$ 0	$ 0	61,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					27,631	0	0
Issuance of LTIP units for director compensation	0	0	0	374,000	$ 0		$ 0	374,000
Issuance of LTIP units for director compensation (in shares)					0	0	0
Issuance of LTIP Units for executive bonuses	0	0	0	2,170,000	$ 0	$ 0	$ 0	2,170,000
Issuance of LTIP Units for executive bonuses (in shares)					0	0	0
Issuance of LTIP Units for executive salaries	0	0	0	439,000	$ 0	$ 0	$ 0	439,000
Vesting of LTIP Units for compensation	0	0	0	3,785,000	0	0	0	3,785,000
Issuance of LTIP Units for expense reimbursements	0	0	0	786,000	0	0	0	786,000
Contributions from noncontrolling interests	0	0	0	4,147,000	0	0	0	4,147,000
Common stock distributions declared	0	(8,720,000)	0	0	0	0	0	(8,720,000)
Series A Preferred Stock distributions declared	0	(706,000)	0	0	0	0	0	(706,000)
Series A Preferred Stock accretion	0	(35,000)	0	0	0	0	0	(35,000)
Company redemption of Series A Preferred Stock accretion	0	(710,000)	0	0	0	0	0	(710,000)
Series B Preferred Stock distributions declared	0	(12,907,000)	0	0	0	0	0	(12,907,000)
Series B Preferred Stock accretion	0	(10,051,000)	0	0	0	0	0	(10,051,000)
Series C Preferred Stock distributions declared	0	(2,188,000)	0	0	0	0	0	(2,188,000)
Series C Preferred Stock accretion	0	(165,000)	0	0	0	0	0	(165,000)
Series D Preferred Stock distributions declared	0	(2,470,000)	0	0	0	0	0	(2,470,000)
Series T Preferred Stock distributions declared	0	(10,713,000)	0	0	0	0	0	(10,713,000)
Series T Preferred Stock accretion	0	(3,351,000)	0	0	0	0	0	(3,351,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(3,589,000)	0	0	0	(3,589,000)
Distributions to partially owned noncontrolling interests	0	0	0	(11,144,000)	0	0	0	(11,144,000)
Redemption of Operating Partnership Units	(4,000)	0	0	(1,000)	0	0	0	(5,000)
Conversion of Operating Partnership Units into Class A common stock	(23,000)	0	0	24,000	$ 1,000	$ 0	$ 0	2,000
Conversion of Operating Partnership Units into Class A common stock (in shares)					62,023	0	0
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	2,091,000	0	0	0	$ 2,000	$ 0	$ 0	2,093,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					188,402	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock	150,534,000	0	0	0	$ 146,000	$ 0	$ 0	150,680,000
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					14,592,550	0	0
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	1,187,000	0	0	0	$ 1,000	$ 0	$ 0	1,188,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					110,893	0	0
Series B Preferred Stock warrant exercises and activity, net	(95,000)	0	0	0	$ 0	$ 0	$ 0	(95,000)
Preferred Stock, Accretion of Redemption Discount								14,312,000
Company redemption of Series A Preferred Stock activity	22,000	0	0	0	0	0	0	22,000
Adjustment for noncontrolling interest ownership in Operating Partnership	(9,853,000)	0	0	9,853,000	0	0	0	0
Net income (loss)	0	0	61,448,000	14,535,000	0	0	0	75,983,000
Balance at Jun. 30, 2021	362,507,000	(402,170,000)	98,210,000	42,773,000	$ 289,000	$ 1,000	$ 66,867,000	168,477,000
Balance (in shares) at Jun. 30, 2021					28,861,937	76,603	2,774,338
Balance at Mar. 31, 2021	332,926,000	(375,748,000)	81,982,000	36,510,000	$ 251,000	$ 1,000	$ 66,867,000	142,789,000
Balance (in shares) at Mar. 31, 2021					25,110,432	76,603	2,774,338
Issuance of Class A common stock, net	9,000	0	0	0	$ 0	$ 0	$ 0	9,000
Issuance of Class A common stock, net (in shares)					941	0	0
Issuance costs for Class A common stock ATM	(626,000)	0	0	0	$ 0	$ 0	$ 0	(626,000)
Issuance of Class A common stock due to Series B warrant exercises	1,000	0	0	0	$ 0	$ 0	$ 0	1,000
Issuance of Class A common stock due to Series B warrant exercises (in shares)					20	0	0
Repurchase of Class A common stock	(45,060,000)	0	0	0	$ (45,000)	$ 0	$ 0	(45,105,000)
Repurchase of Class A common stock (in shares)					(4,605,598)	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes	1,000	0	0	0	$ 0	$ 0	$ 0	1,000
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)					38,721	0	0
Issuance of LTIP Units for executive salaries	0	0	0	219,000	$ 0	$ 0	$ 0	219,000
Vesting of LTIP Units for compensation	0	0	0	1,969,000	0	0	0	1,969,000
Issuance of LTIP Units for expense reimbursements	0	0	0	389,000	0	0	0	389,000
Contributions from noncontrolling interests	0	0	0	4,147,000	0	0	0	4,147,000
Common stock distributions declared	0	(4,765,000)	0	0	0	0	0	(4,765,000)
Series B Preferred Stock distributions declared	0	(5,818,000)	0	0	0	0	0	(5,818,000)
Series B Preferred Stock accretion	0	(5,206,000)	0	0	0	0	0	(5,206,000)
Series C Preferred Stock distributions declared	0	(1,094,000)	0	0	0	0	0	(1,094,000)
Series C Preferred Stock accretion	0	(94,000)	0	0	0	0	0	(94,000)
Series D Preferred Stock distributions declared	0	(1,235,000)	0	0	0	0	0	(1,235,000)
Series T Preferred Stock distributions declared	0	(6,220,000)	0	0	0	0	0	(6,220,000)
Series T Preferred Stock accretion	0	(1,990,000)	0	0	0	0	0	(1,990,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(1,748,000)	0	0	0	(1,748,000)
Distributions to partially owned noncontrolling interests	0	0	0	(2,795,000)	0	0	0	(2,795,000)
Redemption of Operating Partnership Units	(4,000)	0	0	(1,000)	0	0	0	(5,000)
Holder redemption of Series B Preferred Stock and conversion into Class A common stock	714,000	0	0	0	$ 1,000	$ 0	$ 0	715,000
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					71,927	0	0
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)					8,190,758
Holder redemption of Series T Preferred Stock and conversion into Class A common stock	547,000	0	0	0	$ 0	$ 0	$ 0	547,000
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares)					54,736	0	0
Preferred Stock, Accretion of Redemption Discount								7,290,000
Company redemption of Series A Preferred Stock activity	79,473,000	0	0	0	$ 82,000	$ 0	$ 0	79,555,000
Adjustment for noncontrolling interest ownership in Operating Partnership	(5,474,000)	0	0	5,474,000	0	0	0	0
Net income (loss)	0	0	16,228,000	(1,391,000)	0	0	0	14,837,000
Balance at Jun. 30, 2021	362,507,000	(402,170,000)	98,210,000	42,773,000	$ 289,000	$ 1,000	$ 66,867,000	168,477,000
Balance (in shares) at Jun. 30, 2021					28,861,937	76,603	2,774,338
Balance at Dec. 31, 2021	344,003,000	(455,744,000)	128,474,000	45,519,000	$ 273,000	$ 1,000	$ 66,867,000	129,393,000
Balance (in shares) at Dec. 31, 2021					27,257,586	76,603	2,774,338
Issuance of Class A common stock due to Series B warrant exercises	49,483,000	0	0	0	$ 22,000	$ 0	$ 0	49,505,000
Issuance of Class A common stock due to Series B warrant exercises (in shares)					2,221,231	0	0
Conversion of Class C common stock into Class A common stock	0	0	0	0	$ 0	$ 0	$ 0	0
Conversion of Class C common stock into Class A common stock (in shares)					8,670	(8,670)
Repurchase of Class A common stock (in shares)					0	0	0
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares)						0	0
Issuance of LTIP units for director compensation	0	0	0	374,000	$ 0	$ 0	$ 0	374,000
Issuance of LTIP units for director compensation (in shares)					0	0	0
Issuance of LTIP Units for executive bonuses	0	0	0	2,779,000	$ 0	$ 0	$ 0	2,779,000
Issuance of LTIP Units for executive bonuses (in shares)					0	0	0
Issuance of LTIP Units for executive salaries	0	0	0	534,000	$ 0	$ 0	$ 0	534,000
Vesting of restricted Class A common stock, net of forfeitures and shares withheld for employee taxes	(6,000)	0	0	0	$ 0	$ 0	$ 0	(6,000)
Vesting of restricted Class A common stock, net of forfeitures and shares withheld for employee taxes (in shares)					22,323	0	0
Vesting of LTIP Units for compensation	0	0	0	3,879,000	$ 0	$ 0	$ 0	3,879,000
Issuance of LTIP Units for expense reimbursements	0	0	0	824,000	0	0	0	824,000
Contributions from noncontrolling interests	0	0	0	4,477,000	0	0	0	4,477,000
Common stock distributions declared	0	(9,765,000)	0	0	0	0	0	(9,765,000)
Series B Preferred Stock distributions declared	0	(10,756,000)	0	0	0	0	0	(10,756,000)
Series B Preferred Stock accretion	0	(4,265,000)	0	0	0	0	0	(4,265,000)
Series C Preferred Stock distributions declared	0	(2,188,000)	0	0	0	0	0	(2,188,000)
Series C Preferred Stock accretion	0	(179,000)	0	0	0	0	0	(179,000)
Series D Preferred Stock distributions declared	0	(2,470,000)	0	0	0	0	0	(2,470,000)
Series T Preferred Stock distributions declared	0	(21,715,000)	0	0	0	0	0	(21,715,000)
Series T Preferred Stock accretion	0	(6,401,000)	0	0	0	0	0	(6,401,000)
Miscellaneous offering costs	(60,000)	0	0	0	0	0	0	(60,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(3,606,000)	0	0	0	(3,606,000)
Distributions to partially owned noncontrolling interests	0	0	0	(1,579,000)	0	0	0	(1,579,000)
Redemption of Operating Partnership Units	(9,000)	0	0	0	0	0	0	(9,000)
Conversion of Operating Partnership Units into Class A common stock	454,000	0	0	(463,000)	$ 9,000	$ 0	$ 0	0
Conversion of Operating Partnership Units into Class A common stock (in shares)					945,152	0	0
Cash redemption of Series B Preferred Stock	36,000	0	0	0	$ 0	$ 0	$ 0	36,000
Cash redemption of Series T Preferred Stock	49,000	0	0	0	0	0	0	49,000
Series B Preferred Stock warrant exercises and activity, net	(44,003,000)	0	0	0	0	0	0	(44,003,000)
Preferred Stock, Accretion of Redemption Discount								10,845,000
Adjustment for noncontrolling interest ownership in Operating Partnership	3,208,000	0	0	(3,208,000)	0	0	0	0
Net income (loss)	0	0	15,304,000	(14,354,000)	0	0	0	950,000
Balance at Jun. 30, 2022	353,155,000	(513,483,000)	143,778,000	35,176,000	$ 304,000	$ 1,000	$ 66,867,000	85,798,000
Balance (in shares) at Jun. 30, 2022					30,410,316	67,933	2,774,338
Balance at Mar. 31, 2022	349,117,000	(484,338,000)	136,856,000	40,490,000	$ 296,000	$ 1,000	$ 66,867,000	109,289,000
Balance (in shares) at Mar. 31, 2022					29,609,359	67,933	2,774,338
Issuance of Class A common stock due to Series B warrant exercises	13,473,000	0	0	0	$ 6,000	$ 0	$ 0	13,479,000
Issuance of Class A common stock due to Series B warrant exercises (in shares)					595,540	0	0
Issuance of LTIP Units for executive bonuses	0	0	0	2,779,000	$ 0	$ 0	$ 0	2,779,000
Issuance of LTIP Units for executive bonuses (in shares)					0	0	0
Issuance of LTIP Units for executive salaries	0	0	0	267,000	$ 0	$ 0	$ 0	267,000
Vesting of restricted Class A common stock, net of forfeitures and shares withheld for employee taxes	(134,000)	0	0	0	$ 0	0	0	(134,000)
Vesting of restricted Class A common stock, net of forfeitures and shares withheld for employee taxes (in shares)					(21,658)
Vesting of LTIP Units for compensation	0	0	0	1,884,000	$ 0	0	0	1,884,000
Issuance of LTIP Units for expense reimbursements	0	0	0	390,000	0	0	0	390,000
Contributions from noncontrolling interests	0	0	0	3,032,000	0	0	0	3,032,000
Common stock distributions declared	0	(4,949,000)	0	0	0	0	0	(4,949,000)
Series B Preferred Stock distributions declared	0	(5,373,000)	0	0	0	0	0	(5,373,000)
Series B Preferred Stock accretion	0	(2,209,000)	0	0	0	0	0	(2,209,000)
Series C Preferred Stock distributions declared	0	(1,094,000)	0	0	0	0	0	(1,094,000)
Series C Preferred Stock accretion	0	(101,000)	0	0	0	0	0	(101,000)
Series D Preferred Stock distributions declared	0	(1,235,000)	0	0	0	0	0	(1,235,000)
Series T Preferred Stock distributions declared	0	(10,855,000)	0	0	0	0	0	(10,855,000)
Series T Preferred Stock accretion	0	(3,329,000)	0	0	0	0	0	(3,329,000)
Distributions to Operating Partnership noncontrolling interests	0	0	0	(1,780,000)	0	0	0	(1,780,000)
Distributions to partially owned noncontrolling interests	0	0	0	(1,050,000)	0	0	0	(1,050,000)
Redemption of Operating Partnership Units	(9,000)	0	0	0	0	0	0	(9,000)
Conversion of Operating Partnership Units into Class A common stock	12,000	0	0	(15,000)	$ 2,000	$ 0	$ 0	(1,000)
Conversion of Operating Partnership Units into Class A common stock (in shares)					227,075	0	0
Cash redemption of Series B Preferred Stock	17,000	0	0	0	$ 0	$ 0	$ 0	17,000
Cash redemption of Series T Preferred Stock	5,000	0	0	0	0	0	0	5,000
Series B Preferred Stock warrant exercises and activity, net	(12,273,000)	0	0	0	0	0	0	(12,273,000)
Preferred Stock, Accretion of Redemption Discount								5,639,000
Adjustment for noncontrolling interest ownership in Operating Partnership	2,947,000	0	0	(2,947,000)	0	0	0	0
Net income (loss)	0	0	6,922,000	(7,874,000)	0	0	0	(952,000)
Balance at Jun. 30, 2022	$ 353,155,000	$ (513,483,000)	$ 143,778,000	$ 35,176,000	$ 304,000	$ 1,000	$ 66,867,000	$ 85,798,000
Balance (in shares) at Jun. 30, 2022					30,410,316	67,933	2,774,338

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income	$ 950	$ 75,983
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	45,401	42,005
Amortization of fair value adjustments	(764)	(563)
Preferred returns on unconsolidated real estate joint ventures	(8,364)	(4,616)
Gain on sale of real estate investments	0	(88,342)
Gain on sale of unconsolidated joint ventures	(6,694)	0
Fair value adjustment of interest rate caps	(2,084)	(15)
Loss on extinguishment of debt and debt modification costs	0	3,687
Provision for credit losses	(930)	567
Amortization of deferred interest income on mezzanine loan	(2,996)	(997)
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	4,171	5,884
Share-based compensation attributable to equity incentive plan	4,253	4,159
Share-based compensation attributable to executive salaries	534	439
Share-based compensation attributable to restricted stock grants	176	190
Share-based expense to BRE - LTIP Units	824	786
Changes in operating assets and liabilities:
Due to affiliates, net	707	117
Accounts receivable, prepaids and other assets	124	(5,083)
Notes and accrued interest receivable	4,531	(1,813)
Accounts payable and other accrued liabilities	4,336	7,631
Net cash provided by operating activities	44,175	40,019
Cash flows from investing activities:
Acquisitions of real estate investments	(108,203)	(76,998)
Capital expenditures	(14,427)	(10,130)
Investment in notes receivable and ground lease	(9,783)	(27,228)
Repayments on notes receivable and related promote interest	161,169	12,426
Proceeds from sale of real estate investments	0	224,051
Proceeds from sale and redemption of unconsolidated real estate joint ventures	30,123	31,412
Investment in unconsolidated real estate joint venture interests	(59,842)	(34,881)
Net cash (used in) provided by investing activities	(963)	118,652
Cash flows from financing activities:
Distributions to common stockholders	(9,190)	(7,599)
Distributions to noncontrolling interests	(5,396)	(14,541)
Distributions to preferred stockholders	(37,248)	(29,838)
Contributions from noncontrolling interests	4,477	4,147
Borrowings on mortgages payable	37,342	12,880
Repayments on mortgages payable including prepayment penalties	(6,476)	(87,501)
Proceeds from credit facilities	49,407	30,000
Repayments on credit facilities	0	(63,000)
Payments of deferred financing fees	(3,517)	(1,139)
Miscellaneous offering costs	(60)	(626)
Net proceeds from issuance of Class A common stock	0	19
Repurchase of Class A common stock	0	(85,825)
Shares withheld for employee taxes upon vesting of awards	(182)	(129)
Payments to redeem Operating Partnership Units	(9)	(5)
Net cash provided by (used in) financing activities	36,012	(104,558)
Net increase in cash, cash equivalents and restricted cash	79,224	54,113
Cash, cash equivalents and restricted cash, beginning of year	196,507	118,961
Cash, cash equivalents and restricted cash, end of period	275,731	173,074
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	244,924	136,766
Restricted cash	30,807	36,308
Total cash, cash equivalents and restricted cash, end of period	275,731	173,074
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)	25,447	26,516
Supplemental disclosure of non-cash investing and financing activities
Distributions payable - declared and unpaid	15,590	13,879
Mortgages assumed upon property acquisition	0	45,515
Mortgages assumed by buyer upon sale of real estate assets	0	(67,268)
Capital expenditures held in accounts payable and other accrued liabilities	(2,051)	595
Series A Preferred Stock [Member]
Cash flows from financing activities:
Payments to redeem Redeemable Preferred Stock	0	(55,055)
Series B Preferred Stock [Member]
Cash flows from financing activities:
Payments to redeem Redeemable Preferred Stock	0	(79)
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock	8,663	179
Payments to redeem Redeemable Preferred Stock	(929)	(28)
Series T Preferred Stock [Member]
Cash flows from financing activities:
Payments to redeem Redeemable Preferred Stock	0	(126)
Net proceeds from issuance of 6.150% Series T Redeemable Preferred Stock	0	193,714
Payments to redeem Redeemable Preferred Stock	$ (870)	$ (6)

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Jun. 30, 2022
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	8.25%
Series B Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6%
Series T Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.15%
6.0% Redeemable Preferred Stock \| Series B [Member]
Preferred Stock, Dividend Rate, Percentage	6%

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
Organization and Nature of Business	Jun. 30, 2022
Organization and Nature of Business
Organization and Nature of Business	Note 1 – Organization and Nature of Business Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring and developing well-located institutional-quality multifamily apartment communities and single-family residential homes in knowledge economy growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its core funds from operations and net asset value primarily through its Value-Add and Invest-to-Own investment strategies. As of June 30, 2022, the Company held an aggregate of 18,399 units, comprised of 14,383 multifamily units and 4,016 single-family residential units. The aggregate number of units are held through seventy-four fifty-two twenty-two The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates. Proposed Merger On December 20, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Badger Parent LLC (“Parent”) and Badger Merger Sub LLC (“Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, the Company will be merged with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger. The Merger and the other transactions contemplated by the Merger Agreement were unanimously approved by the Company’s board of directors (the “Board”). Parent and Merger Sub are affiliates of Blackstone Real Estate Partners IX L.P., an affiliate of Blackstone Inc. On April 12, 2022, the Company held a special meeting of stockholders (the “Special Meeting”) at which the Merger was approved by the holders of issued and outstanding common stock, par value $0.01 per share, of the Company (the “Company Common Stock”) entitled to cast a majority of all the votes entitled to be cast on the Merger. No further action by the Company’s stockholders is required to approve the Merger. Pursuant to the terms and conditions in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of Company Common Stock that is issued and outstanding immediately prior to the Effective Time will automatically be converted into the right to receive $24.25 in cash, without interest and less any applicable withholding taxes (the “Per Share Merger Consideration”). The Company will deliver a notice of redemption (the “Preferred Stock Redemption Notice”) to the holders of our Series B Redeemable Preferred Stock, par value $0.01 per share (“Series B Preferred Stock”), 7.625% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series C Preferred Stock”), 7.125% Series D Cumulative Preferred Stock, par value $0.01 per share (“Series D Preferred Stock”), and Series T Redeemable Preferred Stock, par value $0.01 per share (“Series T Preferred Stock”), in accordance with their respective Articles Supplementary, which will provide that such preferred stock will be redeemed effective as of the Effective Time. Each share of Series C Preferred Stock, Series D Preferred Stock and Series T Preferred Stock will be redeemed for an amount equal to $25.00 plus an amount equal to all accrued and unpaid dividends to and including the redemption date set forth in the Preferred Stock Redemption Notice, without interest. Each share of Series B Preferred Stock will be redeemed for an amount equal to $1,000.00 plus an amount equal to all accrued and unpaid dividends to and including the redemption date set forth in the Preferred Stock Redemption Notice, without interest. The outstanding warrants to purchase Class A common stock of the Company (the “Company Warrants”) will remain outstanding following the Effective Time in accordance with their terms, but will be adjusted so that the holder of any Company Warrant exercised at or after the Effective Time will be entitled to receive in cash the amount of the Per Share Merger Consideration which, if the Company Warrant had been exercised immediately prior to the Closing, such holder would have been entitled to receive upon the consummation of the Merger. In addition, each award of shares of restricted Class A common stock of the Company that is outstanding immediately prior to the Effective Time will be cancelled in exchange for a cash payment in an amount equal to (i) the number of shares of Company Common Stock subject to such award immediately prior to the Effective Time multiplied by (ii) the Per Share Merger Consideration, without interest and less any applicable withholding taxes. Prior to the consummation of the Merger, the Company will complete the separation of our single-family residential real estate business (the “SFR Business”) from our multi-family residential real estate business (the “Separation”). Following the Separation, the SFR Business will be indirectly held by Bluerock Homes Trust, Inc. (“BHM”), a Maryland corporation, and the Operating Partnership, and, prior to the consummation of the Merger, the Company will distribute the common stock of BHM to the Company’s stockholders as of the record date for such distribution in a taxable distribution (the “Distribution”). Only holders of Company Warrants that are exercised so that the Company Common Stock issued in respect thereof is issued and outstanding as of the record date for the Distribution will be entitled to receive any common stock of BHM in the Distribution in respect of such Company Warrants. In connection with the Separation, the Operating Partnership will exchange its interests in an entity holding its multi-family residential real estate business with the Company as consideration for a redemption of all of the Company’s preferred interests in the Operating Partnership and a portion of our common units in the Operating Partnership (the “Redemption”). As a result, following the Redemption, the Operating Partnership will cease to hold interests in the Company’s multi-family residential real estate business, and will hold the assets related to the SFR Business. Most members of the Company’s senior management, along with certain entities related to them, have agreed to retain their interests in the Operating Partnership until the earlier of the Effective Time and the termination of the Merger Agreement, rather than redeeming their interests for cash or shares of Company Common Stock that will receive the Per Share Merger Consideration. As a result, following the Separation and the Distribution, the Company’s stockholders who receive shares of BHM in the Distribution are expected to indirectly own approximately 35% of the SFR Business, with holders of units in the Operating Partnership (other than BHM) expected to indirectly own an interest of approximately 65% of the SFR Business. In connection with the Separation and the Distribution, BHM and the Operating Partnership will enter into a management agreement with an affiliate of Bluerock providing for it to be externally managed thereby. The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants by the Company to use commercially reasonable efforts to conduct its business in all material respects in the ordinary course, subject to certain exceptions, during the period between the execution of the Merger Agreement and the consummation of the Merger. The obligations of Parent and Merger Sub to consummate the Merger are not subject to any financing condition or the receipt of any financing by Parent or Merger Sub. The consummation of the Merger is conditioned on the consummation of the Separation and the Distribution, as well as certain customary closing conditions. The Company has agreed not to solicit or enter into an agreement regarding a Company Takeover Proposal (as defined in the Merger Agreement) and is not permitted to enter into discussions or negotiations concerning, or provide information to a third party in connection with, any Company Takeover Proposal, in each case subject to certain exceptions that no longer apply following the approval of the Merger by the Company’s common stockholders. The Merger Agreement may be terminated under certain circumstances by the Company. In addition, Parent may terminate the Merger Agreement under certain circumstances and subject to certain restrictions. The Merger Agreement also may be terminated by either the Company or Parent if the Merger has not been completed on or prior to the date that is nine months after the date of the Merger Agreement, which date may be extended to complete the Separation and the Distribution, by the Company, up to the date that is ten months after the date of the Merger Agreement, or by Parent, up to the date that is twelve months after the date of the Merger Agreement. In connection with a termination of the Merger Agreement in certain circumstances, the Company will be required to pay a termination fee to Parent of $60 million. Upon termination of the Merger Agreement in certain other circumstances, Parent will be required to pay the Company a termination fee of $200 million. The foregoing description of the Merger Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is filed as Exhibit 2.1 to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on December 21, 2021. The Company expects the Separation, the Distribution and the Merger to be completed in the second half of 2022, subject to the satisfaction of the closing conditions set forth in the Merger Agreement.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of June 30, 2022, limited partners other than the Company owned approximately 26.76% of the common units of the Operating Partnership (14.14% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 12.62% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 4.60% which are not vested at June 30, 2022). Because the Company is the sole general partner of the Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company also consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. In cases where the Company holds a preferred equity investment in real estate joint ventures where the preferred equity interest must be redeemed by the issuing entity or is redeemable at the Company’s option, the preferred equity investment is accounted for as a held to maturity debt security. These preferred equity investments have a mandatory redemption provision, and the Company has the intent and ability to hold the investment until redemption. The preferred equity investments are included in the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future preferred equity investments and loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the ongoing pandemic of the novel coronavirus and variants thereof (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of shelter-in-place orders and similar government guidelines; and ● concentration of the Company’s properties in markets that may be more severely affected by the COVID-19 pandemic due to its significant negative impact on certain key economic drivers in those markets, such as travel and entertainment. The extent to which the COVID-19 pandemic and any resulting macro-economic changes impact the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. The Company had provided rent deferral payment plans as a result of hardships certain tenants experienced due to the impact of COVID-19, decreasing from 1% in the quarter ended June 30, 2020 to none in the quarter ended June 30, 2022. Although the Company may receive tenant requests for rent deferrals in the coming months, the Company does not expect to waive its contractual rights under its lease agreements. Further, while occupancy remains strong at 94.6% as of June 30, 2022, in future periods, the Company may experience reduced levels of tenant retention, and reduced foot traffic and lease applications from prospective tenants, as a result of the impact of COVID-19. Summary of Significant Accounting Policies Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC on March 11, 2022 for discussion of the Company’s significant accounting policies. During the six months ended June 30, 2022, there were no material changes to these policies. Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2021 contained in the Annual Report on Form 10-K as filed with the SEC on March 11, 2022. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity In January 2021, the FASB issued ASU No. 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”). The amendments in ASU 2021-01 permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from LIBOR and other interbank offered rates to alternative reference rates. The amendments in ASU 2021-01 are effective immediately and may be elected over time as reference rate reform activities occur through December 31, 2022. The Company has not elected the optional expedients, though it continues to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur.

Sale of Real Estate Assets

Sale of Real Estate Assets	6 Months Ended
Sale of Real Estate Assets	Jun. 30, 2022
Sale of Real Estate Assets
Sale of Real Estate Assets	Note 3 – Sale of Real Estate Assets Sale of Alexan CityCentre Interests On January 20, 2022, Alexan CityCentre, the underlying asset of an unconsolidated joint venture located in Houston, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $18.7 million, which included its original preferred equity investment of $18.2 million and accrued preferred return of $0.5 million. Sale of Reunion Apartments On February 25, 2022, Reunion Apartments, a property located in Orlando, Florida, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off for $12.5 million, which included principal repayment of $10.0 million, accrued interest of $1.5 million and an incremental payment of $1.0 million to achieve the minimum interest per the terms of the loan agreement. Sale of The Hartley at Blue Hill On February 28, 2022, The Hartley at Blue Hill, a property located in Chapel Hill, North Carolina, was sold. The mezzanine loan provided by the Company was paid off for $34.4 million, which included principal repayment of $31.0 million and accrued interest of $3.4 million. On April 29, 2022, the senior loan provided by the Company, which was secured by a parcel of land adjacent to The Hartley at Blue Hill property, was paid off for $5.0 million. Sale of Motif On March 24, 2022, Motif, a property located in Fort Lauderdale, Florida, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off for $87.2 million, which included principal repayment of $84.4 million and accrued interest of $2.8 million. The Company recorded a $3.9 million gain on sale representing its estimated promote interest share of proceeds that remained after the Company and joint venture members received full return of their capital contributions. The Company also has a $1.0 million receivable, which is included in due from affiliates in the Company’s consolidated balance sheet, representing the remaining proceeds that were not distributed as of quarter end. Partial sale of Strategic Portfolio Interests During 2022, three of the six assets underlying the Strategic joint venture (the “Strategic JV”), in which the Company had preferred equity investments, were sold as follows: Georgetown Crossing located in Savannah, Georgia sold on March 29, 2022; Park on the Square located in Pensacola, Florida sold on April 12, 2022; and The Commons located in Jacksonville, Florida sold on June 16, 2022. Upon the sales of Georgetown Crossing, Park on the Square and The Commons, the Company’s preferred equity investments therein were redeemed by the Strategic JV for $2.2 million, $5.9 million and $3.9 million, respectively. These redemption amounts included the Company’s original preferred equity investment, accrued preferred return and an exit fee. Refer to Note 7 for further information on the Strategic Portfolio. Sale of Domain at The One Forty On May 5, 2022, Domain at The One Forty, a property located in Garland, Texas, was sold. The mezzanine loan provided by the Company was paid off for $25.4 million, which included principal repayment and accrued interest. The Company recorded a $2.8 million gain on sale representing its estimated promote interest share of proceeds that remained after the Company and joint venture members received full return of their capital contributions. The Company also recorded a $0.5 million receivable, which is included in due from affiliates in the Company’s consolidated balance sheet, representing the remaining proceeds that were not distributed as of quarter end.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
Investments in Real Estate	Jun. 30, 2022
Investments in Real Estate
Investments in Real Estate	Note 4 – Investments in Real Estate As of June 30, 2022, the Company held seventy-four real estate investments, consisting of fifty-two consolidated operating investments and twenty-two investments held through preferred equity, loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity, loan and ground lease investments. Consolidated Operating Investments Number of Date Built / Ownership Name Location Units Renovated (1) Interest Multifamily ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 Phoenix, AZ 254 2013 100 % Burano Hunter’s Creek Orlando, FL 532 1999 100 % Carrington at Perimeter Park Morrisville, NC 266 2007 100 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Cielo on Gilbert Mesa, AZ 432 1985 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Elan Austin, TX 270 2007 100 % Element Las Vegas, NV 200 1995 100 % Falls at Forsyth Cumming, GA 356 2019 100 % Gulfshore Apartment Homes Naples, FL 368 2016 100 % Outlook at Greystone Birmingham, AL 300 2007 100 % Pine Lakes Preserve Port St. Lucie, FL 320 2003 100 % Providence Trail Mount Juliet, TN 334 2007 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The Debra Metrowest Orlando, FL 510 2001 100 % The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wesley Village Charlotte, NC 301 2010 100 % Windsor Falls Raleigh, NC 276 1994 100 % Total Multifamily Units 10,626 Number of Average Year Single-Family Residential (2) Market Units Built Ballast AZ / CO / WA 65 1999 95 % Golden Pacific IN / KS / MO 135 1975 97 % ILE TX / SE US 418 1990 95 % Navigator Villas Pasco, WA 176 2013 90 % Peak Axelrod Garland, TX 22 1959 80 % DFW 189 Dallas-Fort Worth, TX 189 1962 56 % Granbury Granbury, TX 36 2020-2021 80 % Granbury 2.0 Granbury, TX 34 2021-2022 80 % Indy Indianapolis, IN 44 1958 60 % Lubbock Lubbock, TX 60 1955 80 % Lubbock 2.0 Lubbock, TX 75 1972 80 % Lubbock 3.0 Lubbock, TX 45 1945 80 % Lynnwood Lubbock, TX 20 2005 80 % Lynnwood 2.0 Lubbock, TX 20 2003 80 % Savannah 319 Savannah, GA 39 2022 80 % Springfield Springfield, MO 290 2004 60 % Springtown Springtown, TX 70 1991 80 % Springtown 2.0 Springtown, TX 14 2018 80 % Texarkana Texarkana, TX 29 1967 80 % Texas Portfolio 183 Various / TX 183 1975 80 % Wayford at Concord Concord, NC 150 2019 83 % Yauger Park Villas Olympia, WA 80 2010 95 % Total Single-Family Units 2,194 Total Units 12,820 (1) Represents date of last significant renovation or year built if there were no renovations. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. Depreciation expense was $20.3 million and $18.4 million, and $40.2 million and $37.1 million for the three and six months ended June 30, 2022 and 2021, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. Amortization expense related to the in-place leases was $1.0 million and $1.4 million, and $2.7 million and $2.9 million for the three and six months ended June 30, 2022 and 2021, respectively. Preferred Equity, Loan and Ground Lease Investments Actual / Actual / Estimated Actual / Estimated Planned Initial Construction Lease-up Investment Name (1) Location / Market Number of Units Occupancy Completion Multifamily Zoey Austin, TX 307 4Q 2021 1Q 2022 Total Multifamily Units 307 Single-Family Residential Willow Park Willow Park, TX 46 2Q 2022 1Q 2023 Total Single-Family Units 46 Total Lease-up Units 353 Development Investment Name (1) Multifamily Avondale Hills Decatur, GA 240 1Q 2023 1Q 2023 Deerwood Apartments Houston, TX 330 4Q 2022 2Q 2023 Chandler Chandler, AZ 208 3Q 2023 4Q 2023 Orange City Apartments Orange City, FL 298 1Q 2023 4Q 2023 Lower Broadway San Antonio, TX 386 4Q 2023 2Q 2024 Total Multifamily Units 1,462 Single-Family Residential The Woods at Forest Hill Forest Hill, TX 76 1Q 2023 3Q 2023 The Cottages at Myrtle Beach Myrtle Beach, SC 294 2Q 2023 4Q 2023 The Cottages at Warner Robins Warner Robins, GA 251 3Q 2023 4Q 2023 The Cottages of Port St. Lucie Port St. Lucie, FL 286 1Q 2023 4Q 2023 Wayford at Innovation Park Charlotte, NC 210 3Q 2023 3Q 2024 Weatherford 185 (2) Weatherford, TX 185 — — Total Single-Family Units 1,302 Total Development Units 2,764 Operating Investment Name (1) Location / Market Number of Units Multifamily Deercross Indianapolis, IN 372 Hunter's Pointe (3) Pensacola, FL 204 Renew 3030 Mesa, AZ 126 Spring Parc Dallas, TX 304 The Crossings of Dawsonville Dawsonville, GA 216 The Reserve at Palmer Ranch (3) Sarasota, FL 320 The Riley Richardson, TX 262 Water's Edge (3) Pensacola, FL 184 Total Multifamily Units 1,988 Single-Family Residential Peak Housing (4) IN / MO / TX 474 Total Single-Family Units 474 Total Operating Units 2,462 Total Units 5,579 (1) Investments in which the Company has a preferred equity, loan or ground lease investment. Operating investments represent stabilized operating investments. Refer to Note 6 and Note 7 for further information. (2) The development is in the planning phase; final project specifications are in process. (3) These three operating investments are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. (4) Peak Housing consists of the Company’s preferred equity investments in a private single-family home REIT (refer to Note 7 for further information). Unit count excludes units presented in the consolidated operating investments table above.

Acquisition of Real Estate

Acquisition of Real Estate	6 Months Ended
Acquisition of Real Estate	Jun. 30, 2022
Acquisition of Real Estate
Acquisition of Real Estate	Note 5 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity and related new financing during the six months ended June 30, 2022 ($ in thousands): Number of Ownership Purchase Name Market Date (1) Units Interest Price Debt Single-Family Residential (2) Granbury 2.0 Granbury, TX March 11, 2022 34 80 % $ 7,650 $ 5,355 (3) Savannah 319 Savannah, GA March 17, 2022 19 80 % 4,465 — (4) Golden Pacific IN / KS / MO 1Q 2022 62 97 % 11,774 — (4) ILE TX / SE US 1Q 2022 31 95 % 7,011 9,974 (5) Ballast AZ / CO / WA 2Q 2022 65 95 % 26,100 — (4) Golden Pacific IN / KS / MO 2Q 2022 66 97 % 13,966 — (4) ILE TX / SE US 2Q 2022 108 95 % 27,804 8,802 (5) Savannah 319 Savannah, GA 2Q 2022 20 80 % 4,767 — (4) (1) For those acquisitions where the quarter is specified, the Company, on various dates throughout that specified quarter, acquired additional units that were added to the respective existing portfolios. For Ballast, the units acquired in the second quarter 2022 were the first acquisitions by the Company for the portfolio. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. (3) The $5.4 million mezzanine loan provided by the Company at the time of acquisition was converted into a common equity interest on April 1, 2022. Refer to the Peak Housing Interests and Financing disclosure in Note 7 for further information. (4) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (5) As there are five separate credit agreements under which the ILE portfolio acquisitions are financed, the debt amount represents the aggregate debt held through one or more of these credit agreements. Refer to Note 8 and Note 9 for further information. Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets based on their estimated fair values at the dates of acquisition. The following table summarizes the assets acquired at the acquisition date for acquisitions made during the six months ended June 30, 2022 (amounts in thousands): Purchase Price Allocation Land $ 19,955 Building 87,321 Building improvements 529 Furniture and fixtures 205 In-place leases 193 Total assets acquired $ 108,203

Notes and Interest Receivable

Notes and Interest Receivable	6 Months Ended
Notes and Interest Receivable	Jun. 30, 2022
Notes and Interest Receivable
Notes and Interest Receivable	Note 6 – Notes and Interest Receivable Following is a summary of the notes and accrued interest receivable due from loan investments as of June 30, 2022 and December 31, 2021 (amounts in thousands): June 30, December 31, Property 2022 2021 Avondale Hills $ 13,583 $ 12,874 Domain at The One Forty — 25,309 Motif — 85,375 Reunion Apartments — 11,382 The Hartley at Blue Hill — 38,942 Weatherford 185 9,540 — Total $ 23,123 $ 173,882 Provision for credit losses (5) (393) Total, net $ 23,118 $ 173,489 Provision for Credit Losses As of June 30, 2022, the Company’s provision for credit losses on its loan investments was immaterial on a carrying amount of $23.1 million of these investments. The provision for credit losses of the Company’s loan investments at June 30, 2022 and December 31, 2021 are summarized in the table below (amounts in thousands): June 30, December 31, 2022 2021 Beginning balances as of January 1, 2022 and 2021, respectively $ 393 $ 174 Provision for credit loss on pool of assets, net (1) (388) 219 Provision for credit losses, end of period $ 5 $ 393 (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The decrease in the provision during the six months ended June 30, 2022 was a result of the removal of four investments from the pool of assets and a decrease in the trailing twelve-month historical default rate. Following is a summary of the interest income from loan and ground lease investments for the three and six months ended June 30, 2022 and 2021 (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2022 2021 2022 2021 Avondale Hills $ 356 $ 286 $ 709 $ 403 Domain at The One Forty 83 244 270 483 Motif (1)(2) — 1,488 4,849 3,862 Reunion Apartments (1) — 303 187 593 The Hartley at Blue Hill (1) 40 1,035 784 2,058 Vickers Historic Roswell (3) — 463 — 903 Weatherford 185 291 — 432 — Zoey (4) 303 295 594 533 Total $ 1,073 $ 4,114 $ 7,825 $ 8,835 (1) In the first quarter 2022, the Motif, Reunion Apartments and The Hartley at Blue Hill properties were sold. Each mezzanine loan provided by the Company was paid off in full. The Hartley at Blue Hill senior loan provided by the Company was paid off in full in the second quarter 2022. (2) The Motif interest income for the six months ended June 30, 2022 includes $3.0 million of income recognized upon the sale of the property that was deferred in 2021 due to adjustments for straight line income recognition. (3) In the second quarter 2021, the Vickers Historic Roswell property was sold. The mezzanine loan provided by the Company was paid off in full upon the sale. (4) The ground lease investment is in lease-up and the full leasehold improvement allowance of $20.4 million has been fully funded and is included within accounts receivable, prepaids and other assets in the Company’s consolidated balance sheets. The occupancy percentages of the Company’s loan and ground lease investment properties at June 30, 2022 and December 31, 2021 are as follows: June 30, December 31, Property 2022 2021 Avondale Hills (1) (2) Weatherford 185 (1) — Zoey 74.6 % 15.6 % (1) The development had not commenced lease-up as of June 30, 2022. (2) The development had not commenced lease-up as of December 31, 2021. Domain at The One Forty Mezzanine Loan Financing On May 5, 2022, Domain at The One Forty, a property located in Garland, Texas, was sold. The mezzanine loan provided by the Company was paid off for $25.4 million, which included principal repayment and accrued interest. The Company recorded a $2.8 million gain on sale representing its estimated promote interest share of proceeds that remained after the Company and joint venture members received full return of their capital contributions. The Company also recorded a $0.5 million receivable, which is included in due from affiliates in the Company’s consolidated balance sheet, representing the remaining proceeds that were not distributed as of quarter end. Motif Mezzanine Loan Financing The Motif property was sold on March 24, 2022. The mezzanine loan provided by the Company was paid off for $87.2 million, which included principal repayment of $84.4 million and accrued interest of $2.8 million. The Company recorded a $3.9 million gain on sale representing its estimated promote interest share of proceeds that remained after the Company and joint venture members received full return of their capital contributions. The Company also has a $1.0 million receivable, which is included in due from affiliates in the Company’s consolidated balance sheet, representing the remaining proceeds that were not distributed as of quarter end. Reunion Apartments Mezzanine Loan Financing The Reunion Apartments property was sold on February 25, 2022. Upon the sale, the mezzanine loan provided by the Company was paid off for $12.5 million, which included principal repayment of $10.0 million, accrued interest of $1.5 million and an incremental payment of $1.0 million to achieve the minimum interest per the terms of the loan agreement. The Hartley at Blue Hill Loan Financing The Hartley at Blue Hill property was sold on February 28, 2022. The mezzanine loan provided by the Company was paid off for $34.4 million, which included principal repayment of $31.0 million and accrued interest of $3.4 million. On April 29, 2022, the senior loan provided by the Company, which was secured by a parcel of land adjacent to The Hartley at Blue Hill property, was paid off for $5.0 million. Weatherford 185 Mezzanine Loan Financing On February 15, 2022, the Company provided a $9.6 million mezzanine loan to an unaffiliated third party to purchase land in Weatherford, Texas for the development of approximately 185- build for rent, single-family residential units. The loan bears interest at a fixed rate of 12% per annum with interest-only payments during the term of the loan, unless subject to conditions upon extension. The loan was to initially mature on May 16, 2022, though during the second quarter 2022, the borrower exercised two of the loan’s three available thirty-day extension options, extending the maturity date to July 15, 2022. At the time of each such extension, the borrower was required to make a payment to the Company of $0.1 million toward the unpaid principal amount of the loan. At June 30, 2022, the outstanding loan balance was $9.4 million. The loan may be prepaid without penalty.

Preferred Equity Investments an

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	6 Months Ended
	Jun. 30, 2022
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures	Note 7 – Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of June 30, 2022 and December 31, 2021 is summarized in the table below (amounts in thousands): June 30, December 31, Property 2022 2021 Alexan CityCentre (1) $ — $ 18,261 Chandler 7,545 3,305 Deercross 4,000 4,000 Deerwood Apartments 16,452 9,245 Lower Broadway 9,913 908 Orange City Apartments 6,836 — Peak Housing 20,319 20,319 Renew 3030 7,060 7,060 Spring Parc 8,000 8,000 Strategic Portfolio (2) 16,350 28,212 The Cottages at Myrtle Beach 17,913 9,034 The Cottages at Warner Robins 8,828 — The Cottages of Port St. Lucie 17,196 7,260 The Crossings of Dawsonville 10,450 10,450 The Riley 6,961 6,961 The Woods at Forest Hill 2,833 442 Wayford at Innovation Park 2,520 — Willow Park 2,540 2,540 Other — 64 Total $ 165,716 $ 136,061 Provision for credit losses (160) (371) Total, net $ 165,556 $ 135,690 (1) The Company’s preferred equity investment was redeemed in the first quarter 2022. (2) During 2022, three of the Company’s six preferred equity investments in the Strategic joint venture were redeemed. The three remaining investments, Hunter’s Pointe, The Reserve at Palmer Ranch and Water’s Edge, are collectively known as the Strategic Portfolio. Provision for Credit Losses As of June 30, 2022, the Company’s provision for credit losses on its preferred equity investments was $0.2 million on a carrying amount of $165.7 million of these investments. The provision for credit losses of the Company’s preferred equity investments at June 30, 2022 and December 31, 2021 are summarized in the table below (amounts in thousands): June 30, December 31, 2022 2021 Beginning balances as of January 1, 2022 and 2021, respectively $ 371 $ 16,153 Provision for credit loss on pool of assets, net (1) (211) 148 Provision for credit loss – Alexan Southside Place (2) — (15,930) Provision for credit losses, end of period $ 160 $ 371 Recovery of previous provision for credit loss – Alexan Southside Place $ (292) $ — (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The decrease in the provision during the six months ended June 30, 2022 was a result of a decrease in the trailing twelve-month historical default rate and the removal of four investments from the pool of assets. (2) In the first quarter 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to the Company’s Form 10-K for the year ended December 31, 2021 as filed with the SEC on March 11, 2022 for further information. As of June 30, 2022, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in seventeen joint ventures. These seventeen equity investments are preferred equity investments that are classified as held to maturity debt securities as the Company has the intention and ability to hold the investments to maturity. The Company earns a fixed return on these investments, which is included within preferred returns on unconsolidated real estate joint ventures in its consolidated statements of operations. Each joint venture is the controlling member in an entity whose purpose is to develop or operate a multifamily apartment community or a portfolio of single-family residential homes. The preferred returns on the Company’s unconsolidated real estate joint ventures for the three and six months ended June 30, 2022 and 2021 are summarized below (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2022 2021 2022 2021 Alexan CityCentre $ — $ 714 $ 219 $ 1,377 Chandler 217 — 340 — Deercross 106 6 211 6 Deerwood Apartments 472 — 845 — Lower Broadway 219 — 279 — Mira Vista — 134 — 267 Orange City Apartments 168 — 201 — Peak Housing 470 235 936 235 Renew 3030 187 — 373 — Spring Parc 212 — 422 — Strategic Portfolio 581 791 1,349 1,501 The Conley — — — 405 The Cottages at Myrtle Beach 589 — 960 — The Cottages at Warner Robins 186 — 212 — The Cottages of Port St. Lucie 494 — 808 — The Crossings of Dawsonville 277 — 552 — The Riley 194 194 385 257 The Woods at Forest Hill 52 — 66 — Thornton Flats — 103 — 205 Wayford at Concord — 152 — 363 Wayford at Innovation Park 40 — 40 — Willow Park 83 — 166 — Total preferred returns on unconsolidated joint ventures $ 4,547 $ 2,329 $ 8,364 $ 4,616 The occupancy percentages of the Company’s unconsolidated real estate joint ventures at June 30, 2022 and December 31, 2021 are as follows: June 30, December 31, Property 2022 2021 Chandler (1) (2) Deercross 93.8 % 86.8 % Deerwood Apartments (1) (2) Lower Broadway (1) (2) Orange City Apartments (1) (2) Peak Housing 92.1 % 92.8 % Renew 3030 92.1 % 96.8 % Spring Parc 94.1 % 98.4 % Strategic Portfolio Hunter’s Pointe 98.0 % 98.5 % The Reserve at Palmer Ranch 96.9 % 97.5 % Water’s Edge 98.9 % 97.3 % The Cottages at Myrtle Beach (1) (2) The Cottages at Warner Robins (1) (2) The Cottages of Port St. Lucie (1) (2) The Crossings of Dawsonville 91.2 % 98.1 % The Riley 98.5 % 97.3 % The Woods at Forest Hill (1) (2) Wayford at Innovation Park (1) (2) Willow Park 2.2 % (2) (1) The development had not commenced lease-up as of June 30, 2022. (2) The development had not commenced lease-up as of December 31, 2021. Alexan CityCentre Interests On January 20, 2022, Alexan CityCentre, the underlying asset of the Alexan CityCentre JV, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the Alexan CityCentre JV for $18.7 million, which included its original preferred equity investment of $18.2 million and accrued preferred return of $0.5 million. Peak Housing Interests and Financing During 2021, the Company made common and preferred equity investments, along with the operating partnership of Peak Housing REIT (the “Peak REIT OP”), in fourteen portfolios of single-family residential homes. These fourteen portfolios constitute Peak Housing, which represents the aggregate of the Company’s preferred equity investments in these portfolios. During the first quarter 2022, the Company made common equity investments, along with the Peak REIT OP, in the following two portfolios of single-family residential homes: Granbury 2.0 and Savannah 319. In addition to its common and/or preferred equity investments, the Company, through wholly-owned lender-entities, provided the full mortgage or mezzanine loan to each of the fifteen (Savannah 319 excluded) respective portfolio owners. These portfolio owners are owned by joint ventures in which the Company has its common equity investments along with Peak REIT OP. To determine if consolidation of the joint ventures was appropriate, the Company evaluated the basis of consolidation under ASC 810: Consolidation using the voting interest equity method as it had determined that the joint ventures were not variable interest entities. As the Company has controlling voting interests and substantive participating rights of the joint ventures under the operating agreements, the Company determined that consolidation of the joint ventures was appropriate. As the entities through which the Company provided the loans (the lender-entities) and the entities to which the loans were provided (the property owners) consolidate into the Company’s financial statements, the loan receivable balances and the loan payable balances are eliminated through consolidation and therefore are not reflected in the Company’s consolidated balance sheets. In addition, the Company’s pro rata share of each loan’s interest expense incurred through the portfolio owner partially offsets, through consolidation, the Company’s interest income for each loan recognized at the wholly-owned lender-entity. The remaining interest income, which is attributable to interest incurred by Peak REIT OP as the noncontrolling interest in each portfolio, is reflected in net income (loss) attributable to common stockholders in the Company’s consolidated statements of operations. Through its impact on the net operations of the portfolio, Peak REIT OP’s pro rata share of each loan’s interest expense is reflected in net income (loss) attributable to noncontrolling interests partially owned properties in the Company’s consolidated statements of operations. On April 1, 2022, the mortgage or mezzanine loans provided by the Company to twelve of the fifteen respective portfolio owners were converted into a total of $66.2 million of common equity interests, which included the full principal loan balances in the aggregate amount of $61.6 million and an aggregate amount of $4.6 million representing the minimum interest associated with the respective loans. On May 10, 2022, the mortgage loans provided by the Company to two of the fifteen respective portfolio owners were converted into a total of $39.2 million of common equity interests, which included the full principal loan balances in the aggregate amount of $38.2 million and an aggregate amount of $1.0 million representing the minimum interest associated with the respective loans. As of June 30, 2022, one mezzanine loan remains outstanding that has been provided by the Company to a portfolio owner. Strategic Portfolio Interests During 2022, three of the six assets underlying the Strategic joint venture (the “Strategic JV”), in which the Company had preferred equity investments, were sold as follows: Georgetown Crossing located in Savannah, Georgia sold on March 29, 2022; Park on the Square located in Pensacola, Florida sold on April 12, 2022; and The Commons located in Jacksonville, Florida sold on June 16, 2022. Upon the sales of Georgetown Crossing, Park on the Square and The Commons, the Company’s preferred equity investments therein were redeemed by the Strategic JV for $2.2 million, $5.9 million and $3.9 million, respectively. These redemption amounts included the Company’s original preferred equity investment, accrued preferred return and an exit fee. The Company continues to earn a 7.5% current return and a 3.0% accrued return, for a total preferred return of 10.5% per annum, on its investments in Hunter’s Pointe and Water’s Edge, along with earning a 6.35% current return and a 5.15% accrued return, for a total preferred return of 11.5% per annum, on its investment in The Reserve at Palmer Ranch. These three remaining properties are collectively known as the Strategic Portfolio and are subject to individual property mortgage debt in the aggregate amount of $74.3 million.

Revolving Credit Facilities

Revolving Credit Facilities	6 Months Ended
Revolving Credit Facilities	Jun. 30, 2022
Revolving Credit Facilities
Revolving Credit Facilities	Note 8 – Revolving Credit Facilities The outstanding balances on the revolving credit facilities as of June 30, 2022 and December 31, 2021 are as follows (amounts in thousands): June 30, December 31, Revolving Credit Facilities 2022 2021 Amended Senior Credit Facility $ — $ — Amended Junior Credit Facility — — DB Credit Facility 35,000 — ILE Sunflower Credit Facility 14,407 — Total $ 49,407 $ — Amended Senior Credit Facility On March 6, 2020, the Company entered into the Amended Senior Credit Facility. The Amended Senior Credit Facility provides for a revolving loan with an initial commitment amount of $100 million, which commitment contains an accordion feature to a maximum total commitment of up to $350 million. Borrowings under the Amended Senior Credit Facility bear interest, at the Company’s option, at LIBOR plus 1.30% to 1.65% or the base rate plus 0.30% to 0.65% , depending on the Company’s leverage ratio. The Company pays an unused fee at an annual rate of 0.15% to 0.20% of the unused portion of the Amended Senior Credit Facility, depending on the borrowings outstanding. The Amended Senior Credit Facility matures on March 6, 2023 and contains two one-year extension options, subject to certain conditions. The Amended Senior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio and minimum tangible net worth. At June 30, 2022, the Company was in compliance with all covenants under the Amended Senior Credit Facility. The Company has guaranteed the obligations under the Amended Senior Credit Facility and has pledged certain assets as collateral. The Amended Senior Credit Facility provides the Company with the ability to issue up to $50 million in letters of credit. While the issuance of letters of credit does not increase the Company’s borrowings outstanding under the Amended Senior Credit Facility, it does reduce the availability of borrowings. At June 30, 2022, the Company had one outstanding letter of credit of $0.8 million. Amended Junior Credit Facility On September 21, 2021, the Company entered into the Amended Junior Credit Facility. The Amended Junior Credit Facility extended the maturity date of the credit facility to December 21, 2023 and included changes in certain financial and operating covenants. There were no other material changes in terms from the previous credit facility. The Amended Junior Credit Facility provides for a revolving loan with a maximum commitment amount of $72.5 million. Borrowings under the Amended Junior Credit Facility bear interest, at the Company’s option, at LIBOR plus 2.75% to 3.25% or the base rate plus 1.75% to 2.25% , depending on the Company’s leverage ratio. The Company pays an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the Amended Junior Credit Facility, depending on the borrowings outstanding. The Amended Junior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, minimum debt yield, minimum tangible net worth and minimum equity raise and collateral values. At June 30, 2022, the Company was in compliance with all covenants under the Amended Junior Credit Facility. The Company has guaranteed the obligations under the Amended Junior Credit Facility and has pledged certain assets as collateral. The availability of borrowings under the Amended Senior Credit Facility and Amended Junior Credit Facility at June 30, 2022 is based on the collateral and compliance with various ratios related to those assets and was approximately $114.2 million. Deutsche Bank Credit Facility (“DB Credit Facility”) On April 6, 2022, the Company entered into a credit facility with Deutsche Bank Securities Inc., as sole lead arranger, Deutsche Bank AG, New York Branch, as administrative agent, the financial institutions party thereto as lenders and Computershare Trust Company, N.A., as paying agent and calculation agent (the “DB Credit Facility”). The DB Credit Facility provides for a revolving loan with a maximum commitment amount of $150 million. Borrowings under the DB Credit Facility are limited to financings related to the acquisition, renovation, rehabilitation, maintenance and leasing of single-family residential properties owned by various Peak joint ventures. During the initial term of the DB Credit Facility, borrowings bear interest on the amount drawn at Term SOFR plus 2.80%, and borrowings can be prepaid without premium or penalty. The DB Credit Facility matures on April 6, 2024 and contains two (2) one-year extension options, subject to certain conditions. The DB Credit Facility contains certain financial and operating covenants, including maximum leverage ratio, minimum debt yield and minimum debt service coverage ratio. At June 30, 2022, the Company was in compliance with all covenants under the DB Credit Facility. The Company has guaranteed the obligations under the DB Credit Facility. The availability of borrowings under the DB Credit Facility at June 30, 2022 is based on the collateral and compliance with various ratios related to those assets and was approximately $10.5 million. ILE Sunflower Credit Facility On December 27, 2021, the Company’s unaffiliated joint venture partner, ILE, entered into a credit facility with Sunflower Bank, N.A. (the “ILE Sunflower Credit Facility”). The ILE Sunflower Credit Facility provides for a revolving loan with an initial commitment amount of $20 million, which commitment contains an accordion feature to a maximum total commitment of up to $50 million. The ILE Sunflower Credit Facility, along with four other separate non-revolving credit facilities (refer to Note 9 for further information), is used in the financing of acquisitions of single-family residential units. Borrowings under the ILE Sunflower Credit Facility bear interest at LIBOR plus 3.0%, subject to a rate floor, and can be prepaid without penalty or premium. The ILE Sunflower Credit Facility matures on December 27, 2024 and contains certain financial and operating covenants, including a minimum fixed charge coverage ratio. At June 30, 2022, ILE was in compliance with all covenants under the ILE Sunflower Credit Facility. A principal of ILE has guaranteed the obligations under the ILE Sunflower Credit Facility and the Company and ILE have pledged certain assets as collateral.

Mortgages Payable

Mortgages Payable	6 Months Ended
Mortgages Payable	Jun. 30, 2022
Mortgages Payable
Mortgages Payable	Note 9 – Mortgages Payable The following table summarizes certain information as of June 30, 2022 and December 31, 2021, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of June 30, 2022 June 30, December 31, Interest-only Property 2022 2021 Interest Rate through date Maturity Date Fixed Rate: ARIUM Westside $ 51,365 $ 51,841 3.68 % (1) August 1, 2023 Ashford Belmar 100,675 100,675 4.53 % December 2022 December 1, 2025 Avenue 25 (2) 36,566 36,566 4.18 % July 2022 July 1, 2027 Burano Hunter’s Creek 68,795 69,502 3.65 % (1) November 1, 2024 Carrington at Perimeter Park (3) 31,214 31,244 4.16 % (3) July 1, 2027 Chattahoochee Ridge 45,338 45,338 3.25 % December 2022 December 5, 2024 Citrus Tower 39,517 39,896 4.07 % (1) October 1, 2024 Denim (4) 101,205 101,205 3.41 % August 2024 August 1, 2029 Elan (5) 25,473 25,508 4.19 % (5) July 1, 2027 Element 29,260 29,260 3.63 % July 2022 July 1, 2026 Falls at Forsyth 19,099 19,265 4.35 % (1) July 1, 2025 Gulfshore Apartment Homes 46,345 46,345 3.26 % September 2022 September 1, 2029 ILE (6) 19,695 — 3.75 % (1) June 7, 2026 Navigator Villas (7) 20,200 20,361 4.57 % (1) June 1, 2028 Outlook at Greystone 21,749 21,930 4.30 % (1) June 1, 2025 Providence Trail 47,137 47,587 3.54 % (1) July 1, 2026 Roswell City Walk 48,540 49,050 3.63 % (1) December 1, 2026 The Brodie 32,527 32,876 3.71 % (1) December 1, 2023 The Debra Metrowest 63,463 63,982 4.43 % (1) May 1, 2025 The Links at Plum Creek 38,571 38,916 4.31 % (1) October 1, 2025 The Mills 24,450 24,731 4.21 % (1) January 1, 2025 The Preserve at Henderson Beach 48,490 48,490 3.26 % September 2028 September 1, 2029 The Sanctuary 33,707 33,707 3.31 % Interest-only August 1, 2029 Wesley Village 38,362 38,730 4.25 % (1) April 1, 2024 Windsor Falls 27,442 27,442 4.19 % November 2022 November 1, 2027 Yauger Park Villas (8) 14,784 14,921 4.86 % (1) April 1, 2026 Total Fixed Rate $ 1,073,969 $ 1,059,368 Floating Rate (9) : ARIUM Glenridge $ 48,530 $ 49,170 2.45 % (1) September 1, 2025 Chevy Chase 24,400 24,400 3.44 % September 2022 September 1, 2027 Cielo on Gilbert (10) 58,000 58,000 3.33 % January 2026 January 1, 2031 Falls at Forsyth 19,015 19,186 2.52 % (1) July 1, 2025 Fannie Facility Advance 13,936 13,936 3.72 % June 2022 June 1, 2027 Fannie Facility Second Advance (10) 12,880 12,880 3.42 % March 2023 March 1, 2028 ILE (11) 11,093 26,825 4.14 % (11) (11) Pine Lakes Preserve 42,728 42,728 4.10 % July 2025 July 1, 2030 Veranda at Centerfield 25,797 25,962 2.31 % (1) July 26, 2023 (12) Villages of Cypress Creek 33,520 33,520 3.67 % July 2022 July 1, 2027 Wayford at Concord (10) 32,973 — 2.95 % May 2027 May 1, 2029 Total Floating Rate $ 322,872 $ 306,607 Total $ 1,396,841 $ 1,365,975 Fair value adjustments 7,395 8,159 Deferred financing costs, net (11,160) (9,143) Total mortgages payable $ 1,393,076 $ 1,364,991 (1) The loan requires monthly payments of principal and interest. (2) The principal balance includes a $29.7 million senior loan at a fixed rate of 4.02% and a $6.9 million supplemental loan at a fixed rate of 4.86% . (3) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.7 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (4) The principal balance includes a $91.6 million senior loan at a fixed rate of 3.32% and a $9.6 million supplemental loan at a fixed rate of 4.22% . (5) The principal balance includes a $21.2 million senior loan at a fixed rate of 4.09% and a $4.3 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (6) ILE’s fixed rate debt represents the debt outstanding from one credit agreement. (7) The principal balance includes a $14.6 million senior loan at a fixed rate of 4.31% and a $5.6 million supplemental loan at a fixed rate of 5.23% . (8) The principal balance includes a $10.3 million senior loan at a fixed rate of 4.81% and a $4.5 million supplemental loan at a fixed rate of 4.96 %. (9) Other than Cielo on Gilbert, the Fannie Facility Second Advance, ILE and Wayford at Concord, the Company’s remaining floating rate loans bear interest at one-month LIBOR + margin. In June 2022, one-month LIBOR in effect was 1.12% . LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (10) The Cielo on Gilbert loan, the Fannie Facility Second Advance and the Wayford at Concord loan bear interest at the 30-day average SOFR + 2.61% , + 2.70% and + 2.23% , respectively. In June 2022, the 30-day average SOFR in effect was 0.72% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (11) ILE’s floating rate debt represents the aggregate debt outstanding across three separate credit agreements. Of the $11.1 million principal balance, $7.4 million held through two credit agreements requires monthly payments of principal and interest, while the remaining principal balance of $3.7 million held through one credit agreement has monthly payments that are currently interest-only. The three credit agreements have maturity dates ranging from 2022 to 2026 and bear interest at one-month LIBOR or prime rate plus margins ranging from 0.50% to 2.30% , subject to rate floors, and have current interest rates ranging from 3.50% to 5.25% with a weighted average interest rate of 4.14% as of June 30, 2022. (12) The loan has two (2) one-year extension options subject to certain conditions. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Loss on Extinguishment of Debt and Debt Modification Costs Upon repayment of or in conjunction with a material change (i.e. a 10% or greater difference in the cash flows between instruments) in the terms of an underlying debt agreement, the Company writes-off any unamortized deferred financing costs and fair market value adjustments related to the original debt that was extinguished. Prepayment penalties incurred on the early repayment of debt and costs incurred in a debt modification that are not capitalized are also included within loss on extinguishment of debt and debt modification costs on the consolidated statements of operations. Loss on extinguishment of debt and debt modification costs were zero and $0.6 $3.7 Refinancing of Wayford at Concord Upon its acquisition in June 2021, the Company and its unaffiliated joint venture partner (together, the “Wayford JV”) fully funded the purchase price of Wayford at Concord. On April 21, 2022, the Wayford JV entered into a $33.0 million floating rate loan, which is secured by the Wayford at Concord property, with the loan proceeds distributed to the Wayford JV members in accordance with the distribution provisions in the joint venture agreement. Master Credit Facility with Fannie Mae The Company previously entered into a Master Credit Facility Agreement issued through Fannie Mae’s Multifamily Delegated Underwriting and Servicing Program. Refer to the Company’s Form 10-K for the year ended December 31, 2021 as filed with the SEC on March 11, 2022 for further information. Debt maturities As of June 30, 2022, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2022 (July 1–December 31) $ 11,760 2023 127,300 2024 202,721 2025 332,877 2026 160,185 Thereafter 561,998 $ 1,396,841 Add: Unamortized fair value debt adjustment 7,395 Subtract: Deferred financing costs, net (11,160) Total $ 1,393,076 The net book value of real estate assets providing collateral for these above borrowings, including the revolving credit facilities (refer to Note 8 for further information) and Fannie Facility, was $2,005.0 million as of June 30, 2022. The mortgage loans encumbering the Company’s properties are generally nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. The mortgage loans generally have a period where a prepayment fee or yield maintenance would be required.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2022
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 10 – Fair Value of Financial Instruments Fair Value Measurements For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions; preference is given to observable inputs. In accordance with accounting principles generally accepted in the Unites States of America (“GAAP”) and as defined in ASC Topic 820, “Fair Value Measurement”, these two types of inputs create the following fair value hierarchy: ● Level 1: Quoted prices for identical instruments in active markets ● Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable ● Level 3: Significant inputs to the valuation model are unobservable If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. Financial Instrument Fair Value Disclosures As of June 30, 2022 and December 31, 2021, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to and due from affiliates, accounts payable, other accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Derivative Financial Instruments The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy. Fair Value of Debt As of June 30, 2022 and December 31, 2021, based on the discounted amount of future cash flows using rates currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $1,345.3 million and $1,388.3 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,404.2 million and $1,374.1 million, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs of the fair value hierarchy) for similar types of borrowing arrangements.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2022
Derivative Financial Instruments
Derivative Financial Instruments	Note 11 – Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. The Company’s objectives in using interest rate derivative financial instruments are to add stability to interest expense and to manage the Company’s exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The Company has not designated any of the interest rate derivatives as hedges. Although these derivative financial instruments were not designated or did not qualify for hedge accounting, the Company believes the derivative financial instruments are effective economic hedges against increases in interest rates. The Company does not use derivative financial instruments for trading or speculative purposes. As of June 30, 2022, the Company had interest rate caps which effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying floating interest rate for $346.8 million of the Company’s floating rate mortgage debt. The table below presents the classification and fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of June 30, 2022 and December 31, 2021 (amounts in thousands): Derivatives not designated as hedging Fair values of derivative instruments under ASC 815-20 Balance Sheet Location instruments June 30, December 31, 2022 2021 Interest rate caps Accounts receivable, prepaids and other assets $ 4,403 $ 185 The table below presents the classification and effect of the Company’s derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 (amounts in thousands): Derivatives not designated as hedging instruments Location of Gain or (Loss) The Effect of Derivative Instruments under ASC 815 ‑ 20 Recognized in Income on the Statements of Operations Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Interest rate caps Interest Expense $ 879 $ (20) $ 2,084 $ 15

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2022
Related Party Transactions
Related Party Transactions	Note 12 – Related Party Transactions Administrative Services Agreement In October 2017, the Company entered into an Administrative Services Agreement (the “Administrative Services Agreement”) with Bluerock Real Estate, LLC and its affiliate, Bluerock Real Estate Holdings, LLC (together “BRE”). Pursuant to the Administrative Services Agreement, BRE provides the Company with certain human resources, investor relations, marketing, legal and other administrative services (the “Services”). The Services are provided on an at-cost basis, generally allocated based on the use of such Services for the benefit of the Company’s business, and are invoiced on a quarterly basis. In addition, the Administrative Services Agreement permits certain employees of the Company to provide or cause to be provided services to BRE, on an at-cost basis, generally allocated based on the use of such services for the benefit of the business of BRE, and otherwise subject to the terms of the Services provided by BRE to the Company under the Administrative Services Agreement. Payment by the Company of invoices and other amounts payable under the Administrative Services Agreement will be made in cash or, in the sole discretion of the Board, in the form of LTIP Units. The term of the Administrative Services Agreement expires on October 31, 2022 unless the Company renews. The Administrative Services Agreement will automatically terminate (i) upon termination by the Company of all Services, or (ii) in the event of non-renewal by the Company. Pursuant to the Administrative Services Agreement, BRE is responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of BRE (or their affiliates or permitted subcontractors) assigned to perform the Services, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees. The Company and BRE also entered into a Leasehold Cost-Sharing Agreement (the “Leasehold Cost-Sharing Agreement”) with respect to the lease for their New York headquarters (the “NY Lease”) to provide for the allocation and sharing between BRE and the Company of the costs thereunder, including costs associated with tenant improvements. The NY Lease permits the Company and certain of its respective subsidiaries and/or affiliates to share occupancy of the New York headquarters with BRE. Under the NY Lease, the Company, through its Operating Partnership, issued a $750,000 letter of credit as a security deposit, and BRE is obligated under the Leasehold Cost-Sharing Agreement to indemnify and hold the Company harmless from loss if there is a claim under such letter of credit. Payment by the Company of any amounts payable under the Leasehold Cost-Sharing Agreement to BRE will be made in cash or, in the sole discretion of the Board, in the form of LTIP Units. Recorded as part of general and administrative expenses, operating expenses paid by BRE on behalf of the Company of $1.1 million and $0.7 million, and $2.2 million and $1.5 million were expensed during the three and six months ended June 30, 2022 and 2021, respectively. Operating expense reimbursements of $0.4 million for the first quarter 2022 were paid to BRE through the issuance of 14,705 LTIP Units on May 10, 2022. Pursuant to the terms of the Administrative Services Agreement, the Company paid operating expenses on behalf of BRE of $1.1 million and $0.6 million, and $2.3 million and $1.5 million for the three and six months ended June 30, 2022 and 2021, respectively. Operating expense reimbursements for the first quarter 2022 were paid to the Company in cash during the second quarter 2022. Pursuant to the terms of the Administrative Services Agreement (“ASA”) and the Leasehold Cost-Sharing Agreement (“CSA”), summarized below are the net related party amounts payable to BRE as of June 30, 2022 and December 31, 2021 (amounts in thousands): June 30, December 31, Amounts Payable to BRE, net 2022 2021 Operating and direct expense reimbursements under the ASA $ 404 $ 318 Offering expense reimbursements under the ASA — 94 Total amounts payable under the ASA, net $ 404 $ 412 Operating and direct expense reimbursements under the CSA 191 187 Total amounts payable to BRE, net $ 595 $ 599 As of June 30, 2022 and December 31, 2021, the Company had $1.5 million and $0.7 million, respectively, in receivables due from related parties other than BRE. The $1.5 million balance at June 30, 2022 represents the Company’s remaining estimated promote interest share of proceeds resulting from the sales of the Motif and Domain properties that were not distributed as of quarter end. Refer to Note 6 for further information.

Stockholders' Equity and Redeem

Stockholders' Equity and Redeemable Preferred Stock	6 Months Ended
Stockholders' Equity and Redeemable Preferred Stock	Jun. 30, 2022
Stockholders' Equity and Redeemable Preferred Stock
Stockholders' Equity and Redeemable Preferred Stock	Note 13 – Stockholders’ Equity and Redeemable Preferred Stock Net (Loss) Income Per Common Share Basic net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders, less dividends on restricted stock and LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net (loss) income attributable to common stockholders is computed by adjusting net (loss) income for the non-forfeitable dividends paid on restricted stock and non-vested LTIP Units. The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding: Class A common stock, $0.01 par value per share, and Class C common stock, $0.01 par value per share. Earnings per share is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one-for-one basis. The following table reconciles the components of basic and diluted net (loss) income per common share ($ in thousands): Three Months Ended Six Months Ended June 30, June, 2022 2021 2022 2021 Net (loss) income attributable to common stockholders $ (17,274) $ (5,429) $ (32,670) $ 18,152 Dividends on restricted stock and LTIP Units expected to vest (321) (384) (654) (767) Basic net (loss) income attributable to common stockholders $ (17,595) $ (5,813) $ (33,324) $ 17,385 Weighted average common shares outstanding (1) 30,022,451 28,129,862 29,239,514 25,623,537 Potential dilutive shares (2) — — — 64,993 Weighted average common shares outstanding and potential dilutive shares (1) 30,022,451 28,129,862 29,239,514 25,688,530 Net (loss) income per common share, basic $ (0.59) $ (0.21) $ (1.14) $ 0.68 Net (loss) income per common share, diluted $ (0.59) $ (0.21) $ (1.14) $ 0.68 (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three months ended June 30, 2022, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) Company Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 555,750 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 50,518 shares of Class A common stock. For the six months ended June 30, 2022, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) Company Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 556,936 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 50,063 shares of Class A common stock. For the three months ended June 30, 2021, potential vesting of restricted stock to employees for 53,988 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the six months ended June 30, 2021, the following are included in the diluted shares calculation: a) Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 11,932 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 53,061 shares of Class A common stock. The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common stock on a one-for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. Series T Redeemable Preferred Stock On November 19, 2021, the Company made the final issuance of Series T Preferred Stock pursuant to the Series T Preferred Offering, and upon the final issuance, the Series T Preferred Offering terminated pursuant to its terms. During the life of the Series T Preferred Offering, the Company issued a total of 28,369,906 shares of Series T Preferred Stock for net proceeds of approximately $638.3 million after commissions, dealer manager fees and discounts. During the six months ended June 30, 2022, the Company, at the request of holders, redeemed 36,771 shares of Series T Preferred Stock for $0.9 million in cash. Series B Redeemable Preferred Stock During the six months ended June 30, 2022, the Company, at the request of holders, redeemed 962 shares of Series B Preferred Stock for $0.9 million in cash. As of June 30, 2022, the Company had 55,127 outstanding Company Warrants from its offering of Series B Preferred Stock. The Company Warrants are exercisable by the holder at an exercise price of 120% of the market price per share of Class A common stock on the date of issuance of such Company Warrant, with a minimum exercise price of $10.00 per share. The market price per share of our Class A common stock was determined using the volume weighted average price per share of our Class A common stock for the 20 trading days prior to the date of issuance of such Company Warrant, subject to the minimum exercise price of $10.00 per share (subject to adjustment). One Company Warrant is exercisable by holder to purchase 20 shares of Class A common stock. The Company Warrants are exercisable one year following the date of issuance and expire four years following the date of issuance. During the six months ended June 30, 2022, a total of 185,658 Company Warrants were exercised into 2,222,199 shares of Class A common stock. The outstanding Company Warrants have exercise prices ranging from $10.70 to $14.71 per share. Operating Partnership and Long-Term Incentive Plan Units As of June 30, 2022, limited partners other than the Company owned approximately 26.76% of the common units of the Operating Partnership (5,881,776 OP Units, or 14.14%, is held by OP Unit holders, and 5,250,197 LTIP Units, or 12.62%, is held by LTIP Unit holders, including 4.60% which are not vested at June 30, 2022). Subject to certain restrictions set forth in the Operating Partnership’s Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable for cash. LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock, or, at the Company’s election, cash. Equity Incentive Plans LTIP Unit Grants On January 1, 2022, the Company granted an aggregate of 134,131 time-based LTIP Units and an aggregate of 268,265 performance-based LTIP Units to various executive officers under the Fourth Amended 2014 Incentive Plans pursuant to the executive officers’ employment or service agreements. The time-based LTIP Units vest over approximately three years, while the performance-based LTIP Units are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions. All such LTIP Unit grants require continuous employment for vesting. In addition, on January 1, 2022, the Company granted 3,546 LTIP Units pursuant to the Fourth Amended 2014 Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance and the Company recognized expense of $0.4 million immediately based on the fair value at the date of grant. On April 1, 2022, the Company granted 13,176 LTIP Units to an employee under the Incentive Plans. Such LTIP Units will vest in three equal installments on each anniversary of the date of grant. On February 28, 2022 and May 10, 2022, the Company granted an aggregate of 10,068 LTIP Units and 10,065 LTIP Units, respectively, to two executive officers under the Fourth Amended 2014 Incentive Plans in lieu of cash payment of an agreed upon portion of the executive officers’ base salary, with the remaining portion payable in cash, for the first and second quarter 2022, respectively. Such LTIP Units will vest on the first anniversary of the date of grant. On April 12, 2022, the Company granted an aggregate of 104,632 LTIP Units to various executive officers under the Fourth Amended 2014 Incentive Plans pursuant to the executive officers’ employment or service agreements in lieu of cash payment of annual incentive bonuses for the fiscal year ended December 31, 2021. Of the LTIP Units granted, 41,386 LTIP Units were fully vested upon issuance, with the remaining 63,246 LTIP Units to vest on the first anniversary of the date of grant. The Company recognizes compensation expense ratably over the requisite service periods for time-based LTIP Units based on the fair value at the date of grant; thus, the Company recognized compensation expense of approximately $1.0 million and $1.0 million, and $2.0 million and $2.0 million during the three and six months ended June 30, 2022 and 2021, respectively. The Company recognizes compensation expense based on the fair value at the date of grant and the probability of achievement of performance criteria over the performance period for performance-based LTIP Units; thus, the Company recognized compensation expense of approximately $1.0 million and $0.9 million, and $2.0 million and $1.7 million during the three and six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, there was $9.5 million of total unrecognized compensation expense related to unvested LTIP Units granted under the Incentive Plans. The remaining expense is expected to be recognized over a period of 2.0 years. Restricted Stock Grants Each April starting in 2019 through 2021, the Company provided restricted stock grants (“RSGs”) to employees under the Incentive Plans. Such RSGs will vest in three equal installments on each anniversary of the date of grant. The RSGs provided were comprised of an aggregate of 237,402 shares of Class A common stock with an aggregate fair value of $2.0 million. The Company recognized compensation expense for such RSGs of approximately $0.05 million and $0.1 million, and $0.2 million and $0.2 million during the three and six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, there was $0.2 million of total unrecognized compensation expense related to the unvested RSGs granted under the Incentive Plans. The remaining expense is expected to be recognized over the remaining 1.6 years. Distributions Payable to stockholders Declaration Date of record as of Amount Date Paid or Payable Class A Common Stock December 10, 2021 December 23, 2021 $ 0.162500 January 5, 2022 March 14, 2022 March 25, 2022 $ 0.162500 April 5, 2022 June 10, 2022 June 24, 2022 $ 0.162500 July 5, 2022 Class C Common Stock December 10, 2021 December 23, 2021 $ 0.162500 January 5, 2022 March 14, 2022 March 25, 2022 $ 0.162500 April 5, 2022 June 10, 2022 June 24, 2022 $ 0.162500 July 5, 2022 Series B Preferred Stock October 11, 2021 December 23, 2021 $ 5.00 January 5, 2022 January 14, 2022 January 25, 2022 $ 5.00 February 4, 2022 January 14, 2022 February 25, 2022 $ 5.00 March 4, 2022 January 14, 2022 March 25, 2022 $ 5.00 April 5, 2022 April 11, 2022 April 25, 2022 $ 5.00 May 5, 2022 May 13, 2022 May 25, 2022 $ 5.00 June 3, 2022 June 10, 2022 June 24, 2022 $ 5.00 July 5, 2022 Series C Preferred Stock December 10, 2021 December 23, 2021 $ 0.4765625 January 5, 2022 March 14, 2022 March 25, 2022 $ 0.4765625 April 5, 2022 June 10, 2022 June 24, 2022 $ 0.4765625 July 5, 2022 Series D Preferred Stock December 10, 2021 December 23, 2021 $ 0.4453125 January 5, 2022 March 14, 2022 March 25, 2022 $ 0.4453125 April 5, 2022 June 10, 2022 June 24, 2022 $ 0.4453125 July 5, 2022 Series T Preferred Stock October 11, 2021 December 23, 2021 $ 0.128125 January 5, 2022 January 14, 2022 January 25, 2022 $ 0.128125 February 4, 2022 January 14, 2022 February 25, 2022 $ 0.128125 March 4, 2022 January 14, 2022 March 25, 2022 $ 0.128125 April 5, 2022 April 11, 2022 April 25, 2022 $ 0.128125 May 5, 2022 May 13, 2022 May 25, 2022 $ 0.128125 June 3, 2022 June 10, 2022 June 24, 2022 $ 0.128125 July 5, 2022 A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Holders of OP Units and LTIP Units are entitled to receive “distribution equivalents” at the same time as dividends are paid to holders of the Company’s Class A common stock. The Company had a dividend reinvestment plan that allowed for participating stockholders to have their Class A common stock dividend distributions automatically reinvested in additional Class A common shares based on the average price of the Class A common shares on the investment date. The Company also had a dividend reinvestment plan that allowed for participating stockholders to have their Series T Preferred Stock dividend distributions automatically reinvested in additional shares of Series T Preferred Stock at a price of $25.00 per share. In December 2021, the Board approved the suspension of the dividend reinvestment plans until further notice. Distributions declared and paid for the six months ended June 30, 2022 were as follows (amounts in thousands): Distributions 2022 Declared Paid First Quarter Class A Common Stock $ 4,804 $ 4,361 Class C Common Stock 12 12 Series B Preferred Stock 5,383 5,386 Series C Preferred Stock 1,094 1,094 Series D Preferred Stock 1,235 1,235 Series T Preferred Stock 10,860 10,971 OP Units 958 1,027 LTIP Units 868 645 Total first quarter 2022 $ 25,214 $ 24,731 Second Quarter Class A Common Stock $ 4,937 $ 4,805 Class C Common Stock 12 12 Series B Preferred Stock 5,373 5,376 Series C Preferred Stock 1,094 1,094 Series D Preferred Stock 1,235 1,235 Series T Preferred Stock 10,855 10,857 OP Units 956 955 LTIP Units 824 1,190 Total second quarter 2022 $ 25,286 $ 25,524 Total $ 50,500 $ 50,255

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 14 – Commitments and Contingencies As of June 30, 2022, the aggregate amount of the Company’s contractual commitments to fund future cash obligations in certain of its preferred equity, loan and joint venture investments was $60.0 million. The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company.

Segment Information

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2022
Segment Information
Segment Information	Note 15 – Segment Information The Company owns and operates residential investments that generate rental and other property-related income through the leasing of units to a diverse base of tenants. The Chief Operating Decision Maker, which is comprised of several members of the Company’s executive management team, evaluates the performance of the Company’s operations and allocates financial and other resources by assessing the financial results of and future performance outlook for the Company’s two reportable segments: multifamily apartment communities (“Multifamily”) and single-family residential homes (“Single-family”). The Chief Operating Decision Maker’s primary financial measure for the Company’s operating performance is net operating income (“NOI”). NOI is a non-GAAP measure that the Company defines as total property revenues less total property operating expenses, excluding depreciation and amortization and interest. The Chief Operating Decision Maker evaluates the Company’s operating performance using NOI as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. The following table summarizes NOI by the Company’s reportable segments for the three and six months ended June 30, 2022 and 2021, and reconciles NOI to net (loss) income attributable to common stockholders on the Company’s consolidated statements of operations. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Rental and other property revenues Multifamily $ 50,839 $ 48,323 $ 100,486 $ 98,742 Single-family 7,676 1,398 14,528 2,061 Total rental and other property revenues 58,515 49,721 115,014 100,803 Property operating expenses Multifamily 18,032 18,522 35,136 38,099 Single-family 3,774 387 6,554 742 Total property operating expenses 21,806 18,909 41,690 38,841 Net operating income Multifamily 32,807 29,801 65,350 60,643 Single-family 3,902 1,011 7,974 1,319 Total net operating income 36,709 30,812 73,324 61,962 Reconciling items: Interest income from loan and ground lease investments 1,073 4,114 7,825 8,835 Property management fee expenses (2,104) (1,247) (3,974) (2,528) General and administrative expenses (7,284) (6,595) (15,204) (13,240) Acquisition and pursuit costs (71) (3) (116) (15) Weather-related losses, net — — — (400) Depreciation and amortization (21,425) (19,926) (43,456) (40,250) Other income 198 57 1,184 209 Preferred returns on unconsolidated real estate joint ventures 4,547 2,329 8,364 4,616 Provision for credit losses 134 (26) 930 (567) Gain on sale of real estate investments — 19,429 — 88,342 Gain on sale of unconsolidated joint venture 2,802 — 6,694 — Transaction costs (2,158) — (9,703) — Loss on extinguishment of debt and debt modification costs — (647) — (3,687) Interest expense, net (13,373) (13,460) (24,918) (27,294) Net (loss) income (952) 14,837 950 75,983 Preferred stock dividends (18,557) (14,367) (37,129) (28,984) Preferred stock accretion (5,639) (7,290) (10,845) (14,312) Net (loss) income attributable to noncontrolling interests Operating partnership units (6,108) (1,978) (11,924) 8,182 Partially-owned properties (1,766) 587 (2,430) 6,353 Net (loss) income attributable to noncontrolling interests (7,874) (1,391) (14,354) 14,535 Net (loss) income attributable to common stockholders $ (17,274) $ (5,429) $ (32,670) $ 18,152 The following table summarizes the assets of the Company’s reportable segments as of June 30, 2022 and December 31, 2021 (amounts in thousands): June 30, December 31, 2022 2021 Assets Net Real Estate Investments Multifamily $ 1,700,308 $ 1,729,214 Single-family 427,212 318,084 Total Net Real Estate Investments 2,127,520 2,047,298 Reconciling items: Cash and cash equivalents 244,924 166,492 Restricted cash 30,807 30,015 Notes and accrued interest receivable, net 23,118 173,489 Due from affiliates 1,536 711 Accounts receivable, prepaids and other assets, net 48,543 43,108 Preferred equity investments and investments in unconsolidated real estate joint ventures, net 165,556 135,690 In-place lease intangible assets, net 97 2,530 Total Consolidated Assets $ 2,642,101 $ 2,599,333

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2022
Subsequent Events
Subsequent Events	Note 16 – Subsequent Events Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock July 11, 2022 July 25, 2022 $ 5.00 August 5, 2022 Series T Preferred Stock July 11, 2022 July 25, 2022 $ 0.128125 August 5, 2022 Distributions Paid The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP Units and LTIP Units, subsequent to June 30, 2022 (amounts in thousands): Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock June 10, 2022 June 24, 2022 July 5, 2022 $ 0.1625000 $ 4,937 Class C Common Stock June 10, 2022 June 24, 2022 July 5, 2022 0.1625000 12 Series B Preferred Stock June 10, 2022 June 24, 2022 July 5, 2022 5.0000000 1,791 Series C Preferred Stock June 10, 2022 June 24, 2022 July 5, 2022 0.4765625 1,094 Series D Preferred Stock June 10, 2022 June 24, 2022 July 5, 2022 0.4453125 1,235 Series T Preferred Stock June 10, 2022 June 24, 2022 July 5, 2022 0.1281250 3,618 OP Units June 10, 2022 June 24, 2022 July 5, 2022 0.1625000 956 LTIP Units June 10, 2022 June 24, 2022 July 5, 2022 0.1625000 661 Series B Preferred Stock July 11, 2022 July 25, 2022 August 5, 2022 5.0000000 1,791 Series T Preferred Stock July 11, 2022 July 25, 2022 August 5, 2022 0.1281250 3,618 Total $ 19,713 Weatherford 185 Mezzanine Loan Financing In July 2022, the borrower exercised the last of the loan’s thirty-day extension options, extending the maturity date to mid-August 2022. Upon the exercise, the borrower was required to make a payment to the Company of $0.1 million toward the unpaid principal balance of the loan. On July 22, 2022, the loan provided by the Company was paid off for $9.4 million, which included principal repayment of $9.3 million and accrued interest of $0.1 million.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of June 30, 2022, limited partners other than the Company owned approximately 26.76% of the common units of the Operating Partnership (14.14% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 12.62% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 4.60% which are not vested at June 30, 2022). Because the Company is the sole general partner of the Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company also consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. In cases where the Company holds a preferred equity investment in real estate joint ventures where the preferred equity interest must be redeemed by the issuing entity or is redeemable at the Company’s option, the preferred equity investment is accounted for as a held to maturity debt security. These preferred equity investments have a mandatory redemption provision, and the Company has the intent and ability to hold the investment until redemption. The preferred equity investments are included in the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future preferred equity investments and loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation.
Significant Risks and Uncertainties	Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the ongoing pandemic of the novel coronavirus and variants thereof (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of shelter-in-place orders and similar government guidelines; and ● concentration of the Company’s properties in markets that may be more severely affected by the COVID-19 pandemic due to its significant negative impact on certain key economic drivers in those markets, such as travel and entertainment. The extent to which the COVID-19 pandemic and any resulting macro-economic changes impact the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. The Company had provided rent deferral payment plans as a result of hardships certain tenants experienced due to the impact of COVID-19, decreasing from 1% in the quarter ended June 30, 2020 to none in the quarter ended June 30, 2022. Although the Company may receive tenant requests for rent deferrals in the coming months, the Company does not expect to waive its contractual rights under its lease agreements. Further, while occupancy remains strong at 94.6% as of June 30, 2022, in future periods, the Company may experience reduced levels of tenant retention, and reduced foot traffic and lease applications from prospective tenants, as a result of the impact of COVID-19.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC on March 11, 2022 for discussion of the Company’s significant accounting policies. During the six months ended June 30, 2022, there were no material changes to these policies.
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2021 contained in the Annual Report on Form 10-K as filed with the SEC on March 11, 2022.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity In January 2021, the FASB issued ASU No. 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”). The amendments in ASU 2021-01 permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from LIBOR and other interbank offered rates to alternative reference rates. The amendments in ASU 2021-01 are effective immediately and may be elected over time as reference rate reform activities occur through December 31, 2022. The Company has not elected the optional expedients, though it continues to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
Investments in Real Estate (Tables)	Jun. 30, 2022
Investments in Real Estate
Schedule Of Equity Method Investments And Consolidation Accounting Investments	As of June 30, 2022, the Company held seventy-four real estate investments, consisting of fifty-two consolidated operating investments and twenty-two investments held through preferred equity, loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity, loan and ground lease investments. Consolidated Operating Investments Number of Date Built / Ownership Name Location Units Renovated (1) Interest Multifamily ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 Phoenix, AZ 254 2013 100 % Burano Hunter’s Creek Orlando, FL 532 1999 100 % Carrington at Perimeter Park Morrisville, NC 266 2007 100 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Cielo on Gilbert Mesa, AZ 432 1985 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Elan Austin, TX 270 2007 100 % Element Las Vegas, NV 200 1995 100 % Falls at Forsyth Cumming, GA 356 2019 100 % Gulfshore Apartment Homes Naples, FL 368 2016 100 % Outlook at Greystone Birmingham, AL 300 2007 100 % Pine Lakes Preserve Port St. Lucie, FL 320 2003 100 % Providence Trail Mount Juliet, TN 334 2007 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The Debra Metrowest Orlando, FL 510 2001 100 % The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wesley Village Charlotte, NC 301 2010 100 % Windsor Falls Raleigh, NC 276 1994 100 % Total Multifamily Units 10,626 Number of Average Year Single-Family Residential (2) Market Units Built Ballast AZ / CO / WA 65 1999 95 % Golden Pacific IN / KS / MO 135 1975 97 % ILE TX / SE US 418 1990 95 % Navigator Villas Pasco, WA 176 2013 90 % Peak Axelrod Garland, TX 22 1959 80 % DFW 189 Dallas-Fort Worth, TX 189 1962 56 % Granbury Granbury, TX 36 2020-2021 80 % Granbury 2.0 Granbury, TX 34 2021-2022 80 % Indy Indianapolis, IN 44 1958 60 % Lubbock Lubbock, TX 60 1955 80 % Lubbock 2.0 Lubbock, TX 75 1972 80 % Lubbock 3.0 Lubbock, TX 45 1945 80 % Lynnwood Lubbock, TX 20 2005 80 % Lynnwood 2.0 Lubbock, TX 20 2003 80 % Savannah 319 Savannah, GA 39 2022 80 % Springfield Springfield, MO 290 2004 60 % Springtown Springtown, TX 70 1991 80 % Springtown 2.0 Springtown, TX 14 2018 80 % Texarkana Texarkana, TX 29 1967 80 % Texas Portfolio 183 Various / TX 183 1975 80 % Wayford at Concord Concord, NC 150 2019 83 % Yauger Park Villas Olympia, WA 80 2010 95 % Total Single-Family Units 2,194 Total Units 12,820 (1) Represents date of last significant renovation or year built if there were no renovations. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats.
Schedule Of Development Properties In Real Estate	Preferred Equity, Loan and Ground Lease Investments Actual / Actual / Estimated Actual / Estimated Planned Initial Construction Lease-up Investment Name (1) Location / Market Number of Units Occupancy Completion Multifamily Zoey Austin, TX 307 4Q 2021 1Q 2022 Total Multifamily Units 307 Single-Family Residential Willow Park Willow Park, TX 46 2Q 2022 1Q 2023 Total Single-Family Units 46 Total Lease-up Units 353 Development Investment Name (1) Multifamily Avondale Hills Decatur, GA 240 1Q 2023 1Q 2023 Deerwood Apartments Houston, TX 330 4Q 2022 2Q 2023 Chandler Chandler, AZ 208 3Q 2023 4Q 2023 Orange City Apartments Orange City, FL 298 1Q 2023 4Q 2023 Lower Broadway San Antonio, TX 386 4Q 2023 2Q 2024 Total Multifamily Units 1,462 Single-Family Residential The Woods at Forest Hill Forest Hill, TX 76 1Q 2023 3Q 2023 The Cottages at Myrtle Beach Myrtle Beach, SC 294 2Q 2023 4Q 2023 The Cottages at Warner Robins Warner Robins, GA 251 3Q 2023 4Q 2023 The Cottages of Port St. Lucie Port St. Lucie, FL 286 1Q 2023 4Q 2023 Wayford at Innovation Park Charlotte, NC 210 3Q 2023 3Q 2024 Weatherford 185 (2) Weatherford, TX 185 — — Total Single-Family Units 1,302 Total Development Units 2,764 Operating Investment Name (1) Location / Market Number of Units Multifamily Deercross Indianapolis, IN 372 Hunter's Pointe (3) Pensacola, FL 204 Renew 3030 Mesa, AZ 126 Spring Parc Dallas, TX 304 The Crossings of Dawsonville Dawsonville, GA 216 The Reserve at Palmer Ranch (3) Sarasota, FL 320 The Riley Richardson, TX 262 Water's Edge (3) Pensacola, FL 184 Total Multifamily Units 1,988 Single-Family Residential Peak Housing (4) IN / MO / TX 474 Total Single-Family Units 474 Total Operating Units 2,462 Total Units 5,579 (1) Investments in which the Company has a preferred equity, loan or ground lease investment. Operating investments represent stabilized operating investments. Refer to Note 6 and Note 7 for further information. (2) The development is in the planning phase; final project specifications are in process. (3) These three operating investments are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. (4) Peak Housing consists of the Company’s preferred equity investments in a private single-family home REIT (refer to Note 7 for further information). Unit count excludes units presented in the consolidated operating investments table above.

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	6 Months Ended
Acquisition of Real Estate (Tables)	Jun. 30, 2022
Acquisition of Real Estate
Schedule of acquisition activity and related new financing of real estate Properties	The following describes the Company’s significant acquisition activity and related new financing during the six months ended June 30, 2022 ($ in thousands): Number of Ownership Purchase Name Market Date (1) Units Interest Price Debt Single-Family Residential (2) Granbury 2.0 Granbury, TX March 11, 2022 34 80 % $ 7,650 $ 5,355 (3) Savannah 319 Savannah, GA March 17, 2022 19 80 % 4,465 — (4) Golden Pacific IN / KS / MO 1Q 2022 62 97 % 11,774 — (4) ILE TX / SE US 1Q 2022 31 95 % 7,011 9,974 (5) Ballast AZ / CO / WA 2Q 2022 65 95 % 26,100 — (4) Golden Pacific IN / KS / MO 2Q 2022 66 97 % 13,966 — (4) ILE TX / SE US 2Q 2022 108 95 % 27,804 8,802 (5) Savannah 319 Savannah, GA 2Q 2022 20 80 % 4,767 — (4) (1) For those acquisitions where the quarter is specified, the Company, on various dates throughout that specified quarter, acquired additional units that were added to the respective existing portfolios. For Ballast, the units acquired in the second quarter 2022 were the first acquisitions by the Company for the portfolio. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. (3) The $5.4 million mezzanine loan provided by the Company at the time of acquisition was converted into a common equity interest on April 1, 2022. Refer to the Peak Housing Interests and Financing disclosure in Note 7 for further information. (4) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (5) As there are five separate credit agreements under which the ILE portfolio acquisitions are financed, the debt amount represents the aggregate debt held through one or more of these credit agreements. Refer to Note 8 and Note 9 for further information.
Schedule of Real Estate Properties	The following table summarizes the assets acquired at the acquisition date for acquisitions made during the six months ended June 30, 2022 (amounts in thousands): Purchase Price Allocation Land $ 19,955 Building 87,321 Building improvements 529 Furniture and fixtures 205 In-place leases 193 Total assets acquired $ 108,203

Notes and Interest Receivable (

Notes and Interest Receivable (Tables)	6 Months Ended
Notes and Interest Receivable (Tables)	Jun. 30, 2022
Notes and Interest Receivable
Summary of the notes and accrued interest receivable due from related parties	Following is a summary of the notes and accrued interest receivable due from loan investments as of June 30, 2022 and December 31, 2021 (amounts in thousands): June 30, December 31, Property 2022 2021 Avondale Hills $ 13,583 $ 12,874 Domain at The One Forty — 25,309 Motif — 85,375 Reunion Apartments — 11,382 The Hartley at Blue Hill — 38,942 Weatherford 185 9,540 — Total $ 23,123 $ 173,882 Provision for credit losses (5) (393) Total, net $ 23,118 $ 173,489
Summary of changes in provision for credit losses	The provision for credit losses of the Company’s loan investments at June 30, 2022 and December 31, 2021 are summarized in the table below (amounts in thousands): June 30, December 31, 2022 2021 Beginning balances as of January 1, 2022 and 2021, respectively $ 393 $ 174 Provision for credit loss on pool of assets, net (1) (388) 219 Provision for credit losses, end of period $ 5 $ 393 (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The decrease in the provision during the six months ended June 30, 2022 was a result of the removal of four investments from the pool of assets and a decrease in the trailing twelve-month historical default rate.
Summary of the interest income from related parties and ground leases	Following is a summary of the interest income from loan and ground lease investments for the three and six months ended June 30, 2022 and 2021 (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2022 2021 2022 2021 Avondale Hills $ 356 $ 286 $ 709 $ 403 Domain at The One Forty 83 244 270 483 Motif (1)(2) — 1,488 4,849 3,862 Reunion Apartments (1) — 303 187 593 The Hartley at Blue Hill (1) 40 1,035 784 2,058 Vickers Historic Roswell (3) — 463 — 903 Weatherford 185 291 — 432 — Zoey (4) 303 295 594 533 Total $ 1,073 $ 4,114 $ 7,825 $ 8,835 (1) In the first quarter 2022, the Motif, Reunion Apartments and The Hartley at Blue Hill properties were sold. Each mezzanine loan provided by the Company was paid off in full. The Hartley at Blue Hill senior loan provided by the Company was paid off in full in the second quarter 2022. (2) The Motif interest income for the six months ended June 30, 2022 includes $3.0 million of income recognized upon the sale of the property that was deferred in 2021 due to adjustments for straight line income recognition. (3) In the second quarter 2021, the Vickers Historic Roswell property was sold. The mezzanine loan provided by the Company was paid off in full upon the sale. (4) The ground lease investment is in lease-up and the full leasehold improvement allowance of $20.4 million has been fully funded and is included within accounts receivable, prepaids and other assets in the Company’s consolidated balance sheets.
Schedule of occupancy percentages of the Company's related parties	The occupancy percentages of the Company’s loan and ground lease investment properties at June 30, 2022 and December 31, 2021 are as follows: June 30, December 31, Property 2022 2021 Avondale Hills (1) (2) Weatherford 185 (1) — Zoey 74.6 % 15.6 % (1) The development had not commenced lease-up as of June 30, 2022. (2) The development had not commenced lease-up as of December 31, 2021.

Preferred Equity Investments _2

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2022
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Schedule of Equity Method Investments	The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of June 30, 2022 and December 31, 2021 is summarized in the table below (amounts in thousands): June 30, December 31, Property 2022 2021 Alexan CityCentre (1) $ — $ 18,261 Chandler 7,545 3,305 Deercross 4,000 4,000 Deerwood Apartments 16,452 9,245 Lower Broadway 9,913 908 Orange City Apartments 6,836 — Peak Housing 20,319 20,319 Renew 3030 7,060 7,060 Spring Parc 8,000 8,000 Strategic Portfolio (2) 16,350 28,212 The Cottages at Myrtle Beach 17,913 9,034 The Cottages at Warner Robins 8,828 — The Cottages of Port St. Lucie 17,196 7,260 The Crossings of Dawsonville 10,450 10,450 The Riley 6,961 6,961 The Woods at Forest Hill 2,833 442 Wayford at Innovation Park 2,520 — Willow Park 2,540 2,540 Other — 64 Total $ 165,716 $ 136,061 Provision for credit losses (160) (371) Total, net $ 165,556 $ 135,690 (1) The Company’s preferred equity investment was redeemed in the first quarter 2022. (2) During 2022, three of the Company’s six preferred equity investments in the Strategic joint venture were redeemed. The three remaining investments, Hunter’s Pointe, The Reserve at Palmer Ranch and Water’s Edge, are collectively known as the Strategic Portfolio. Provision for Credit Losses As of June 30, 2022, the Company’s provision for credit losses on its preferred equity investments was $0.2 million on a carrying amount of $165.7 million of these investments. The provision for credit losses of the Company’s preferred equity investments at June 30, 2022 and December 31, 2021 are summarized in the table below (amounts in thousands): June 30, December 31, 2022 2021 Beginning balances as of January 1, 2022 and 2021, respectively $ 371 $ 16,153 Provision for credit loss on pool of assets, net (1) (211) 148 Provision for credit loss – Alexan Southside Place (2) — (15,930) Provision for credit losses, end of period $ 160 $ 371 Recovery of previous provision for credit loss – Alexan Southside Place $ (292) $ — (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The decrease in the provision during the six months ended June 30, 2022 was a result of a decrease in the trailing twelve-month historical default rate and the removal of four investments from the pool of assets. (2) In the first quarter 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to the Company’s Form 10-K for the year ended December 31, 2021 as filed with the SEC on March 11, 2022 for further information.
Schedule of preferred returns on the company	The preferred returns on the Company’s unconsolidated real estate joint ventures for the three and six months ended June 30, 2022 and 2021 are summarized below (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2022 2021 2022 2021 Alexan CityCentre $ — $ 714 $ 219 $ 1,377 Chandler 217 — 340 — Deercross 106 6 211 6 Deerwood Apartments 472 — 845 — Lower Broadway 219 — 279 — Mira Vista — 134 — 267 Orange City Apartments 168 — 201 — Peak Housing 470 235 936 235 Renew 3030 187 — 373 — Spring Parc 212 — 422 — Strategic Portfolio 581 791 1,349 1,501 The Conley — — — 405 The Cottages at Myrtle Beach 589 — 960 — The Cottages at Warner Robins 186 — 212 — The Cottages of Port St. Lucie 494 — 808 — The Crossings of Dawsonville 277 — 552 — The Riley 194 194 385 257 The Woods at Forest Hill 52 — 66 — Thornton Flats — 103 — 205 Wayford at Concord — 152 — 363 Wayford at Innovation Park 40 — 40 — Willow Park 83 — 166 — Total preferred returns on unconsolidated joint ventures $ 4,547 $ 2,329 $ 8,364 $ 4,616
Schedule Of Occupancy Percentages Of The Companys Unconsolidated Real Estate Joint Ventures	The occupancy percentages of the Company’s unconsolidated real estate joint ventures at June 30, 2022 and December 31, 2021 are as follows: June 30, December 31, Property 2022 2021 Chandler (1) (2) Deercross 93.8 % 86.8 % Deerwood Apartments (1) (2) Lower Broadway (1) (2) Orange City Apartments (1) (2) Peak Housing 92.1 % 92.8 % Renew 3030 92.1 % 96.8 % Spring Parc 94.1 % 98.4 % Strategic Portfolio Hunter’s Pointe 98.0 % 98.5 % The Reserve at Palmer Ranch 96.9 % 97.5 % Water’s Edge 98.9 % 97.3 % The Cottages at Myrtle Beach (1) (2) The Cottages at Warner Robins (1) (2) The Cottages of Port St. Lucie (1) (2) The Crossings of Dawsonville 91.2 % 98.1 % The Riley 98.5 % 97.3 % The Woods at Forest Hill (1) (2) Wayford at Innovation Park (1) (2) Willow Park 2.2 % (2) (1) The development had not commenced lease-up as of June 30, 2022. (2) The development had not commenced lease-up as of December 31, 2021.

Revolving Credit Facilities (Ta

Revolving Credit Facilities (Tables)	6 Months Ended
Revolving Credit Facilities (Tables)	Jun. 30, 2022
Revolving Credit Facilities
Schedule of Line of Credit Facilities	The outstanding balances on the revolving credit facilities as of June 30, 2022 and December 31, 2021 are as follows (amounts in thousands): June 30, December 31, Revolving Credit Facilities 2022 2021 Amended Senior Credit Facility $ — $ — Amended Junior Credit Facility — — DB Credit Facility 35,000 — ILE Sunflower Credit Facility 14,407 — Total $ 49,407 $ —

Mortgages Payable (Tables)

Mortgages Payable (Tables)	6 Months Ended
Mortgages Payable (Tables)	Jun. 30, 2022
Mortgages Payable
Schedule of senior mortgage indebtedness	The following table summarizes certain information as of June 30, 2022 and December 31, 2021, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of June 30, 2022 June 30, December 31, Interest-only Property 2022 2021 Interest Rate through date Maturity Date Fixed Rate: ARIUM Westside $ 51,365 $ 51,841 3.68 % (1) August 1, 2023 Ashford Belmar 100,675 100,675 4.53 % December 2022 December 1, 2025 Avenue 25 (2) 36,566 36,566 4.18 % July 2022 July 1, 2027 Burano Hunter’s Creek 68,795 69,502 3.65 % (1) November 1, 2024 Carrington at Perimeter Park (3) 31,214 31,244 4.16 % (3) July 1, 2027 Chattahoochee Ridge 45,338 45,338 3.25 % December 2022 December 5, 2024 Citrus Tower 39,517 39,896 4.07 % (1) October 1, 2024 Denim (4) 101,205 101,205 3.41 % August 2024 August 1, 2029 Elan (5) 25,473 25,508 4.19 % (5) July 1, 2027 Element 29,260 29,260 3.63 % July 2022 July 1, 2026 Falls at Forsyth 19,099 19,265 4.35 % (1) July 1, 2025 Gulfshore Apartment Homes 46,345 46,345 3.26 % September 2022 September 1, 2029 ILE (6) 19,695 — 3.75 % (1) June 7, 2026 Navigator Villas (7) 20,200 20,361 4.57 % (1) June 1, 2028 Outlook at Greystone 21,749 21,930 4.30 % (1) June 1, 2025 Providence Trail 47,137 47,587 3.54 % (1) July 1, 2026 Roswell City Walk 48,540 49,050 3.63 % (1) December 1, 2026 The Brodie 32,527 32,876 3.71 % (1) December 1, 2023 The Debra Metrowest 63,463 63,982 4.43 % (1) May 1, 2025 The Links at Plum Creek 38,571 38,916 4.31 % (1) October 1, 2025 The Mills 24,450 24,731 4.21 % (1) January 1, 2025 The Preserve at Henderson Beach 48,490 48,490 3.26 % September 2028 September 1, 2029 The Sanctuary 33,707 33,707 3.31 % Interest-only August 1, 2029 Wesley Village 38,362 38,730 4.25 % (1) April 1, 2024 Windsor Falls 27,442 27,442 4.19 % November 2022 November 1, 2027 Yauger Park Villas (8) 14,784 14,921 4.86 % (1) April 1, 2026 Total Fixed Rate $ 1,073,969 $ 1,059,368 Floating Rate (9) : ARIUM Glenridge $ 48,530 $ 49,170 2.45 % (1) September 1, 2025 Chevy Chase 24,400 24,400 3.44 % September 2022 September 1, 2027 Cielo on Gilbert (10) 58,000 58,000 3.33 % January 2026 January 1, 2031 Falls at Forsyth 19,015 19,186 2.52 % (1) July 1, 2025 Fannie Facility Advance 13,936 13,936 3.72 % June 2022 June 1, 2027 Fannie Facility Second Advance (10) 12,880 12,880 3.42 % March 2023 March 1, 2028 ILE (11) 11,093 26,825 4.14 % (11) (11) Pine Lakes Preserve 42,728 42,728 4.10 % July 2025 July 1, 2030 Veranda at Centerfield 25,797 25,962 2.31 % (1) July 26, 2023 (12) Villages of Cypress Creek 33,520 33,520 3.67 % July 2022 July 1, 2027 Wayford at Concord (10) 32,973 — 2.95 % May 2027 May 1, 2029 Total Floating Rate $ 322,872 $ 306,607 Total $ 1,396,841 $ 1,365,975 Fair value adjustments 7,395 8,159 Deferred financing costs, net (11,160) (9,143) Total mortgages payable $ 1,393,076 $ 1,364,991 (1) The loan requires monthly payments of principal and interest. (2) The principal balance includes a $29.7 million senior loan at a fixed rate of 4.02% and a $6.9 million supplemental loan at a fixed rate of 4.86% . (3) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.7 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (4) The principal balance includes a $91.6 million senior loan at a fixed rate of 3.32% and a $9.6 million supplemental loan at a fixed rate of 4.22% . (5) The principal balance includes a $21.2 million senior loan at a fixed rate of 4.09% and a $4.3 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (6) ILE’s fixed rate debt represents the debt outstanding from one credit agreement. (7) The principal balance includes a $14.6 million senior loan at a fixed rate of 4.31% and a $5.6 million supplemental loan at a fixed rate of 5.23% . (8) The principal balance includes a $10.3 million senior loan at a fixed rate of 4.81% and a $4.5 million supplemental loan at a fixed rate of 4.96 %. (9) Other than Cielo on Gilbert, the Fannie Facility Second Advance, ILE and Wayford at Concord, the Company’s remaining floating rate loans bear interest at one-month LIBOR + margin. In June 2022, one-month LIBOR in effect was 1.12% . LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (10) The Cielo on Gilbert loan, the Fannie Facility Second Advance and the Wayford at Concord loan bear interest at the 30-day average SOFR + 2.61% , + 2.70% and + 2.23% , respectively. In June 2022, the 30-day average SOFR in effect was 0.72% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (11) ILE’s floating rate debt represents the aggregate debt outstanding across three separate credit agreements. Of the $11.1 million principal balance, $7.4 million held through two credit agreements requires monthly payments of principal and interest, while the remaining principal balance of $3.7 million held through one credit agreement has monthly payments that are currently interest-only. The three credit agreements have maturity dates ranging from 2022 to 2026 and bear interest at one-month LIBOR or prime rate plus margins ranging from 0.50% to 2.30% , subject to rate floors, and have current interest rates ranging from 3.50% to 5.25% with a weighted average interest rate of 4.14% as of June 30, 2022. (12) The loan has two (2) one-year extension options subject to certain conditions.
Schedule of contractual principal payments	As of June 30, 2022, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2022 (July 1–December 31) $ 11,760 2023 127,300 2024 202,721 2025 332,877 2026 160,185 Thereafter 561,998 $ 1,396,841 Add: Unamortized fair value debt adjustment 7,395 Subtract: Deferred financing costs, net (11,160) Total $ 1,393,076

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2022
Derivative Financial Instruments
Schedule of the fair value of the Company's derivative financial instruments	The table below presents the classification and fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of June 30, 2022 and December 31, 2021 (amounts in thousands): Derivatives not designated as hedging Fair values of derivative instruments under ASC 815-20 Balance Sheet Location instruments June 30, December 31, 2022 2021 Interest rate caps Accounts receivable, prepaids and other assets $ 4,403 $ 185 The table below presents the classification and effect of the Company’s derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 (amounts in thousands): Derivatives not designated as hedging instruments Location of Gain or (Loss) The Effect of Derivative Instruments under ASC 815 ‑ 20 Recognized in Income on the Statements of Operations Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Interest rate caps Interest Expense $ 879 $ (20) $ 2,084 $ 15

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
Related Party Transactions (Tables)	Jun. 30, 2022
Related Party Transactions
Summary of related party amounts payable to BRE	Pursuant to the terms of the Administrative Services Agreement (“ASA”) and the Leasehold Cost-Sharing Agreement (“CSA”), summarized below are the net related party amounts payable to BRE as of June 30, 2022 and December 31, 2021 (amounts in thousands): June 30, December 31, Amounts Payable to BRE, net 2022 2021 Operating and direct expense reimbursements under the ASA $ 404 $ 318 Offering expense reimbursements under the ASA — 94 Total amounts payable under the ASA, net $ 404 $ 412 Operating and direct expense reimbursements under the CSA 191 187 Total amounts payable to BRE, net $ 595 $ 599

Stockholders' Equity and Rede_2

Stockholders' Equity and Redeemable Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity and Redeemable Preferred Stock
Schedule of reconciliation of components of basic and diluted net income (loss) per common share	The following table reconciles the components of basic and diluted net (loss) income per common share ($ in thousands): Three Months Ended Six Months Ended June 30, June, 2022 2021 2022 2021 Net (loss) income attributable to common stockholders $ (17,274) $ (5,429) $ (32,670) $ 18,152 Dividends on restricted stock and LTIP Units expected to vest (321) (384) (654) (767) Basic net (loss) income attributable to common stockholders $ (17,595) $ (5,813) $ (33,324) $ 17,385 Weighted average common shares outstanding (1) 30,022,451 28,129,862 29,239,514 25,623,537 Potential dilutive shares (2) — — — 64,993 Weighted average common shares outstanding and potential dilutive shares (1) 30,022,451 28,129,862 29,239,514 25,688,530 Net (loss) income per common share, basic $ (0.59) $ (0.21) $ (1.14) $ 0.68 Net (loss) income per common share, diluted $ (0.59) $ (0.21) $ (1.14) $ 0.68 (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three months ended June 30, 2022, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) Company Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 555,750 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 50,518 shares of Class A common stock. For the six months ended June 30, 2022, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) Company Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 556,936 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 50,063 shares of Class A common stock. For the three months ended June 30, 2021, potential vesting of restricted stock to employees for 53,988 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the six months ended June 30, 2021, the following are included in the diluted shares calculation: a) Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 11,932 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 53,061 shares of Class A common stock.
Schedule of distributions	Payable to stockholders Declaration Date of record as of Amount Date Paid or Payable Class A Common Stock December 10, 2021 December 23, 2021 $ 0.162500 January 5, 2022 March 14, 2022 March 25, 2022 $ 0.162500 April 5, 2022 June 10, 2022 June 24, 2022 $ 0.162500 July 5, 2022 Class C Common Stock December 10, 2021 December 23, 2021 $ 0.162500 January 5, 2022 March 14, 2022 March 25, 2022 $ 0.162500 April 5, 2022 June 10, 2022 June 24, 2022 $ 0.162500 July 5, 2022 Series B Preferred Stock October 11, 2021 December 23, 2021 $ 5.00 January 5, 2022 January 14, 2022 January 25, 2022 $ 5.00 February 4, 2022 January 14, 2022 February 25, 2022 $ 5.00 March 4, 2022 January 14, 2022 March 25, 2022 $ 5.00 April 5, 2022 April 11, 2022 April 25, 2022 $ 5.00 May 5, 2022 May 13, 2022 May 25, 2022 $ 5.00 June 3, 2022 June 10, 2022 June 24, 2022 $ 5.00 July 5, 2022 Series C Preferred Stock December 10, 2021 December 23, 2021 $ 0.4765625 January 5, 2022 March 14, 2022 March 25, 2022 $ 0.4765625 April 5, 2022 June 10, 2022 June 24, 2022 $ 0.4765625 July 5, 2022 Series D Preferred Stock December 10, 2021 December 23, 2021 $ 0.4453125 January 5, 2022 March 14, 2022 March 25, 2022 $ 0.4453125 April 5, 2022 June 10, 2022 June 24, 2022 $ 0.4453125 July 5, 2022 Series T Preferred Stock October 11, 2021 December 23, 2021 $ 0.128125 January 5, 2022 January 14, 2022 January 25, 2022 $ 0.128125 February 4, 2022 January 14, 2022 February 25, 2022 $ 0.128125 March 4, 2022 January 14, 2022 March 25, 2022 $ 0.128125 April 5, 2022 April 11, 2022 April 25, 2022 $ 0.128125 May 5, 2022 May 13, 2022 May 25, 2022 $ 0.128125 June 3, 2022 June 10, 2022 June 24, 2022 $ 0.128125 July 5, 2022
Summary of distributions declared and paid	Distributions declared and paid for the six months ended June 30, 2022 were as follows (amounts in thousands): Distributions 2022 Declared Paid First Quarter Class A Common Stock $ 4,804 $ 4,361 Class C Common Stock 12 12 Series B Preferred Stock 5,383 5,386 Series C Preferred Stock 1,094 1,094 Series D Preferred Stock 1,235 1,235 Series T Preferred Stock 10,860 10,971 OP Units 958 1,027 LTIP Units 868 645 Total first quarter 2022 $ 25,214 $ 24,731 Second Quarter Class A Common Stock $ 4,937 $ 4,805 Class C Common Stock 12 12 Series B Preferred Stock 5,373 5,376 Series C Preferred Stock 1,094 1,094 Series D Preferred Stock 1,235 1,235 Series T Preferred Stock 10,855 10,857 OP Units 956 955 LTIP Units 824 1,190 Total second quarter 2022 $ 25,286 $ 25,524 Total $ 50,500 $ 50,255

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2022
Segment Information
Summary of reportable segments	The following table summarizes NOI by the Company’s reportable segments for the three and six months ended June 30, 2022 and 2021, and reconciles NOI to net (loss) income attributable to common stockholders on the Company’s consolidated statements of operations. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Rental and other property revenues Multifamily $ 50,839 $ 48,323 $ 100,486 $ 98,742 Single-family 7,676 1,398 14,528 2,061 Total rental and other property revenues 58,515 49,721 115,014 100,803 Property operating expenses Multifamily 18,032 18,522 35,136 38,099 Single-family 3,774 387 6,554 742 Total property operating expenses 21,806 18,909 41,690 38,841 Net operating income Multifamily 32,807 29,801 65,350 60,643 Single-family 3,902 1,011 7,974 1,319 Total net operating income 36,709 30,812 73,324 61,962 Reconciling items: Interest income from loan and ground lease investments 1,073 4,114 7,825 8,835 Property management fee expenses (2,104) (1,247) (3,974) (2,528) General and administrative expenses (7,284) (6,595) (15,204) (13,240) Acquisition and pursuit costs (71) (3) (116) (15) Weather-related losses, net — — — (400) Depreciation and amortization (21,425) (19,926) (43,456) (40,250) Other income 198 57 1,184 209 Preferred returns on unconsolidated real estate joint ventures 4,547 2,329 8,364 4,616 Provision for credit losses 134 (26) 930 (567) Gain on sale of real estate investments — 19,429 — 88,342 Gain on sale of unconsolidated joint venture 2,802 — 6,694 — Transaction costs (2,158) — (9,703) — Loss on extinguishment of debt and debt modification costs — (647) — (3,687) Interest expense, net (13,373) (13,460) (24,918) (27,294) Net (loss) income (952) 14,837 950 75,983 Preferred stock dividends (18,557) (14,367) (37,129) (28,984) Preferred stock accretion (5,639) (7,290) (10,845) (14,312) Net (loss) income attributable to noncontrolling interests Operating partnership units (6,108) (1,978) (11,924) 8,182 Partially-owned properties (1,766) 587 (2,430) 6,353 Net (loss) income attributable to noncontrolling interests (7,874) (1,391) (14,354) 14,535 Net (loss) income attributable to common stockholders $ (17,274) $ (5,429) $ (32,670) $ 18,152 The following table summarizes the assets of the Company’s reportable segments as of June 30, 2022 and December 31, 2021 (amounts in thousands): June 30, December 31, 2022 2021 Assets Net Real Estate Investments Multifamily $ 1,700,308 $ 1,729,214 Single-family 427,212 318,084 Total Net Real Estate Investments 2,127,520 2,047,298 Reconciling items: Cash and cash equivalents 244,924 166,492 Restricted cash 30,807 30,015 Notes and accrued interest receivable, net 23,118 173,489 Due from affiliates 1,536 711 Accounts receivable, prepaids and other assets, net 48,543 43,108 Preferred equity investments and investments in unconsolidated real estate joint ventures, net 165,556 135,690 In-place lease intangible assets, net 97 2,530 Total Consolidated Assets $ 2,642,101 $ 2,599,333

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
Subsequent Events (Tables)	Jun. 30, 2022
Subsequent Events
Schedule of Declaration of Dividends	Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock July 11, 2022 July 25, 2022 $ 5.00 August 5, 2022 Series T Preferred Stock July 11, 2022 July 25, 2022 $ 0.128125 August 5, 2022
Schedule of Distributions Paid	The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP Units and LTIP Units, subsequent to June 30, 2022 (amounts in thousands): Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock June 10, 2022 June 24, 2022 July 5, 2022 $ 0.1625000 $ 4,937 Class C Common Stock June 10, 2022 June 24, 2022 July 5, 2022 0.1625000 12 Series B Preferred Stock June 10, 2022 June 24, 2022 July 5, 2022 5.0000000 1,791 Series C Preferred Stock June 10, 2022 June 24, 2022 July 5, 2022 0.4765625 1,094 Series D Preferred Stock June 10, 2022 June 24, 2022 July 5, 2022 0.4453125 1,235 Series T Preferred Stock June 10, 2022 June 24, 2022 July 5, 2022 0.1281250 3,618 OP Units June 10, 2022 June 24, 2022 July 5, 2022 0.1625000 956 LTIP Units June 10, 2022 June 24, 2022 July 5, 2022 0.1625000 661 Series B Preferred Stock July 11, 2022 July 25, 2022 August 5, 2022 5.0000000 1,791 Series T Preferred Stock July 11, 2022 July 25, 2022 August 5, 2022 0.1281250 3,618 Total $ 19,713

Organization and Nature of Bu_2

Organization and Nature of Business (Details) - 6 months ended Jun. 30, 2022	property USD ($)	Total	item
Organization and Nature of Business
Annual distribution percentage rate	90%
Percent of Real Estate Properties Occupied		94.60%
Number of Units in Real Estate Property	18,399
Number of multifamily units in Real Estate Property \| $	14,383
Number of single-family residential homes \| $	4,016
Number of real estate investments	74		74
Number of operating investments	52
Number of investments through preferred equity, loan or ground lease investments	22

Organization and Nature of Bu_3

Organization and Nature of Business - Proposed Merger (Details) - USD ($)		6 Months Ended	12 Months Ended
	Dec. 20, 2021	Jun. 30, 2022	Dec. 31, 2021	Apr. 12, 2022
Organization and Nature of Business [Line Items]
Per share merger consideration (in cash)	$ 24.25
Percentage of SFR business expected to be held by the company's stockholders, who received shares in BHM	35%
Percentage of SFR business expected to be held by the unitholders of operating partnership	65%
Termination fee payable by the company to the parent	$ 60,000,000
Termination fee payable by the parent to the company	$ 200,000,000
Merger Agreement
Organization and Nature of Business [Line Items]
Threshold period to complete the merger from merger agreement date	9 months
Extended threshold period to complete the merger from merger agreement date, at the option of the company	10 months
Extended Threshold Period To Complete The Merger From Agreement Date, At The Other Party's Option	12 months
Merger Proposal
Organization and Nature of Business [Line Items]
Common stock, par value (in dollars per share)				$ 0.01
Series B [Member] \| Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred Stock, Dividend Rate, Percentage		6%	6%
Redemption value	$ 1,000
Series B [Member] \| Floating Interest Rate [Member] \| Fannie Facility Advance \| Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Series A [Member] \| Cumulative Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred Stock, Dividend Rate, Percentage		8.25%	8.25%
Series C [Member] \| Cumulative Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred Stock, Dividend Rate, Percentage		7.625%	7.625%
Series C [Member] \| Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred Stock, Dividend Rate, Percentage	7.625%
Series D [Member] \| Cumulative Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred Stock, Dividend Rate, Percentage	7.125%	7.125%	7.125%
Series T \| Cumulative Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Series T \| Redeemable Preferred Stock
Organization and Nature of Business [Line Items]
Preferred Stock, Dividend Rate, Percentage		6.15%	6.15%
Preferred Stock, Redemption Price Per Share	$ 25

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - segment	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2020	Jun. 30, 2022
Accounting Policies [Line Items]
Percentage Of Unvested Incentive Plan In Operating Partnership	4.60%		4.60%
Percentage of Voting Equity			50%
Percentage of tenants , on rent deferral payment plan	0%	1%
Occupancy rate (as a percent)	94.60%		94.60%
Number of reportable segments			2
Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			12.62%
Op Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			14.14%
Op Ltip Unit [Member]
Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			26.76%

Sale of Real Estate Assets (Det

Sale of Real Estate Assets (Details) - USD ($) $ in Thousands

3 Months Ended

6 Months Ended

May 05, 2022

Apr. 29, 2022

Mar. 29, 2022

Mar. 24, 2022

Feb. 28, 2022

Feb. 25, 2022

Jan. 20, 2022

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Real Estate Assets Held for Development and Sale [Line Items]

Proceeds from sale of interests

$ 30,123

$ 31,412

Original preferred investment

59,842

34,881

Accrued preferred return

$ 4,547

$ 2,329

8,364

4,616

Proceeds from collection of mezzanine loan

161,169

12,426

Due from Affiliates

1,536

$ 711

Gain Loss on Sale of Unconsolidated Joint Venture

$ 2,802

$ 6,694

$ 0

Park on the Square

Real Estate Assets Held for Development and Sale [Line Items]

Proceeds from sale of interests

$ 5,900

The Commons

Real Estate Assets Held for Development and Sale [Line Items]

Proceeds from sale of interests

3,900

Domain at The One Forty

Real Estate Assets Held for Development and Sale [Line Items]

Proceeds from collection of mezzanine loan

$ 25,400

Due from Affiliates

500

Gain Loss on Sale of Unconsolidated Joint Venture

$ 2,800

Alexan CityCentre

Real Estate Assets Held for Development and Sale [Line Items]

Proceeds from sale of interests

$ 18,700

Original preferred investment

18,200

Accrued preferred return

$ 500

Reunion Apartments

Real Estate Assets Held for Development and Sale [Line Items]

Proceeds from collection of mezzanine loan

$ 12,500

Proceeds from collection of mezzanine loan, principal amount

10,000

Proceeds from collection of mezzanine loan, accrued interest amount

1,500

Proceeds from collection of mezzanine loan, incremental payment amount

$ 1,000

Sale of The Hartley at Blue Hill

Real Estate Assets Held for Development and Sale [Line Items]

Proceeds from collection of mezzanine loan

$ 5,000

$ 34,400

Proceeds from collection of mezzanine loan, principal amount

31,000

Proceeds from collection of mezzanine loan, accrued interest amount

$ 3,400

Motif

Real Estate Assets Held for Development and Sale [Line Items]

Proceeds from collection of mezzanine loan

$ 87,200

Proceeds from collection of mezzanine loan, principal amount

84,400

Proceeds from collection of mezzanine loan, accrued interest amount

2,800

Gain (loss) on sale of asset

3,900

Due from Affiliates

$ 1,000

Strategic Portfolio Interests | Georgetown Crossing

Real Estate Assets Held for Development and Sale [Line Items]

Proceeds from sale of interests

$ 2,200

Investments in Real Estate (Det

Investments in Real Estate (Details) - 6 months ended Jun. 30, 2022	property	item	Total	USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units		12,820
Total lease-up units	353
Total operating units	2,462
Total development units	1,462
Total Units	5,579
Total Development Units and Homes	2,764
Number of real estate investments	74	74
Consolidated operating properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of real estate investments		52
Properties held through preferred equity, mezzanine loan or ground lease investments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of real estate investments		22
Ballast
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	AZ / CO / WA
Number of Units		65
Ownership interest (as a percent)			95
Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total lease-up units	307
Total operating units	1,988
Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units		2,194
Total lease-up units	46
Total operating units	474
Number of homes \| $				1,302
Zoey \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Total lease-up units	307
Willow Park \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total lease-up units	46
Lower Broadway \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	San Antonio, TX
Total development units	386
Spring Parc \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Dallas, TX
Total operating units	304
The Cottages of Port St. Lucie \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Port St. Lucie, FL
Number of homes \| $				286
Weatherford 185 \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Weatherford, TX
Total Development Units and Homes	185
Hunter's Pointe \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pensacola, FL
Total operating units	204
Crossings of Dawsonville \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Dawsonville, GA
Total operating units	216
The Reserve at Palmer Ranch, Formerly Arium at Palmer Ranch [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Sarasota, FL
Total operating units	320
The Riley \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Richardson, TX
Total operating units	262
Renew 3030 \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Mesa, AZ
Total operating units	126
Avondale Hills \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Decatur, GA
Total development units	240
Chandler \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Chandler, AZ
Total development units	208
Orange City Apartments \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orange City, FL
Total development units	298
Water's Edge \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pensacola, FL
Total operating units	184
The Woods at Forest Hill \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Forest Hill, TX
Total Development Units and Homes	76
The Cottages at Myrtle Beach \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Myrtle Beach, SC
Total Development Units and Homes	294
The Cottages of Warner Robins \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Warner Robins, GA
Total Development Units and Homes	251
Wayford at Innovation Park \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Total Development Units and Homes	210
Deerwood Apartments \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Total development units	330
Deercross \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Indianapolis, IN
Total operating units	372
Peak Housing. \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	IN / MO / TX
Total operating units	474
ARIUM Glenridge [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units		480
Ownership interest (as a percent)			90
ARIUM Westside [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units		336
Ownership interest (as a percent)			90
Ashford Belmar [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lakewood, CO
Number of Units		512
Ownership interest (as a percent)			85
Avenue 25 \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Phoenix, AZ
Number of Units		254
Ownership interest (as a percent)			100
Burano Hunter's Creek, formerly ARIUM Hunter's Creek \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units		532
Ownership interest (as a percent)			100
Carrington At Perimeter Park \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Morrisville, NC
Number of Units		266
Ownership interest (as a percent)			100
Chattahoochee Ridge [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Atlanta, GA
Number of Units		358
Ownership interest (as a percent)			90
Chevy Chase \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units		320
Ownership interest (as a percent)			92
Cielo On Gilbert \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Mesa, AZ
Number of Units		432
Ownership interest (as a percent)			90
Citrus Tower [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units		336
Ownership interest (as a percent)			97
Denim [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Scottsdale, AZ
Number of Units		645
Ownership interest (as a percent)			100
Elan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units		270
Ownership interest (as a percent)			100
Element [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Las Vegas, NV
Number of Units		200
Ownership interest (as a percent)			100
Falls at Forsyth \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Cumming, GA
Number of Units		356
Ownership interest (as a percent)			100
Gulfshore Apartment Homes Naples, FL [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Naples, FL
Number of Units		368
Ownership interest (as a percent)			100
Outlook at Greystone [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Birmingham, AL
Number of Units		300
Ownership interest (as a percent)			100
Pine Lakes Preserve [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Port St. Lucie, FL
Number of Units		320
Ownership interest (as a percent)			100
Providence Trail, Mount Juliet, TN [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Mount Juliet, TN
Number of Units		334
Ownership interest (as a percent)			100
Roswell City Walk [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Roswell, GA
Number of Units		320
Ownership interest (as a percent)			98
Sands Parc [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Daytona Beach, FL
Number of Units		264
Ownership interest (as a percent)			100
The Brodie \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Austin, TX
Number of Units		324
Ownership interest (as a percent)			100
The Debra Metrowest, formerly ARIUM Metrowest \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Orlando, FL
Number of Units		510
Ownership interest (as a percent)			100
The Mills [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Greenville, SC
Number of Units		304
Ownership interest (as a percent)			100
The Preserve at Henderson Beach [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Destin, FL
Number of Units		340
Ownership interest (as a percent)			100
The Sanctuary [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Las Vegas, NV
Number of Units		320
Ownership interest (as a percent)			100
The Links at Plum Creek \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Castle Rock, CO
Number of Units		264
Ownership interest (as a percent)			88
Veranda at Centerfield [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Number of Units		400
Ownership interest (as a percent)			93
Villages of Cypress Creek [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Houston, TX
Number of Units		384
Ownership interest (as a percent)			80
Wayford at Concord \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Concord, NC
Number of Units		150
Ownership interest (as a percent)			83
Wesley Village [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Charlotte, NC
Number of Units		301
Ownership interest (as a percent)			100
Windsor Falls \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Raleigh, NC
Number of Units		276
Ownership interest (as a percent)			100
Yauger Park Villas \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Olympia, WA
Number of Units		80
Ownership interest (as a percent)			95
Average [Member] \| Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Units		10,626
Golden Pacific \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	IN / KS / MO
Number of Units		135
Ownership interest (as a percent)			97
ILE \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	TX / SE US
Number of Units		418
Ownership interest (as a percent)			95
Navigator Villas [Member] \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Pasco, WA
Number of Units		176
Ownership interest (as a percent)			90
Axelrod \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Garland, TX
Number of Units		22
Ownership interest (as a percent)			80
DFW 189 \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Dallas-Fort Worth, TX
Number of Units		189
Ownership interest (as a percent)			56
Granbury \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Granbury, TX
Number of Units		36
Ownership interest (as a percent)			80
Granbury 2.0 \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Granbury, TX
Number of Units		34
Ownership interest (as a percent)			80
Indy \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Indianapolis, IN
Number of Units		44
Ownership interest (as a percent)			60
Lubbock \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Number of Units		60
Ownership interest (as a percent)			80
Lubbock 2.0 \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Number of Units		75
Ownership interest (as a percent)			80
Lubbock 3.0 \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Number of Units		45
Ownership interest (as a percent)			80
Lynnwood \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Number of Units		20
Ownership interest (as a percent)			80
Lynnwood 2.0 \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Lubbock, TX
Number of Units		20
Ownership interest (as a percent)			80
Savannah 319 \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Savannah, GA
Number of Units		39
Ownership interest (as a percent)			80
Springfield \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Springfield, MO
Number of Units		290
Ownership interest (as a percent)			60
Springtown \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Springtown, TX
Number of Units		70
Ownership interest (as a percent)			80
Springtown 2.0 \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Springtown, TX
Number of Units		14
Ownership interest (as a percent)			80
Texarkana \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Texarkana, TX
Number of Units		29
Ownership interest (as a percent)			80
Texas Portfolio 183 \| Single-Family Residential
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Real Estate Property Location	Various / TX
Number of Units		183
Ownership interest (as a percent)			80

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments in Real Estate
Investments in real estate of depreciation expense	$ 20.3	$ 40.2	$ 18.4	$ 37.1
Amortization Of Deferred Leasing Fees	$ 1	$ 2.7	$ 1.4	$ 2.9

Acquisition of Real Estate - Ac

Acquisition of Real Estate - Acquisition activity and related new financing (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) item
Business Acquisition [Line Items]
Mezzanine loan	$ 5,400
Granbury 2.0
Business Acquisition [Line Items]
Ownership interest	80
Purchase price	$ 7,650
Debt	$ 5,355
Number of properties acquired \| item	34
Savannah 319
Business Acquisition [Line Items]
Ownership interest	80
Purchase price	$ 4,465
Number of properties acquired \| item	19
Savannah 319 Two
Business Acquisition [Line Items]
Ownership interest	80
Purchase price	$ 4,767
Number of properties acquired \| item	20
Golden Pacific
Business Acquisition [Line Items]
Ownership interest	97
Purchase price	$ 11,774
Number of properties acquired \| item	62
Golden Pacific Two
Business Acquisition [Line Items]
Ownership interest	97
Purchase price	$ 13,966
Number of properties acquired \| item	66
Ballast
Business Acquisition [Line Items]
Real Estate Property Location	AZ / CO / WA
Ownership interest	95
Purchase price	$ 26,100
Number of properties acquired \| item	65
ILE
Business Acquisition [Line Items]
Ownership interest	95
Purchase price	$ 7,011
Debt	$ 9,974
Number of properties acquired \| item	31
ILE Two
Business Acquisition [Line Items]
Ownership interest	95
Purchase price	$ 27,804
Debt	$ 8,802
Number of properties acquired \| item	108

Acquisition of Real Estate - As

Acquisition of Real Estate - Assets acquired (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Preliminary Purchase Price Allocation
Land	$ 19,955
Building	87,321
Building improvements	529
Furniture and fixtures	205
In-place leases	193
Total assets acquired	$ 108,203

Notes and Interest Receivable -

Notes and Interest Receivable - Summary of the notes and accrued interest receivable due from related parties (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Total	$ 23,123	$ 173,882
Provision for credit losses	(5)	(393)
Total, net	23,118	173,489
Avondale Hills
Total	13,583	12,874
Domain at The One Forty
Total		25,309
Motif
Total		85,375
Reunion Apartments
Total		11,382
The Hartley at Blue Hill
Total		$ 38,942
Weatherford 185
Total	$ 9,540

Notes and Interest Receivable_2

Notes and Interest Receivable - Summary of changes in provision for credit losses of mezzanine loan and ground lease investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Notes and Interest Receivable
Beginning balance as of January 1	$ 393	$ 174
Provision for credit loss on pool of assets, net (1)	(388)	219
Ending balance	$ 5	$ 393

Notes and Interest Receivable_3

Notes and Interest Receivable - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest Income, Related Party	$ 1,073	$ 4,114	$ 7,825	$ 8,835
Amount funded for leasehold improvement allowance	20,400		20,400
Avondale Hills
Interest Income, Related Party	356	286	709	403
Domain at The One Forty
Interest Income, Related Party	83	244	270	483
Motif
Interest Income, Related Party		1,488	4,849	3,862
Interest income related party, net of adjustment			3,000
Reunion Apartments
Interest Income, Related Party		303	187	593
The Hartley at Blue Hill
Interest Income, Related Party	40	1,035	784	2,058
Vickers Historic Roswell
Interest Income, Related Party		463		903
Weatherford 185
Interest Income, Related Party	291		432
Zoey
Interest Income, Related Party	$ 303	$ 295	$ 594	$ 533

Notes and Interest Receivable_4

Notes and Interest Receivable - Schedule of occupancy percentages of the Company's related parties (Details)	Jun. 30, 2022	Dec. 31, 2021
Zoey
Development Leased	74.60%	15.60%

Notes and Interest Receivable_5

Notes and Interest Receivable - Additional Information (Details) $ in Thousands								3 Months Ended	6 Months Ended		12 Months Ended
	May 05, 2022 USD ($)	Apr. 29, 2022 USD ($)	Mar. 24, 2022 USD ($)	Feb. 28, 2022 USD ($)	Feb. 25, 2022 USD ($)	Feb. 15, 2022 USD ($) item	Dec. 27, 2021	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Provision for credit loss on mezzanine loan investments									$ 5		$ 393
Proceeds from collection of mezzanine loan									161,169	$ 12,426
Gain on sale of unconsolidated joint venture								$ 2,802	6,694	$ 0
Due from affiliates								1,536	1,536		711
Provision for credit losses on carrying amount of investments								$ 23,123	$ 23,123		173,882
Weatherford Mezz Loan [Member]
Extension term								30 days
Number of extension options								3	3
Number of loans								2
Weatherford 185
Proceeds from collection of mezzanine loan, principal amount									$ 100
Outstanding principal balance								$ 9,400	$ 9,400
Sale of The Hartley at Blue Hill
Proceeds from collection of mezzanine loan, principal amount				$ 31,000
Proceeds from collection of mezzanine loan		$ 5,000		34,400
Proceeds from collection of mezzanine loan, accrued interest amount				$ 3,400
London Interbank Offered Rate (LIBOR) [Member]
Spread on variable rate							3%
Minimum
Spread on variable rate									3.50%
Minimum \| London Interbank Offered Rate (LIBOR) [Member]
Spread on variable rate									0.50%
Maximum
Spread on variable rate									5.25%
Maximum \| London Interbank Offered Rate (LIBOR) [Member]
Spread on variable rate									2.30%
Mezzanine Type Loan Member
Due from Related Parties			$ 87,200
Proceeds from collection of mezzanine loan			84,400
Proceeds from collection of mezzanine loan, accrued interest amount			2,800
Gain on sale of unconsolidated joint venture			3,900
Due from affiliates			$ 1,000
Domain at The One Forty Mezzanine Loan Financing
Proceeds from collection of mezzanine loan	$ 25,400
Gain on sale of unconsolidated joint venture	2,800
Due from affiliates	$ 500
Mezzanine Type Loan Member \| Weatherford 185
Fixed rate for loan						12%
Number of Units \| item						185
Mezzanine Type Loan Member \| Corpus Bridge Loan \| Weatherford 185
Loan provided						$ 9,600
Domain at The One Forty
Provision for credit losses on carrying amount of investments											$ 25,309
Reunion Apartments Mezzanine Financing
Proceeds from collection of mezzanine loan, principal amount					$ 10,000
Proceeds from collection of mezzanine loan, incremental payment amount					1,000
Proceeds from collection of mezzanine loan					12,500
Proceeds from collection of mezzanine loan, accrued interest amount					$ 1,500

Preferred Equity Investments _3

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 165,716	$ 136,061
Provision for credit losses	(160)	(371)
Total, net	165,556	135,690
Deercross Interests
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	4,000	4,000
Alexan CityCentre
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total		18,261
Chandler
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	7,545	3,305
Deerwood Apartments
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	16,452	9,245
Lower Broadway
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	9,913	908
Orange City Apartments
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	6,836
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	20,319	20,319
Renew 3030
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	7,060	7,060
Spring Parc
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	8,000	8,000
Strategic Portfolio
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	16,350	28,212
The Cottages at Myrtle Beach
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	17,913	9,034
The Cottages of Warner Robins
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	8,828
The Cottages of Port St. Lucie
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	17,196	7,260
Crossings of Dawsonville
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	10,450	10,450
The Riley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	6,961	6,961
The Woods at Forest Hill
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	2,833	442
Wayford at Innovation Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	2,520
Willow Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 2,540	2,540
Other
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total		$ 64

Preferred Equity Investments _4

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Provision for credit losses (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Beginning balances as of January 1, 2022 and 2021, respectively	$ 371	$ 16,153
Provision for credit losses, end of period	$ 160	371
Number of equity method investment properties sold during the period \| item	4
Pool of assets - preferred equity investments
Provision for credit loss	$ (211)	148
Alexan Southside Place
Provision for credit loss		$ (15,930)
Recovery of previous provision for credit loss	$ (292)

Preferred Equity Investments _5

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	$ 4,547	$ 2,329	$ 8,364	$ 4,616
Alexan CityCentre
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures		714	219	1,377
Chandler
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	217		340
Deercross
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	106	6	211	6
Deerwood Apartments
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	472		845
Lower Broadway
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	219		279
Mira Vista
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures		134		267
Orange City Apartments
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	168		201
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	470	235	936	235
Renew 3030
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	187		373
Spring Parc
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	212		422
Strategic Portfolio
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	581	791	1,349	1,501
The Conley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures				405
The Cottages at Myrtle Beach
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	589		960
The Cottages at Warner Robins Interests
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	186		212
The Cottages of Port St. Lucie
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	494		808
Crossings of Dawsonville
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	277		552
The Riley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	194	194	385	257
The Woods at Forest Hill
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	52		66
Thornton Flats
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures		103		205
Wayford at Concord
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures		$ 152		$ 363
Wayford at Innovation Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	40		40
Willow Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real joint ventures	$ 83		$ 166

Preferred Equity Investments _6

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details)	Jun. 30, 2022	Dec. 31, 2021
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	94.60%
Renew 3030
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	92.10%	96.80%
Spring Parc
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	94.10%	98.40%
Hunter's Pointe
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98%	98.50%
The Reserve at Palmer Ranch
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	96.90%	97.50%
Water's Edge
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.90%	97.30%
Crossings of Dawsonville
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	91.20%	98.10%
The Riley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	98.50%	97.30%
Willow Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	2.20%
Peak Housing.
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	92.10%	92.80%
Deercross Interests
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Percentage of Number of Units Occupied	93.80%	86.80%

Preferred Equity Investments _7

Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Mar. 29, 2022 USD ($)	Jan. 29, 2022	Jan. 20, 2022 USD ($)	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	May 10, 2022 USD ($)	Apr. 01, 2022 USD ($)	Dec. 31, 2021 USD ($) item	Jun. 10, 2021 USD ($)	Dec. 31, 2020 USD ($)
Equity Method Investment And Joint Venture [Line Items]
Proceeds from sale and redemption of unconsolidated real estate joint ventures						$ 30,123	$ 31,412
Accrued preferred return				$ 4,547	$ 2,329	8,364	4,616
Original preferred investment						$ 59,842	34,881
Number of joint ventures in which company has equity investment \| item						17
Provision for credit losses				160		$ 160				$ 371
Equity Method Investments				165,556		165,556				135,690
Face amount of loan								$ 38,200
Equity Method Investments, Provision for Credit Losses				160		160				$ 371		$ 16,153
Alexan CityCentre
Equity Method Investment And Joint Venture [Line Items]
Proceeds from sale and redemption of unconsolidated real estate joint ventures			$ 18,700
Accrued preferred return			500
Original preferred investment			$ 18,200
Peak Housing
Equity Method Investment And Joint Venture [Line Items]
Accrued preferred return				$ 470	$ 235	$ 936	$ 235
Face amount of loan									$ 61,600
Mortgage or mezzanine loans converted to common equity interests								39,200	66,200
Minimum interest associated with the respective loans								$ 1,000	$ 4,600
Mortgage Loans or Mezzanine Loans, Number of Loans Outstandings						1
Peak Housing.
Equity Method Investment And Joint Venture [Line Items]
Number of Portfolios of Single-family Residential Homes \| item										14
Number of portfolios of single-family residential homes in which equity investments made \| item				2		2
Strategic Portfolio Interests
Equity Method Investment And Joint Venture [Line Items]
Proceeds from sale and redemption of unconsolidated real estate joint ventures	$ 3,900
Preferredship Interest Return At Annual Rate Accrued	3%
Accrued return on remaining investment (as a percent)		5.15%
Current return on remaining investment (as a percent)		6.35%
Total preferred return on remaining investment (as a percent)		11.50%
Current return (as a percent)	7.50%
Total preferred return (as a percent)	10.50%
Construction Loan.											$ 74,300
Strategic Portfolio Interests \| Georgetown Crossing
Equity Method Investment And Joint Venture [Line Items]
Proceeds from sale and redemption of unconsolidated real estate joint ventures	$ 2,200
Strategic Portfolio Interests \| Park on the Square
Equity Method Investment And Joint Venture [Line Items]
Proceeds from sale and redemption of unconsolidated real estate joint ventures	$ 5,900

Revolving Credit Facilities (De

Revolving Credit Facilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Revolving Credit Facilities
Long-term Line of Credit	$ 49,407

Revolving Credit Facilities - A

Revolving Credit Facilities - Additional Information (Details) $ in Thousands					3 Months Ended	6 Months Ended
	Apr. 06, 2022 USD ($)	Dec. 27, 2021 USD ($)	Sep. 21, 2021 USD ($)	Mar. 06, 2020 USD ($) item	Jun. 30, 2022 USD ($) item	Jun. 30, 2022 USD ($) item
Long-term Line of Credit					$ 49,407	$ 49,407
Minimum
Debt Instrument, Basis Spread on Variable Rate						3.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.35%
Maximum
Debt Instrument, Basis Spread on Variable Rate						5.25%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.40%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3%
London Interbank Offered Rate (LIBOR) [Member] \| Minimum
Debt Instrument, Basis Spread on Variable Rate						0.50%
London Interbank Offered Rate (LIBOR) [Member] \| Maximum
Debt Instrument, Basis Spread on Variable Rate						2.30%
SOFR
Debt Instrument, Basis Spread on Variable Rate					0.72%
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 114,200	$ 114,200
DB Credit Facility
Long-term Line of Credit					35,000	35,000
DB Credit Facility \| SOFR
Debt Instrument, Basis Spread on Variable Rate	2.80%
DB Credit Facility \| Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity					10,500	10,500
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000
Amended Junior Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity			$ 72,500
Amended Junior Credit Facility \| London Interbank Offered Rate (LIBOR) [Member] \| Line of Credit [Member] \| Minimum
Debt Instrument, Description of Variable Rate Basis			2.75%
Amended Junior Credit Facility \| London Interbank Offered Rate (LIBOR) [Member] \| Line of Credit [Member] \| Maximum
Debt Instrument, Description of Variable Rate Basis			3.25%
Amended Junior Credit Facility \| Base Rate [Member] \| Line of Credit [Member] \| Minimum
Debt Instrument, Basis Spread on Variable Rate			1.75%
Amended Junior Credit Facility \| Base Rate [Member] \| Line of Credit [Member] \| Maximum
Debt Instrument, Basis Spread on Variable Rate			2.25%
ILE Sunflower Credit Facility
Long-term Line of Credit					$ 14,407	$ 14,407
Line of Credit Facility, Maximum Borrowing Capacity		$ 50,000
ILE Sunflower Credit Facility \| Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity		$ 20,000
Amended Senior Credit Facility
Number of extension options \| item				2
Extension term				1 year
Amount of letter of credit issuable, maximum				$ 50,000
Number of letters of credit outstanding \| item					1	1
Letters of credit outstanding amount					$ 800	$ 800
Amended Senior Credit Facility \| Minimum
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.15%
Amended Senior Credit Facility \| Maximum
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.20%
Amended Senior Credit Facility \| London Interbank Offered Rate (LIBOR) [Member] \| Line of Credit [Member] \| Minimum
Debt Instrument, Basis Spread on Variable Rate				1.30%
Amended Senior Credit Facility \| London Interbank Offered Rate (LIBOR) [Member] \| Line of Credit [Member] \| Maximum
Debt Instrument, Basis Spread on Variable Rate				1.65%
Amended Senior Credit Facility \| Base Rate [Member] \| Line of Credit [Member] \| Minimum
Debt Instrument, Basis Spread on Variable Rate				0.30%
Amended Senior Credit Facility \| Base Rate [Member] \| Line of Credit [Member] \| Maximum
Debt Instrument, Basis Spread on Variable Rate				0.65%
Amended Senior Credit Facility \| Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity				$ 100,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 350,000

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Total mortgages payable	$ 1,393,076	$ 1,364,991
Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	1,073,969	1,059,368
Mortgages [Member]
Line of Credit Facility [Line Items]
Total	1,396,841	1,365,975
Fair value adjustments	7,395	8,159
Deferred financing costs, net	(11,160)	(9,143)
Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	322,872	306,607
ARIUM Westside [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 51,365	51,841
Fixed rate	3.68%
Ashford Belmar [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 100,675	100,675
Fixed rate	4.53%
Avenue 25 \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 36,566	36,566
Fixed rate	4.18%
Burano Hunter's Creek \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 68,795	69,502
Fixed rate	3.65%
Carrington At Perimeter Park \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 31,214	31,244
Fixed rate	4.16%
Chattahoochee Ridge [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 45,338	45,338
Fixed rate	3.25%
Citrus Tower [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 39,517	39,896
Fixed rate	4.07%
Denim [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 101,205	101,205
Fixed rate	3.41%
The Debra Metrowest \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 63,463	63,982
Fixed rate	4.43%
Wayford at Concord \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 32,973
Fixed rate	2.95%
Windsor Falls \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 27,442	27,442
Fixed rate	4.19%
Yauger Park Villas \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 14,784	14,921
Fixed rate	4.86%
Elan \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,473	25,508
Fixed rate	4.19%
Element [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 29,260	29,260
Fixed rate	3.63%
Falls at Forsyth \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,099	19,265
Fixed rate	4.35%
Falls at Forsyth \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,015	19,186
Fixed rate	2.52%
Gulfshore Apartment Homes [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 46,345	46,345
Fixed rate	3.26%
Navigator Villas [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 20,200	20,361
Fixed rate	4.57%
Outlook at Greystone [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 21,749	21,930
Fixed rate	4.30%
Providence Trail [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 47,137	47,587
Fixed rate	3.54%
Rosewell City Walk [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 48,540	49,050
Fixed rate	3.63%
The Brodie \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 32,527	32,876
Fixed rate	3.71%
The Links at Plum Creek \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 38,571	38,916
Fixed rate	4.31%
The Mills [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 24,450	24,731
Fixed rate	4.21%
The Preserve at Henderson Beach [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 48,490	48,490
Fixed rate	3.26%
The Sanctuary [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,707	33,707
Fixed rate	3.31%
Wesley Village [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 38,362	38,730
Fixed rate	4.25%
ARIUM Glenridge [Member] \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 48,530	49,170
Fixed rate	2.45%
Chevy Chase \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 24,400	24,400
Fixed rate	3.44%
Cielo On Gilbert \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 58,000	58,000
Fixed rate	3.33%
Fannie Facility Advance \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 13,936	13,936
Fixed rate	3.72%
ILE \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 19,695
Fixed rate	3.75%
ILE \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 11,093	26,825
Fixed rate	4.14%
Fannie Facility Second Advance \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 12,880	12,880
Fixed rate	3.42%
Veranda at Centerfield [Member] \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 25,797	25,962
Fixed rate	2.31%
Villages of Cypress Creek \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 33,520	33,520
Fixed rate	3.67%
Pine Lakes Preserve [Member] \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal	$ 42,728	$ 42,728
Fixed rate	4.10%

Mortgages Payable - Debt maturi

Mortgages Payable - Debt maturities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Mortgages Payable [Abstract]
2022 (July 1-December 31)	$ 11,760
2023	127,300
2024	202,721
2025	332,877
2026	160,185
Thereafter	561,998
Long-term Debt	1,396,841
Add: Unamortized fair value debt adjustment	7,395
Subtract: Deferred financing costs, net	(11,160)
Total	$ 1,393,076

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Apr. 21, 2022 USD ($)	Dec. 27, 2021	Mar. 06, 2020 item	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Debt, Weighted Average Interest Rate				4.14%		4.14%
Real Estate Investments, Net				$ 2,127,520		$ 2,127,520		$ 2,047,298
Loss on extinguishment of debt				0	$ 647	0	$ 3,687
Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				$ 1,073,969		1,073,969		1,059,368
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3%
SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.72%
Amended Senior Credit Facility
Line of Credit Facility [Line Items]
Real Estate Investments, Net				$ 2,005,000		2,005,000
Number of extension options \| item			2
Extension term			1 year
Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				322,872		$ 322,872		306,607
Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						3.50%
Minimum \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						0.50%
Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						5.25%
Maximum \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.30%
Line of Credit [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent								11,100
Line of Credit [Member] \| Minimum \| Amended Senior Credit Facility \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.30%
Line of Credit [Member] \| Minimum \| Amended Senior Credit Facility \| Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.30%
Line of Credit [Member] \| Maximum \| Amended Senior Credit Facility \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.65%
Line of Credit [Member] \| Maximum \| Amended Senior Credit Facility \| Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.65%
Two credit agreements
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent								7,400
Three credit agreements
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				3,700		$ 3,700
Avenue 25
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				29,700		$ 29,700
Debt Instrument, Basis Spread on Variable Rate						4.02%
Avenue 25 \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				36,566		$ 36,566		36,566
Avenue 25 \| Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				6,900		$ 6,900
Debt Instrument, Basis Spread on Variable Rate						4.86%
Carrington At Perimeter Park
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				27,500		$ 27,500
Debt Instrument, Basis Spread on Variable Rate						4.09%
Carrington At Perimeter Park \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				31,214		$ 31,214		31,244
Carrington At Perimeter Park \| Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				3,700		$ 3,700
Debt Instrument, Basis Spread on Variable Rate						4.66%
Denim [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				91,600		$ 91,600
Debt Instrument, Basis Spread on Variable Rate						3.32%
Denim [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				101,205		$ 101,205		101,205
Denim [Member] \| Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				9,600		$ 9,600
Debt Instrument, Basis Spread on Variable Rate						4.22%
Elan
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				21,200		$ 21,200
Debt Instrument, Basis Spread on Variable Rate						4.09%
Elan \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				25,473		$ 25,473		25,508
Elan \| Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				4,300		$ 4,300
Debt Instrument, Basis Spread on Variable Rate						4.66%
Navigator Villas [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				14,600		$ 14,600
Debt Instrument, Basis Spread on Variable Rate						4.31%
Navigator Villas [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				20,200		$ 20,200		20,361
Navigator Villas [Member] \| Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				$ 5,600		$ 5,600
Debt Instrument, Basis Spread on Variable Rate						5.23%
Veranda at Centerfield [Member]
Line of Credit Facility [Line Items]
Number of extension options \| item				2		2
Extension term						1 year
Veranda at Centerfield [Member] \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				$ 25,797		$ 25,797		25,962
Wayford at Concord Interests
Line of Credit Facility [Line Items]
Total Loan Commitment	$ 33,000
Wayford at Concord Interests \| SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.23%
Villages of Cypress Creek \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				33,520		$ 33,520		33,520
Pine Lakes Preserve [Member] \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				42,728		42,728		42,728
Gulfshore Apartment Homes [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				46,345		46,345		46,345
Yauger Park Villas
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				10,300		$ 10,300
Debt Instrument, Basis Spread on Variable Rate						4.81%
Yauger Park Villas \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				14,784		$ 14,784		14,921
Yauger Park Villas \| Supplemental Loan [Member]
Line of Credit Facility [Line Items]
Secured Long-term Debt, Noncurrent				4,500		$ 4,500
Debt Instrument, Basis Spread on Variable Rate						4.96%
The Preserve at Henderson Beach [Member] \| Mortgages [Member] \| Fixed Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				48,490		$ 48,490		48,490
Other than Cielo on Gilbert, The Fannie Facility Second Advance and The District at Scottsdale [Member] \| Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument Prepayment Fee Percentage						1.12%
The Cielo on Gilbert Loan [Member] \| SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.61%
Fannie Facility Second Advance \| SOFR
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.70%
Fannie Facility Second Advance \| Mortgages [Member] \| Floating Interest Rate [Member]
Line of Credit Facility [Line Items]
Total Outstanding Principal				$ 12,880		$ 12,880		$ 12,880

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value of Financial Instruments
Long-term Debt, Fair Value	$ 1,345.3	$ 1,388.3
Mortgage Payable At Carrying Value	$ 1,404.2	$ 1,374.1

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair value adjustment of interest rate Caps			$ (2,084)	$ (15)
Accounts Receivable, Prepaids and Other Assets [Member] \| Interest Rate Cap [Member]
Derivative, Fair Value, Net	$ 4,403		4,403		$ 185
Fair value adjustment of interest rate Caps	$ 879	$ (20)	$ 2,084	$ 15

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($)
Interest Rate Cap [Member]
Amount Of Debt Covered By Derivatives	$ 346.8

Related Party Transactions - Re

Related Party Transactions - Related party amounts payable to BRE (Details) - BRE Entities [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Amounts Payable to BRE under the Administrative Services Agreement, net [Member]
Related Party Transactions
Total related-party amounts payable	$ 404	$ 412
Operating expense reimbursements and direct expense reimbursements [Member]
Related Party Transactions
Total related-party amounts payable	404	318
Offering expense reimbursements [Member]
Related Party Transactions
Total related-party amounts payable		94
Amounts Payable to BRE [Member]
Related Party Transactions
Total related-party amounts payable	595	599
Reimbursable Operating Expenses, Leasehold Cost-Sharing Agreement [Member]
Related Party Transactions
Total related-party amounts payable	$ 191	$ 187

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)		3 Months Ended			6 Months Ended
	May 10, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transactions
Reimbursement of Payroll Operating Costs			$ 400,000
Reimbursement of total expenses		$ 1,100,000		$ 2,300,000	$ 600,000	$ 1,500,000
Due to Affiliates Excluding Former Advisor		1,500,000			1,500,000		$ 700,000
Due From Affiliates Excluding Former Advisor		1,500,000			1,500,000
General and Administrative Expense [Member]
Related Party Transactions
Reimbursement of Payroll Operating Costs		1,100,000			700,000
Reimbursement of total expenses				$ 2,200,000		$ 1,500,000
Long-term Incentive Plan Units One [Member]
Related Party Transactions
Stock Issued During Period, Shares, Share-based Compensation, Gross	14,705
Affiliated Entity [Member]
Related Party Transactions
Security Deposit Liability		$ 750,000			$ 750,000

Stockholders' Equity and Rede_3

Stockholders' Equity and Redeemable Preferred Stock - Reconciliation of components of basic and diluted net (loss) income per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stockholders' Equity and Redeemable Preferred Stock
Net (loss) income attributable to common stockholders	$ (17,274)	$ (5,429)	$ (32,670)	$ 18,152
Dividends on restricted stock and LTIP Units expected to vest	(321)	(384)	(654)	(767)
Basic net (loss) income attributable to common stockholders	$ (17,595)	$ (5,813)	$ (33,324)	$ 17,385
Weighted average common shares outstanding	30,022,451	28,129,862	29,239,514	25,623,537
Potential dilutive shares				64,993
Weighted average common shares outstanding and potential dilutive shares	30,022,451	28,129,862	29,239,514	25,688,530
Net (loss) income per common share, basic	$ (0.59)	$ (0.21)	$ (1.14)	$ 0.68
Net (loss) income per common share, diluted	$ (0.59)	$ (0.21)	$ (1.14)	$ 0.68

Stockholders' Equity and Rede_4

Stockholders' Equity and Redeemable Preferred Stock - Distributions (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares
Class A Common Stock
Common stock, distribution amount	$ 0.162500
Common Class A two [Member]
Common stock, distribution amount	0.162500
Class C Common Stock
Common stock, distribution amount	0.162500
Common Class C One [Member]
Common stock, distribution amount	0.162500
Common Class C Two [Member]
Common stock, distribution amount	0.162500
Series B Preferred Stock [Member]
Common stock, distribution amount	5
Series B Preferred Stock One [Member]
Common stock, distribution amount	5
Series B Preferred Stock Two [Member]
Common stock, distribution amount	5
Series B Preferred Stock Three [Member]
Common stock, distribution amount	5
Series B Preferred Stock Four [Member]
Common stock, distribution amount	5
Series B Preferred Stock Five [Member]
Common stock, distribution amount	5
Series B Preferred Stock Six [Member]
Common stock, distribution amount	5
Series C Preferred Stock [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock One [Member]
Common stock, distribution amount	0.4765625
Series C Preferred Stock Two [Member]
Common stock, distribution amount	0.4765625
Series D Preferred Stock [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock One [Member]
Common stock, distribution amount	0.4453125
Series D Preferred Stock Two [Member]
Common stock, distribution amount	0.4453125
Series T Preferred Stock [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock One [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Two [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Three [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Four [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Five [Member]
Common stock, distribution amount	0.128125
Series T Preferred Stock Six [Member]
Common stock, distribution amount	$ 0.128125

Stockholders' Equity and Rede_5

Stockholders' Equity and Redeemable Preferred Stock - Distributions declared and paid (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	$ 25,286	$ 25,214	$ 50,500
Distributions Paid	25,524	24,731	$ 50,255
Class A Common Stock
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	4,937	4,804
Distributions Paid	4,805	4,361
Class C Common Stock
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	12	12
Distributions Paid	12	12
Series B Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	5,373	5,383
Distributions Paid	5,376	5,386
Series C Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,094	1,094
Distributions Paid	1,094	1,094
Series D Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	1,235	1,235
Distributions Paid	1,235	1,235
Series T Preferred Stock [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	10,855	10,860
Distributions Paid	10,857	10,971
Operating Partnership Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	956	958
Distributions Paid	955	1,027
Long-term Incentive Plan Units One [Member]
Distribution Made to Unit-holder Of Limited Partnership [Line Items]
Distributions Declared	824	868
Distributions Paid	$ 1,190	$ 645

Stockholders' Equity and Rede_6

Stockholders' Equity and Redeemable Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands										1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	May 10, 2022 item shares	Apr. 12, 2022 shares	Apr. 01, 2022 installment shares	Feb. 28, 2022 item shares	Jan. 01, 2022 shares	Dec. 20, 2021	Nov. 19, 2021 USD ($) shares	Apr. 12, 2021 shares	Jan. 01, 2021 USD ($) shares	Apr. 30, 2021 USD ($) shares	Apr. 30, 2020 USD ($) shares	Apr. 30, 2019 USD ($) shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) installment D $ / shares shares	Jun. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock \| $															$ 0	$ 19
Preferred Stock, Par or Stated Value Per Share \| $ / shares													$ 0.01		$ 0.01		$ 0.01
Stock Repurchased During Period, Value \| $														$ 45,105		85,825
Percentage Of Unvested Incentive Plan In Operating Partnership													4.60%		4.60%
Share price \| $ / shares													$ 25		$ 25
OP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest															14.14%
Partners' Capital Account, Units													5,881,776		5,881,776
LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest															12.62%
Partners' Capital Account, Units													5,250,197		5,250,197
Percentage Of Unvested Incentive Plan In Operating Partnership													4.60%		4.60%
OP And LTIP Unit holders [Member]
Class of Stock [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest															26.76%
Warrant [Member] \| Class A Common Stock
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations													555,750
Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation \| $													$ 50	$ 200	$ 100	200
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized \| $													$ 200		$ 200
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition															1 year 7 months 6 days
Remaining compensation cost is expected to be recognized (in years)															1 year 7 months 6 days
Restricted Stock [Member] \| Class A Common Stock
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations													50,518	53,988
Long-term Incentive Plan Units One [Member] \| Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation \| $													$ 1,000	$ 2,000	$ 1,000	2,000
Long-term Incentive Plan Units One [Member] \| Performance Based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation \| $													1,000	$ 2,000	$ 900	$ 1,700
Long-term Incentive Plan Units One [Member] \| Share-based Compensation Award, Tranche One [Member] \| Time-based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					134,131
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years
Long-term Incentive Plan Units One [Member] \| Share-based Compensation Award, Tranche One [Member] \| Performance Based LTIP Units [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					268,265
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years
Restricted Stock [Member]
Class of Stock [Line Items]
No. of equal installments \| installment															3
Incentive Plan [Member] \| LTIP Unit holders [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			13,176
No. of equal installments \| installment			3
Incentive Plan [Member] \| Long-term Incentive Plan Units One [Member]
Class of Stock [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized \| $													$ 9,500		$ 9,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition															2 years
Remaining compensation cost is expected to be recognized (in years)															2 years
Fourth Amended 2014 Incentive Plans [Member] \| LTIP Unit holders [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	10,065	104,632		10,068
Fourth Amended 2014 Incentive Plans [Member] \| Long-term Incentive Plan Units One [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross									3,546
Compensation cost recognized \| $									$ 400
Number Of Executive Officers To Whom Shares Were Issued In Lieu Of Salaries \| item	2			2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares		41,386						63,246
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares													$ 0.01		$ 0.01		$ 0.01
Common Stock, Shares, Issued													30,410,316		30,410,316		27,257,586
Stock Issued During Period, Shares, Exercise Of Warrants															2,222,199
Class A Common Stock \| Maximum
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares													$ 14.71		$ 14.71
Class A Common Stock \| Minimum
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares													10.70		$ 10.70
Class A Common Stock \| Warrant [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations															556,936	11,932
Class A Common Stock \| Restricted Stock [Member]
Class of Stock [Line Items]
Shares excluded from the diluted shares calculations															50,063	53,061
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period										237,402	237,402	237,402
Total fair value \| $										$ 2,000	$ 2,000	$ 2,000
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares													$ 0.01		$ 0.01		$ 0.01
Common Stock, Shares, Issued													67,933		67,933		76,603
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage															6%
Class of Warrant or Right, Outstanding													55,127		55,127
Class of Warrant or Right, Exercise Price of Warrants or Rights, As Percentage Of Market Price Of Common Stock													120%		120%
Class of Warrant or Right, Exercise of Warrants or Rights, Threshold Number Of Trading Days \| D															20
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right													20		20
Warrants and Rights Outstanding, Term													1 year		1 year
Warrants and Rights Outstanding, Expiration Term															4 years
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised															185,658
Series B Preferred Stock [Member] \| Minimum
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares													$ 10		$ 10
Series B Preferred Stock [Member] \| Stock Offering [Member]
Class of Stock [Line Items]
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares)															962
Redemption of series B preferred stock and conversion into cash \| $															$ 900
Series T Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage															6.15%
Series T Preferred Stock [Member] \| Stock Offering [Member]
Class of Stock [Line Items]
Shares issued							28,369,906
Proceeds from Issuance of Preferred Stock and Preference Stock \| $							$ 638,300
Redemption of series T preferred stock and conversion into cash (in shares)															36,771
Redemption of Series T preferred stock and converted into cash \| $															$ 900
Cumulative Redeemable Preferred Stock \| Series A [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage															8.25%		8.25%
Cumulative Redeemable Preferred Stock \| Series C [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage															7.625%		7.625%
Cumulative Redeemable Preferred Stock \| Series D [Member]
Class of Stock [Line Items]
Preferred Stock, Value, Issued \| $													$ 66,867		$ 66,867		$ 66,867
Preferred Stock, Dividend Rate, Percentage						7.125%									7.125%		7.125%
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Value, Issued \| $
Redeemable Preferred Stock \| Series C [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage						7.625%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2022 USD ($)
Commitments and Contingencies
Preferred equity, loan and joint venture investments	$ 60

Segment Information - Summary o

Segment Information - Summary of NOI and Reconciliation of NOI to consolidated statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Rental and other property revenues	$ 58,515	$ 49,721	$ 115,014	$ 100,803
Operating expenses
Total property operating expenses	21,806	18,909	41,690	38,841
Net operating income
Total net operating income	36,709	30,812	73,324	61,962
Reconciling items:
Interest income from loan and ground lease investments	1,073	4,114	7,825	8,835
Property management fee expenses	(2,104)	(1,247)	(3,974)	(2,528)
General and administrative expenses	(7,284)	(6,595)	(15,204)	(13,240)
Acquisition and pursuit costs	(71)	(3)	(116)	(15)
Weather-related losses, net				(400)
Depreciation and amortization	(21,425)	(19,926)	(43,456)	(40,250)
Other income	198	57	1,184	209
Preferred returns on unconsolidated real joint ventures	4,547	2,329	8,364	4,616
Provision for credit losses	134	(26)	930	(567)
Gain on sale of real estate investments		19,429	0	88,342
Gain on sale of unconsolidated joint venture	2,802		6,694	0
Transaction costs	(2,158)		(9,703)
Loss on extinguishment of debt and debt modification costs	0	(647)	0	(3,687)
Interest expense, net	(13,373)	(13,460)	(24,918)	(27,294)
Net (loss) income	(952)	14,837	950	75,983
Preferred stock dividends	(18,557)	(14,367)	(37,129)	(28,984)
Preferred stock accretion	(5,639)	(7,290)	(10,845)	(14,312)
Operating Partnership units	(6,108)	(1,978)	(11,924)	8,182
Partially owned properties	(1,766)	587	(2,430)	6,353
Net (loss) income attributable to noncontrolling interests	(7,874)	(1,391)	(14,354)	14,535
Net (loss) income attributable to common stockholders	(17,274)	(5,429)	(32,670)	18,152
Multifamily
Revenues
Rental and other property revenues	50,839	48,323	100,486	98,742
Operating expenses
Total property operating expenses	18,032	18,522	35,136	38,099
Net operating income
Total net operating income	32,807	29,801	65,350	60,643
Single-family
Revenues
Rental and other property revenues	7,676	1,398	14,528	2,061
Operating expenses
Total property operating expenses	3,774	387	6,554	742
Net operating income
Total net operating income	$ 3,902	$ 1,011	$ 7,974	$ 1,319

Segment Information - Summary A

Segment Information - Summary Assets and Reconciliation to consolidated balance sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Net Real Estate Investments
Total Net Real Estate Investments	$ 2,127,520	$ 2,047,298
Reconciling items:
Cash and cash equivalents	244,924	166,492	$ 136,766
Restricted cash	30,807	30,015	$ 36,308
Notes and accrued interest receivable, net	23,118	173,489
Due from affiliates	1,536	711
Accounts receivable, prepaids and other assets, net	48,543	43,108
Preferred equity investments and investments in unconsolidated real estate joint ventures, net	165,556	135,690
In-place lease intangible assets, net	97	2,530
Total Assets	2,642,101	2,599,333
Multifamily
Net Real Estate Investments
Total Net Real Estate Investments	1,700,308	1,729,214
Single-family
Net Real Estate Investments
Total Net Real Estate Investments	$ 427,212	$ 318,084

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2022 segment
Segment Information
Number of reportable segments	2

Subsequent Events - Declaration

Subsequent Events - Declaration of Dividends (Details) - Dividend Declared [Member] - August 5, 2022	Jul. 11, 2022 $ / shares
Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 5
Series T Preferred Stock [Member]
Subsequent Event [Line Items]
Declaration of Dividends, Amount	$ 0.128125

Subsequent Events - Distributio

Subsequent Events - Distribution paid (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 05, 2022	Jul. 05, 2022
Subsequent Events
Total Distribution	$ 19,713
Long-term Incentive Plan Units One [Member]
Subsequent Events
Distributions per Share/Units		$ 0.1625000
Total Distribution		$ 661
Class A Common Stock
Subsequent Events
Distributions per Share/Units		$ 0.1625000
Total Distribution		$ 4,937
Class C Common Stock
Subsequent Events
Distributions per Share/Units		$ 0.1625000
Total Distribution		$ 12
Series B Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units	$ 5	$ 5
Total Distribution	$ 1,791	$ 1,791
Series C Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units		$ 0.4765625
Total Distribution		$ 1,094
Series D Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units		$ 0.4453125
Total Distribution		$ 1,235
Series T Preferred Stock [Member]
Subsequent Events
Distributions per Share/Units	$ 0.1281250	$ 0.1281250
Total Distribution	$ 3,618	$ 3,618
Operating Partnership Units One [Member]
Subsequent Events
Distributions per Share/Units		$ 0.1625000
Total Distribution		$ 956

Subsequent Events - Additional

Subsequent Events - Additional information (Details) - Weatherford 185 - Mezzanine Type Loan Member - USD ($) $ in Millions		1 Months Ended
	Jul. 22, 2022	Jul. 31, 2021	Jul. 31, 2022
Subsequent Event [Line Items]
Extension term		30 days
Subsequent Event [Member]
Subsequent Event [Line Items]
Loan provided			$ 0.1
Repayment of principal	$ 9.4
Repayments of principal amount of debt	9.3
Accrued interest paid	$ 0.1