Resource Real Estate Opportunity REIT II (RREO) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Entity Registrant Name	Resource REIT, Inc.
Entity Central Index Key	0001559484
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		166,259,239
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	000-55430
Entity Tax Identification Number	88-0854717
Entity Address, Address Line One	1845 Walnut Street
Entity Address, Address Line Two	17th Floor
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	215
Local Phone Number	231-7050
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments:
Rental properties, net	$ 1,860,039	$ 1,876,047
Assets held for sale - rental properties		150,176
Total investments	1,860,039	2,026,223
Cash	157,325	112,838
Restricted cash	8,670	10,420
Subtotal- cash and restricted cash	165,995	123,258
Tenant receivables, net of allowance of $1,594 and $1,621, respectively	1,049	1,121
Prepaid expenses and other assets	18,438	12,143
Goodwill	154,531	154,531
Total assets	2,200,052	2,317,276
Liabilities:
Mortgage notes payable, net	1,150,888	1,408,851
Accounts payable and accrued expenses	20,086	22,664
Accrued real estate taxes	11,778	10,960
Tenant prepayments	1,912	2,231
Security deposits	4,615	4,975
Total liabilities	1,189,279	1,449,681
Equity:
Preferred stock, par value $.01; 10,000,000 shares authorized, none issued
Common stock, par value $.01; 1,000,000,000 shares authorized; 166,259,239 and 165,766,753 shares issued and outstanding (including 1,439,923 and 1,055,589 of unvested restricted shares, respectively)	1,663	1,658
Convertible stock; par value $.01; 50,000 shares authorized; 50,000 shares issued and outstanding	1	1
Additional paid-in capital	1,328,467	1,328,378
Accumulated other comprehensive income	2,983	262
Accumulated deficit	(322,341)	(462,704)
Total stockholders' equity	1,010,773	867,595
Total liabilities and equity	$ 2,200,052	$ 2,317,276

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Tenant receivables, allowance	$ 1,594	$ 1,621
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	166,259,239	165,766,753
Common stock, outstanding (in shares)	166,259,239	165,766,753
Convertible stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible stock, authorized (in shares)	50,000	50,000
Convertible stock, issued (in shares)	50,000	50,000
Convertible stock, outstanding (in shares)	50,000	50,000
Unvested Restricted Shares
Common stock, issued (in shares)	1,439,923	1,055,589
Common stock, outstanding (in shares)	1,439,923	1,055,589

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Rental income	$ 60,431	$ 53,400
Property management fee income - related parties		342
Asset management fee income - related parties		833
Other revenue		37
Total revenues	60,431	54,612
Expenses:
Property operating expenses	14,582	14,811
Real estate taxes	7,511	7,225
Property management fees - third party	1,577	1,642
Transaction costs	5,013
Casualty loss	166	300
General and administrative- Property related	1,245	1,262
General and administrative- Corporate	10,237	7,834
Loss on disposal of assets	170	110
Depreciation and amortization expense	21,081	23,103
Total expenses	61,582	56,287
Loss before net gains on dispositions	(1,151)	(1,675)
Net gains on dispositions of properties	161,777
Income (loss) before other expenses	160,626	(1,675)
Other income (expense):
Interest expense	(11,724)	(14,532)
Interest income		15
Gain on settlement of derivative	1,614
Insurance proceeds in excess of cost basis	1,487	18
Total other expense	(8,623)	(14,499)
Income (loss) before income taxes	152,003	(16,174)
Provision for income taxes		(203)
Net income (loss)	152,003	(16,377)
Preferred return to preferred OP unit holders		(1,120)
Net income (loss) after preferred return	152,003	(17,497)
Less: Allocation of income to preferred unit holders attributable to noncontrolling interest		59
Less: Net loss attributable to noncontrolling interest		865
Net income (loss) attributable to common stockholders	$ 152,003	$ (16,573)
Weighted average common shares outstanding- basic	164,763	135,252
Weighted average common shares outstanding- diluted	165,102	135,252
Net income (loss) per common share- BASIC	$ 0.92	$ (0.12)
Net income (loss) per common share- DILUTED	$ 0.92	$ (0.12)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net income (loss)	$ 152,003	$ (16,377)
Other comprehensive income:
Reclassification adjustment for realized loss on designated derivatives	317	45
Designated derivatives, fair value adjustments	2,404	372
Total comprehensive income (loss)	154,724	(15,960)
Preferred return to preferred OP unit holders		(1,120)
Total comprehensive income (loss) after preferred return to preferred OP unit holders	154,724	(17,080)
Net loss attributable to noncontrolling interest		865
Allocation of income to preferred unit holders attributable to noncontrolling interest		59
Total other comprehensive income attributable to noncontrolling interest		(22)
Comprehensive loss attributable to noncontrolling interest		902
Comprehensive income (loss) attributable to common stockholders	$ 154,724	$ (16,178)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Convertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interest
Beginning balance at Dec. 31, 2020	$ 276,620	$ 861	$ 1	$ 618,074	$ (391)	$ (469,736)	$ 148,809	$ 127,811
Beginning balance (in shares) at Dec. 31, 2020		86,076,000	50,000
Resource REIT Merger	645,275	$ 712		644,563			645,275
Resource REIT Merger (in shares)		71,222,000
Common stock issued through the distribution reinvestment plan	2,490	$ 3		2,487			2,490
Common stock issued through distribution reinvestment plan (in shares)		289,000
Issuance of restricted stock		$ 5		(5)
Issuance of restricted stock (in shares)		568,000
Stock-based compensation	3,022			3,022			3,022
Distributions declared	(11,584)					(11,029)	(11,029)	(555)
Common stock redemptions	(2,777)	$ (3)		(2,774)			(2,777)
Common stock redemptions (in shares)		(306,000)
Preferred return to preferred OP unit holders	(1,120)					(1,061)	(1,061)	(59)
Other comprehensive income	417				395		395	22
Net income (loss)	(16,377)					(15,512)	(15,512)	(865)
Ending balance at Mar. 31, 2021	895,966	$ 1,578	$ 1	1,265,367	4	(497,338)	$ 769,612	$ 126,354
Ending balance (in shares) at Mar. 31, 2021		157,849,000	50,000
Beginning balance at Dec. 31, 2021	$ 867,595	$ 1,658	$ 500	1,328,378	262	(462,704)
Beginning balance (in shares) at Dec. 31, 2021	165,766,753	165,767,000	50,000
Issuance of restricted stock		$ 5		(5)
Issuance of restricted stock (in shares)		547,000
Stock-based compensation	$ 900			900
Distributions declared	(11,640)					(11,640)
Common stock redemptions	$ (806)			(806)
Common stock redemptions (in shares)	(54,689)	(55,000)
Preferred return to preferred OP unit holders
Other comprehensive income	2,721				2,721
Net income (loss)	152,003					152,003
Ending balance at Mar. 31, 2022	$ 1,010,773	$ 1,663	$ 500	$ 1,328,467	$ 2,983	$ (322,341)
Ending balance (in shares) at Mar. 31, 2022	166,259,239	166,259,000	50,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 152,003	$ (16,377)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss on disposal of assets	170	110
Casualty losses, net of insurance proceeds received	342
Net gain on disposition of property	(161,777)
Gain on settlement of derivative	(1,614)
Loss on extinguishment of debt	1,156	1,462
Depreciation and amortization	21,081	23,103
Amortization of deferred financing costs	347	1,053
Amortization of debt premium (discount)	123	522
Realized loss on change in fair value of interest rate cap	63	45
Stock-based compensation	900	3,022
Changes in operating assets and liabilities:
Tenant receivables, net	72	(156)
Prepaid expenses and other assets	2,489	481
Due to/from related parties, net		1,106
Accounts payable and accrued expenses	(2,290)	(1,444)
Tenant prepayments	(269)	(966)
Security deposits	77	140
Net cash provided by operating activities	12,873	12,101
Cash flows from investing activities:
Proceeds from disposal of property, net of closing costs	200,636
Cash acquired in connection with the Resource REIT Merger, net of acquisition costs		76,858
Capital expenditures	(3,713)	(2,165)
Payment of consideration related to Self-Management Transaction		(15,375)
Net cash provided by investing activities	196,923	59,318
Cash flows from financing activities:
Redemptions of common and convertible stock	(806)	(2,777)
Payment of deferred financing costs		(4,340)
Borrowings on mortgages		33,202
Principal repayments on mortgages	(156,619)	(3,366)
Proceeds from settlement of interest rate caps	2,006
Purchase of interest rate caps		(116)
Distributions paid on common stock	(11,640)	(9,067)
Distributions paid to preferred OP unit holders		(1,120)
Net cash (used in) provided by financing activities	(167,059)	12,416
Net increase in cash and restricted cash	42,737	83,835
Cash and restricted cash at beginning of period	123,258	84,784
Cash and restricted cash at end of period	$ 165,995	$ 168,619

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Reconciliation of cash and restricted cash
Cash	$ 157,325	$ 112,838	$ 147,078
Restricted cash	8,670	10,420	21,541
Cash and restricted cash at end of period	$ 165,995	$ 123,258	$ 168,619	$ 84,784

Nature of Business and Operatio

Nature of Business and Operations	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Operations	NOTE 1 - NATURE OF BUSINESS AND OPERATIONS Resource REIT, Inc. , (the "Company" or "REIT II") was organized in Maryland on September 28, 2012. The Company launched an initial public offering in February 2014, the primary portion of which terminated in February 2016. Substantially all of the business of the Company is conducted through RRE Opportunity OP II, LP (“OP II” or the “Operating Partnership”) in which Resource REIT, Inc. is the sole general partner. The Company's objective is to make investments in apartment communities to provide investors with growing cash flow and increasing asset values. The Company has acquired and may continue to acquire underperforming apartments which it has or will renovate and stabilize in order to increase rents. The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes under the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ending December 31, 2014. Resource REIT, Inc. also operates its business in a manner intended to permit it to maintain its exemption from registration under the Investment Company Act of 1940, as amended. On September 8, 2020 , the Company entered into merger agreements to acquire each of Resource Real Estate Opportunity REIT, Inc. ("REIT I") and Resource Apartment REIT III, Inc. (“REIT III”) in stock-for-stock transactions whereby each of REIT I and REIT III were to be merged into one of the Company's wholly owned subsidiaries. The REIT I Merger and the REIT III Merger are referred to collectively herein as the Resource REIT Mergers. Each of the Resource REIT Mergers was intended to qualify as a “reorganization” under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended. The Resource REIT Mergers became effective as of January 28, 2021 . On September 8, 2020 , REIT I, entered into a series of transactions to become self-managed (the “Self-Management Transaction”), and succeeded to the advisory, asset management and property management arrangements in place for the Company. Blackstone Merger On January 23, 2022 , the Company, Rapids Parent LLC (“Parent”) and Rapids Merger Sub LLC (“Rapids Merger Sub”) entered into an Agreement and Plan of Merger (the “Blackstone Merger Agreement”). The Blackstone Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, the Company will merge with and into Rapids Merger Sub (the “Blackstone Merger”). Upon completion of the Blackstone Merger, Rapids Merger Sub will survive and the separate existence of the Company will cease. The Blackstone Merger and the other transactions contemplated by the Blackstone Merger Agreement were unanimously approved by the Company’s Board of Directors (the “Board”). Parent and Rapids Merger Sub are affiliates of Blackstone Real Estate Income Trust, Inc. (“BREIT”), which is an affiliate of Blackstone Inc. Pursuant to the terms and conditions in the Blackstone Merger Agreement, at the effective time of the Blackstone Merger (the “Effective Time”), each share of common stock (or fraction thereof), $ 0.01 par value per share, of the Company that is issued and outstanding immediately prior to the Effective Time will be automatically cancelled and converted into the right to receive an amount in cash equal to $ 14.75 (the “Common Stock Consideration”), without interest. In addition, at the Effective Time, each share of convertible stock (or fraction thereof), $ 0.01 par value per share, of the Company that is issued and outstanding immediately prior to the Effective Time will be automatically cancelled and converted into the right to receive an amount in cash equal to $ 1,846.76 , without interest. The Blackstone Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants by the Company to conduct its business in all material respects in the ordinary course of business and in a manner consistent with past practice, subject to certain exceptions, during the period between the execution of the Blackstone Merger Agreement and the consummation of the Blackstone Merger. The Company expects the closing of the Blackstone Merger to occur on May 19, 2022, subject to the satisfaction of certain customary closing conditions, including, among others, approval of the Blackstone Merger by the affirmative vote of the holders of a majority of the outstanding shares of the Company’s common stock entitled to cast a vote on the Blackstone Merger (the “Stockholder Approval”). The Company will hold a special meeting on May 16, 2022 for the purpose of obtaining the Stockholder Approval. In addition, the holders of at least two-thirds of the outstanding shares of the Company’s convertible stock entitled to vote on the Blackstone Merger have approved the Blackstone Merger by written consent in accordance with Maryland law and the Company's charter and bylaws. As of March 31, 2022, approximately 166.3 million shares o f common stock, including shares issued through the distribution reinvestment plan, remain outstanding. The consolidated financial statements and the information and tables contained in the notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). However, in the opinion of management, these interim financial statements include all the necessary adjustments to fairly present the results of the interim periods presented. The consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2021. The results of operations for the three months ended March 31, 2022 may not necessarily be indicative of the results of operations for the full year ending December 31, 2022. The Company has adopted a fiscal year ending December 31. COVID-19 Pandemic One of the most significant risks and uncertainties facing the Company and the real estate industry generally continues to be the effect of the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic. The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business, including how the pandemic is impacting its tenants. The Company did not incur significant disruptions from the COVID-19 pandemic during the three months ended March 31, 2022 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with GAAP. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Concentration of Risk As of March 31, 2022, the Company's real estate investments in Texas, Georgia, Illinois, and Colorado represented 25 %, 14 %, 13 %, and 11 %, r espectively, of the net book value of its rental property assets. Any adverse economi c or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. Adoption of New Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848).” ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. T he Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, FASB issued ASU 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 addresses the complexity of guidance for certain financial (convertible) instruments with characteristics of liabilities and equity. ASU No. 2020-06 was effective for the Company January 1, 2022 and it had no effect on its consolidated financial statements and disclosures. Assets Held for Sale The Company presents rental property assets that qualify as held for sale separately in the consolidated balance sheets. Real estate assets held for sale are measured at the lower of carrying amount or fair value less cost to sell. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. As of March 31, 2022 , the Company had no rental properties included in assets held for sale. As of December 31, 2021 , the Company had three rental properties included in assets held for sale. Rental Properties The Company records acquired rental properties at fair value on the acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the asset using the straight-line method. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 2.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related lease Improvements and replacements are capitalized when they have a useful life greater than or equal to one year . Construction management fees are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets, primarily investments in rental properties, for impairment indicators. The review considers factors such as past and expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset. There were no indications of impairment or impairment losses recorded on long-lived assets during the three months ended March 31, 2022 and 2021 . Allocation of the Purchase Price of Acquired and Foreclosed Assets Acquisitions that do not meet the definition of a business under FASB Accounting Standards Codification ("ASC"), Business Combinations , ("ASC 805") are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered business combinations, as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the asset is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition, including transaction costs, to the assets acquired or liabilities assumed based on their relative fair value. Upon the acquisition of real properties, the Company allocates the purchase price of properties to acquired tangible assets consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if it were vacant. Management’s estimates of value are determined by independent appraisers. Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating the fair value of both the tangible and intangible acquired assets, the Company also considers information obtained about each property as a result of its pre-acquisition due diligence. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing relationships with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the average remaining term of the underlying leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization periods for the intangible assets exceed the remaining depreciable life of the building. The determination of the fair value of assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the purchase price allocations, which could impact the amount of the Company’s reported net income. Goodwill The Company records the excess of the cost of an acquired entity over the difference between the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit during the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no such events or changes in circumstances during the three months ended March 31, 2022 and 2021 . Revenue Recognition and Receivables The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, where collection has been considered probable, on a straight-line basis over the term of the related lease, which is accounted for in accordance with ASC 842, Leases (“ASC 842”). The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $ 100.4 million for the remainder of 2022 and $ 15.2 million for the twelve months ending December 31, 2023. The future minimum rental payments to be received from noncancelable operating leases for both commercial rental properties and antenna rentals are approximately $ 320,000 for the remainder of 2022 and approximately $ 389,000 , $ 336,000 , $ 253,000 , and $ 184,000 fo r the years ending December 31, 2023 through December 31, 2026, respectively, and $ 1.1 million thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments and amenities, and revenue sharing arrangements for cable income from contracts with cable providers at the Company's properties (discussed below). A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records the utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized. The Company has revenue sharing arrangements for cable income from contracts with cable providers at the Company’s properties. Included in accounts payable and accrued expenses on the consolidated balance sheets as of March 31, 2022 and December 31, 2021 is a contract liability related to deferred revenue from contracts with cable providers of approximat ely $ 1.5 million and $ 1.7 million, respectively. The Company recognizes income on a straight-line basis over the contract period of 10 years to 12 years . During the three months ended March 31, 2022 and 2021, approximately $ 55,000 and $ 57,000 , respectively, of revenue from the contract liability was recognized as income. Followin g the Self-Management Transaction through the effective date of the Resource REIT Mergers on January 28, 2021, REIT I received asset management and property management fees from REIT II and REIT III. The monthly asset management fee was equal to one-twelfth of 1.0% of the cost of each asset held by REIT II and one-twelfth of 1.0% of the appraised value of each asset held by REIT III, without deduction for depreciation, bad debts or other non-cash reserves. The monthly property management fee was calculated based on 4.5 % of the gross monthly receipts from REIT II's and REIT III’s properties. The Company recognized revenue for both asset and property management fees as earned on a monthly basis. The Company had determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for asset and property management services are satisfied as the services are rendered. The Company was compensated for its services on a monthly basis and these services represent a series of distinct daily services in accordance with ASC 606. As a result of the Resource REIT Mergers, these fees are n o longer being paid. The Company evaluates its portfolio of operating leases for collectability at both the onset of the underlying leases and on an ongoing basis. Tenant receivables include amounts for which collectability was assessed as probable in accordance with the guidance in ASC 842-30. For tenant receivables, which include base rents, straight-line rentals, expense reimbursements and other revenue or income, the Company also estimates a general allowance for uncollectible accounts under ASC 450-20. The Company determines the collectability of its receivables related to rental revenue by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, and the condition of the general economy and the industry as a whole. If collectability is not probable, the Company adjusts rental income for the amount of the uncollectible revenue. Due to the COVID-19 pandemic, some residents have experienced difficulty making rent payments and the Company’s receivables have increased compared to historical levels. As of both March 31, 2022 and December 31, 2021, the Company recorded $ 1.6 million allowance for bad debts to appropriately reflect management’s estimate for uncollectible accounts. The total adjustment to rental and other property income for the three months ended March 31, 2022 and 20 21 was approximately $ 300,000 and $ 700,000 , respectively, for provision for bad debt expense, net of recoveries . The provision for bad debts was recorded as a reduction to rental income in the Company’s consolidated statements of operations. The age of the receivables included in the allowance balance as of March 31, 2022 was: 11.6 % less than 30 days past due, 10.5 % 31-60 days past due, 15.0 % 61-90 days past due and 62.9 % over 90 days past due. Leases For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company, as a lessor of multifamily apartment units, has nonlease components associated with these leases (i.e. common area maintenance, utilities, etc.). The Company combines nonlease component revenue streams and accounts for them as a combined component with leasing revenue. For leases in which the Company is the lessee, primarily consisting of office leases, a parking lot lease, and office equipment leases, the Company recognizes a right-of-use (“ROU”) asset and a lease liability equal to the present value of the minimum lease payments. Operating leases are included in operating lease ROU assets and operating lease liabilities in the Company’s consolidated balance sheets. The Company uses a market rate for equipment leases, when readily determinable, in calculating the present value of lease payments. Otherwise, the incremental borrowing rate is used. The operating lease ROU asset includes any lease payments and excludes lease incentives. Operating lease terms may include options to extend the lease when it is reasonably certain the lease will be extended. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2014. To maintain its REIT qualification under the Code, the Company is generally required to distribute at least 90 % of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100 % of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends-paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Generally, taxable income differs from GAAP net income because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat any of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company's taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of both March 31, 2022 and December 31, 2021, the Company treated one of its subsidiaries as a TRS. The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company. The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months. The Company is subject to examination by the U.S. Internal Revenue Service (“IRS”) and by the taxing authorities in states in which the Company has significant business operations. The Company is not currently undergoing any examinations by taxing authorities. The Company is not subject to IRS examination for tax return years 2017 and prior. Earnings Per Share Basic earnings per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. Distributions declared per common share assume each share was issued and outstanding each day during the period or based upon the two-class method, whichever is more dilutive. The following table sets forth the computation of basic and diluted earnings per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended March 31, 2022 2021 Numerator for earnings per share: Net income (loss) $ 152,003 $( 16,377 ) Preferred return to preferred OP unit holders — ( 1,120 ) Net income (loss) after preferred return 152,003 ( 17,497 ) Less: Allocation of income to preferred unit holders attributable to noncontrolling interest — 59 Less: Net loss attributable to noncontrolling interest — 865 Net income (loss) attributable to common stockholders $ 152,003 $( 16,573 ) Denominator for earnings per share: Weighted average common shares outstanding 164,763 135,252 Denominator for basic earnings per share 164,763 135,252 Weighted average unvested restricted stock 339 — Denominator for diluted earnings per share 165,102 135,252 Earnings (loss) per weighted average common share: Basic $ 0.92 $( 0.12 ) Diluted $ 0.92 $( 0.12 ) No ne of the shares of convertible stock (see Note 10) o r 467,461 unve sted performance awards are included in the diluted earnings per share calculations, because the necessary conditions for conversion have not been satisfied as of March 31, 2022 (were such date to represent the end of the contingency period). Additionally, due to loss for the three months ended March 31, 2021, the calculation of diluted earnings per share exclu des 4,583 unvested r estricted shares as their effect would be antidilutive. Prior to their redemption and/or conversion, net losses attributable to outstanding OP Common Units and OP Preferred Units were included in net (income) loss attributable to noncontrolling interest, and therefore, were excluded from the calculation of income (loss) per common share, basic and diluted, for all periods presented.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 3 - SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the Company's supplemental cash flow information (in thousands): Three Months Ended March 31, 2022 2021 Non-cash financing and investing activities: Stock issued from the distribution reinvestment plan $ — $ 2,490 Repayments on borrowings through refinancing — 461,968 Accruals for construction in progress 1,835 1,089 Non-cash activity related to dispositions: Mortgage notes payable settled directly with proceeds from sale of rental property 102,877 — Non-cash activity related to Resource REIT Merger: Net assets acquired in REIT II Merger in exchange for common shares $ — $ 543,840 Net assets acquired in REIT III Merger in exchange for common shares — 101,435 Implied REIT I common stock issued in exchange for net assets acquired in Resource REIT Merger — 645,275 Cash paid during the period for: Interest $ 10,456 $ 9,589

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2022
Cash and Cash Equivalents [Abstract]
Restricted Cash	NOTE 4 - RESTRICTED CASH Restricted cash represents escrow deposits with lenders to be used to pay real estate taxes, insurance, debt service, and capital improvements. The following table presents a summary of the components of the Company's restricted cash (in thousands): March 31, 2022 December 31, Real estate taxes $ 5,400 $ 6,879 Insurance 1,353 1,486 Debt service reserve 135 157 Capital improvements 1,782 1,898 Total $ 8,670 $ 10,420

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Investments in Real Estate	NOTE 5 - INVESTMENTS IN REAL ESTATE As of March 31, 2022 , the Company's investments in rental properties consisted of 42 apartment properties that contain 12,667 units. The following table summarizes the Company's investments in rental properties (in thousands): March 31, 2022 December 31, 2021 Land $ 293,491 $ 293,492 Building and improvements 1,806,685 1,799,028 Furniture, fixtures and equipment 55,845 53,438 Construction in progress 2,910 8,318 2,158,931 2,154,276 Less: accumulated depreciation ( 298,892 ) ( 278,229 ) Rental properties, net $ 1,860,039 $ 1,876,047 Depreciation expense for the three months ended March 31, 2022 and 2021 was $ 21.1 million and $ 20.2 million, respectively. The Company disposed of three properties during the three months ended March 31, 2022. There were no dispositions during the three months ended March 31, 2021. The following table presents details of the Company's disposition activity during the three months ended March 31, 2022 (in thousands): Multifamily Community Location Sale Date Contract Sales Price Net Gain on Disposition of Property Revenue Attributable to Properties Sold Net Income (Loss) Attributable to Properties Sold The Bryant at Yorba Linda Yorba Linda, CA January 20, 2022 $ 205,500 $ 100,629 $ 708 $ ( 148 ) Maxwell Townhomes San Antonio, TX January 20, 2022 48,000 30,318 474 660 Sunset Ridge San Antonio, TX March 22, 2022 60,750 30,830 1,156 ( 286 ) $ 161,777 $ 2,338 $ 226

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	NOTE 6 - DEBT The following table presents a summary of the Company's debt (in thousands): Weighted Average Maturity in Years at March 31, 2022 December 31, 2021 March 31, 2022 Mortgage notes payable, net - variable rate $ 374,955 $ 607,711 3.50 Mortgage notes payable, net - fixed rate 775,933 801,140 6.24 Total mortgage notes payable, net $ 1,150,888 $ 1,408,851 5.34 Revolving credit facility $ — $ — — Weighted average interest rate on mortgages - variable 2.28 % 2.05 % Weighted average interest rate on mortgages - fixed 2.93 % 2.96 % Weighted average interest rate on revolving credit facility — — Weighted average interest rate on total debt 2.72 % 2.56 % The following table presents the Company's annual future principal payments on outstanding borrowings as of March 31, 2022 (in thousands): Remainder 2022 $ 7,432 2023 35,393 2024 152,284 2025 164,938 2026 67,979 2027 188,491 Thereafter 539,308 $ 1,155,825 Structured Credit Facility On January 28, 2021, subsidiaries of the Company (collectively, “Borrower”) entered into a structured credit facility transaction with CBRE Multifamily Capital, Inc. for delivery of loans and/or advances to Fannie Mae (the “Facility”) for a term of 15 years (the “Facility Termination Date”). Pursuant to the terms of the loan documents for the Facility, the lender agreed to make advances at both fixed and variable rates to Borrower during the term of the Facility provided that Borrower satisfies certain customary conditions as set forth in the Facility loan documents (the “Loan Documents”), including debt service coverage tests and loan-to-value tests. The fixed rate advances in the Facility may have terms not less than five or more than 15 years from the closing of such advance and variable rate advances in the Facility may have terms not less than five or more than 10 years from the closing of such advance. All advances must have maturity dates that do not exceed the Facility Termination Date. Borrower has the option to convert variable rate advances to fixed rate advances beginning on the first day of the second year of the variable rate advance term and ending seven years prior to the Facility Termination Date, subject to the satisfaction of customary requirements set forth in the Loan Documents. The Facility is non-recourse to the Borrower except for the customary exceptions to non-recourse provisions of the Loan Documents (“carve-outs”). The Borrower’s obligations for the carve-outs are guaranteed solely by the Borrowers. The Company is the key principal under the Facility and as such must continue to indirectly own an interest in each Borrower and is subject to certain transfer restrictions with respect to its ownership interest in each Borrower as provided in the Loan Documents. In addition, the Facility contains customary representations and warranties, financial and other covenants, events of default and remedies typical for this type of facility. The initial advance of $ 495.2 million under the Facility occurred on January 28, 2021 and is secured by the following twelve multifamily properties located in Arizona, Colorado, Georgia, Oregon and Texas (including five properties formerly held by REIT II): Estates at Johns Creek, Heritage Pointe, Providence in the Park, South Lamar Village, Verona Apartments, Westside, 81 Fifty at West Hills, Adair off Addison I & II, Montclair Terrace, Palmer at Las Colinas, and Uptown Buckhead. The proceeds from the initial advance were used to refinance or pay off $ 462.0 million of the Company’s debt. Loans that were repaid in full were loans secured by Vista Apartment Homes, Cannery Lofts, Retreat at Rocky Ridge, Tech Center Square, and Aston at Cinco Ranch. Additional information about the initial advance on the Facility, which is included in Mortgage notes payable, net on the Consolidated Balance Sheet as of March 31, 2022, is as follows (in thousands): Collateral Original Loan Amount Maturity Date Type Annual Interest Rate Fixed Advance 1 $ 235,205 2/1/2031 Fixed 2.79 % Fixed Advance 2 $ 235,205 2/1/2028 Fixed 2.62 % Floating Advance $ 24,760 2/1/2031 Floating (1) 2.11 % (1) Floating rate based on 30-day average Secured Overnight Financing Rate "SOFR" plus a fixed margin of 2.06 %. Revolving Credit Facility On May 20, 2021, the Company entered into a Credit Agreement (the “Credit Facility”) for which BofA Securities, Inc. acted as sole book runner and sole lead arranger and Bank of America, N.A. acted as administrative agent and L/C issuer (the “Credit Agreement”). The Credit Facility is a secured revolving credit facility in the initial amount of $ 100 million, including $ 15 million available in letters of credit, subject to the Company's ability to increase the lenders’ aggregate commitment during the term of the Credit Agreement to a maximum of $ 500 million, subject to certain limitations. The availability of borrowings under the Credit Facility will be based on the value of a pool of eligible income-producing multifamily properties owned, directly or indirectly and from time to time, by the Company or subsidiaries of Company. The Credit Facility is a three-year interest-only facility with all outstanding principal due at maturity, subject to a one-year extension option. The Credit Facility may be prepaid or terminated at any time without penalty. The proceeds of the Credit Facility may be used for general corporate purposes, including refinancing existing indebtedness and working capital. The Credit Facility is guaranteed by the Company and certain subsidiaries of the Company, and secured by a pledge of the equity interests of certain of the Company’s subsidiaries. Borrowings under the Credit Facility will bear interest, at the Company’s option, at either the Eurodollar Rate (defined as a rate equal to LIBOR or a comparable or successor rate) for a designated interest period plus an applicable margin, or the base rate (as defined as the highest of the Bank of America prime rate, the federal funds rate plus 0.50 % or the Eurodollar Rate plus 1.0 %) plus an applicable margin. The anticipated applicable margin for borrowings under the Credit Facility for base rate loans will range from 0.60 % to 1.20 % per annum and the applicable margin for Eurodollar Rate loans will range from 1.60 % to 2.20 % per annum, depending on the ratio of consolidated total indebtedness to total asset value (as such terms are defined in the Credit Agreement), with the lowest rate applying if such ratio is less than 45 %, and the highest rate applying if such ratio is equal to or greater than 60 %. The Company is also required to pay a fee to the lenders that is assessed on the unused portion of the facility. A default rate will apply on all obligations in the event of default under the Credit Facility at 2.0 % above the otherwise applicable rate. The Company is also subject to certain financial covenants, including (i) the ratio of the Company’s consolidated indebtedness to total asset value not to exceed 65 % as of the last day of each of the first six fiscal quarters ending after May 20, 2021 and 60 % as of the last day of each fiscal quarter thereafter; (ii) consolidated secured recourse indebtedness other than the Credit Facility not to exceed 5 % of total asset value; (iii) consolidated fixed charge coverage ratio not less than 1.35 x to 1.00x as of the last day of each of the first four fiscal quarters ending after May 20, 2021 and 1.50 x to 1.00x as of the last day of each fiscal quarter thereafter; and (iv) tangible net worth not less $ 678.8 million, plus 75 % of the net proceeds of any future equity issuances by the Company or any of its consolidated subsidiaries. The Company is in compliance with each of the applicable financial covenants as of March 31, 2022. There were no borrowings under the Credit Facility during the three months ended March 31, 2022. As of March 31, 2022 , availability under the Credit Facility was $ 100.0 million and was secured by six apartment communities: Vista Apartment Homes, Cannery Lofts, Aston at Cinco Ranch, Bay Club, Windbrooke and Perimeter 5550. The Company has $ 1.1 million of deferred finance costs for the Credit Facility which is included in Prepaid Expenses and Other Assets on the Consolidated Balance Sheet as of March 31, 2022, which is amortized over the term of the Credit Facility. During three months ended March 31, 2022 and 2021 , approximately $ 93,000 and $ 0 , respectively, of amortization of deferred financing costs related to the Credit Facility were included in interest expense. Accumulated amortization of deferred financing costs related to the Credit Facility as of March 31, 2022 was approximately $ 324,000 and the net book value of deferred financing costs related to the Credit Facility as of March 31, 2022 was approximately $ 798,000 . Other Mortgage notes payable assumed as part of both the Resource REIT Mergers and the acquisitions of Point Bonita Apartment Homes were recorded at their fair values. The premium or discount is amortized over the remaining term of the loans and included in interest expense. The net premium or discount included in the consolidated balance sheets as of March 31, 2022 was approximately $ 39,000 . For three months ended March 31, 2022 and 2021 interest expense increased by approximately $ 123,000 and $ 522,000 , respectively, for the amortization of the premium or discount. As of March 31, 2022 , the Company owned 30 apartment communities that served as collateral for mortgages payable. All mortgage notes are collateralized by a first mortgage lien on the assets of the respective property. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of mortgages held. The mortgage notes payable are recourse only with respect to the properties that secure the notes, subject to certain limited standard exceptions, as defined in each mortgage note. These exceptions are referred to as “carveouts.” The Company has guaranteed the carveouts under mortgage notes, other than the notes with respect to the Credit Facility, by executing a guarantee with respect to the properties. In general, carveouts relate to damages suffered by the lender for a borrower’s failure to pay rents, insurance or condemnation proceeds to lender, failure to pay water, sewer and other public assessments or charges, failure to pay environmental compliance costs or to deliver books and records, in each case as required in the loan documents. The exceptions also require the Company to guarantee payment of audit costs, lender’s enforcement of its rights under the loan documents and payment of the loan if the borrower voluntarily files for bankruptcy or seeks reorganization, or if a related party of the borrower does so with respect to the subsidiary. As of March 31, 2022, the Company believes that there are no material defaults or instances of noncompliance in regards to any of these mortgages payable. Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the three months ended March 31, 2022 and 2021, $ 1.4 million and $ 2.5 million, respectively, of amortization of deferred financing costs related to mortgages payable was included in interest expense. Accumulated amortization of deferred financing costs related to mortgages payable as of March 31, 2022 and December 31, 2021 was $ 2.4 million and $ 4.6 million, respectively and the net book value of deferred financing costs as of March 31, 2022 and December 31, 2021 related to mortgage notes payable was $ 4.9 million and $ 6.3 million, respectively. During the three months ended March 31, 2022, the Company repaid four mortgage notes payable (Skyview, Meridian Pointe, Courtney Meadows and Indigo Creek) and paid approximately $ 1.3 million in prepayment penalties, included in Interest Expense on the Consolidated Statements of Operations.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	NOTE 7 - LEASES As the lessee, the Company’s operating leases primarily consist of office leases, a parking lot lease and office equipment leases. These operating leases have remaining terms ranging from less than one year to six years . Some of the leases include options to extend the lease for up to an additional five years . Only those rental periods reasonably certain to be extended beyond the initial term expiration are included within the calculation of the operating lease liability. As of March 31, 2022, the payments due under the contractually-obligated portion of these leases totale d $ 2.6 million. The market rate is used for leases, when readily determinable, in calculating the present value of lease payments for the operating lease liability. Otherwise, the incremental borrowing rate based on the information available at commencement date is used. As of March 31, 2022, the weighted average remaining lease term was 4.45 years and the weighted average discount rate was 2.21 % f or the Company’s operating leases. As of March 31, 2022, the Company included approximate ly $ 2.5 million in its consolidated balance sheet for operating lease right-of-use operating lease assets . The Company’s lease expense related to the parking lot lease for both the three months ended March 31, 2022 and 2021 was approximately $ 9,000 , whi ch is included in rental operating expenses in the consolidated statements of operations. The Company’s lease expense related to all other leases for the three months ended March 31, 2022 and 2021 was approximately $ 140,500 and $ 161,800 , respectively, which is included in general and administrative expenses in the consolidated statements of operations. The following table presents the Company’s annual payments for the operating lease liabilities (including reasonably assured extension periods) for each of the next five periods ending December 31, and thereafter (in thousands): Remainder of 2022 $ 439 2023 572 2024 573 2025 586 2026 448 Thereafter — $ 2,618

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income	NOTE 8 - ACCUMULATED OTHER COMPREHENSIVE INCOME The following table presents the changes in each component of the Company's accumulated other comprehensive income for the three months ended March 31, 2022 and 2021 (in thousands): Balance, January 1, 2022 $ 262 Reclassification adjustment for realized loss on designated derivatives 317 Designated derivatives, fair value adjustments 2,404 Balance, March 31, 2022 $ 2,983 Balance, January 1, 2021 $ ( 391 ) Reclassification adjustment for realized loss on designated derivatives 45 Designated derivatives, fair value adjustments 372 Balance before noncontrolling interest $ 26 Noncontrolling interest ( 22 ) Balance, March 31, 2021 $ 4

Certain Relationships and Relat

Certain Relationships and Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Certain Relationships and Related Party Transactions	NOTE 9 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS In the ordinary course of its business operations, the Company has ongoing relationships with several related parties. Relationship with C-III and RAI As of September 30, 2021, C-III and its subsidiary, Legacy Co, collectively own approximately 8.3 million common shares. Following the Self-Management Transaction and prior to September 14, 2021, C-III and Legacy Co collectively owned approximately 7.5 million OP Common Units and 319,965 OP Preferred Units and had the right to designate one individual to be included on the board of directors of the Company. In accordance with a letter agreement between the parties, on September 14, 2021, the Company redeemed 319,965 outstanding Series A Preferred Units collectively held by C-III and Legacy Co for $ 67.5 million and exchanged 7,539,737.53 common units collectively held by C-III and Legacy Co for an equivalent number of shares of common stock of the Company. In addition, the board nominee resigned his position as a member of the board of directors of the Company. Prior to the Self-Management Transaction, C-III controlled our Former Advisor as well as the external advisors to REIT II and REIT III, as indirect subsidiaries of RAI, and owned the property management entities for the Company, REIT II and REIT III. On September 8, 2020, the Company entered into a Transitional Services Agreement with C-III, Advisor Contributor and RAI (the “Transitional Services Agreement”), pursuant to which, effective September 8, 2020 and for a one-year period, C-III provided to the Company and its affiliates and subsidiaries certain services in order to ensure an orderly transition and the continued conduct and operation of the advisory and property management business acquired by the Company in connection with the Self-Management Transaction. In connection with these services, the Company has paid C-III an agreed-upon monthly fee for each service provided, as well as reimbursement of out-of-pocket expenses incurred by C-III and RAI as a result of the provision of these services. C-III also reimbursed the Company for services provided by the Company’s employees to C-III during this period. In addition, C-III sublet from the Company a portion of the office space in Philadelphia until December 31, 2020. Property loss policy . The Company participated (with other properties directly or indirectly managed by RAI and C-III) in a catastrophic insurance policy, which covered claims up to $ 250.0 million, after either a $ 25,000 or a $ 100,000 deductible per incident, depending on location and/or type of loss. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limits could have a material adverse effect on the Company's financial condition and operating results. This policy expired on March 1, 2021 and was replaced with similar coverage in the normal course of business independent of RAI and C-III. General liability loss policy. The Company (with other properties directly managed by RAI) had an insured and dedicated limit for the general liability of $ 1,000,000 per occurrence. Total claims were limited to $ 2.0 million per premium year. In excess of these limits, the Company participated (with other properties directly or indirectly managed by RAI and C-III) in a $ 50.0 million per occurrence excess liability program. Therefore, the total insured limit per occurrence was $ 51.0 million for the general and excess liability program, after a $ 25,000 deductible per incident. This policy expired on March 1, 2021 and was replaced with similar coverage in the normal course of business independent of RAI and C-III. Internal audit . Prior to the Self-Management Transaction, RAI performed internal audit services for the Company. Directors and officers liability insurance. Prior to the Self-Management Transaction in September 2020, the Company participated in a liability insurance program for directors and officers coverage with other C-III managed entities and subsidiaries. Thereafter, until the effectiveness of the Resource REIT Merger, the Company participated in a liability insurance program for directors and officers coverage with REIT II and REIT III. Other expenses. The Company utilizes the services of The Planning and Zoning Resource Company, an affiliate of C-III, for zoning reports for acquisitions. Relationship with the Former Advisor In September 2009, the Company entered into an advisory agreement, which has been amended at various times thereafter (the “Advisory Agreement”), pursuant to which the Former Advisor provided the Company with investment management, administrative and related services. The Advisory Agreement has a one-year term and may be renewed for an unlimited number of successive one-year terms. The current term of the Advisory Agreement expires on September 14, 2022. Under the Advisory Agreement, the Former Advisor received fees and was reimbursed for its expenses as set forth below. Following the Self-Management transaction, the Company is no longer externally advised and these fees are no longer being paid: Acquisition fees. The Company paid the Former Advisor an acquisition fee of 2.0 % of the cost of investments acquired on behalf of the Company, plus any capital expenditure reserves allocated, or the amount funded by the Company to acquire loans, including acquisition expenses and any debt attributable to such investments. Asset management fees. The Company paid the Former Advisor a monthly asset management fee equal to one -twelfth of 1.0 % of the higher of the cost or the independently appraised value of each asset, without deduction for depreciation, bad debts or other non-cash reserves. The asset management fee was based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company did not own all or a majority of an asset and does not manage or control the asset. Disposition fees. The Former Advisor earned a disposition fee in connection with the sale of a property equal to the lesser of one -half of the aggregate brokerage commission paid, or if none is paid, 2.75 % of the contract sales price. Debt financing fees. The Former Advisor earned a debt financing fee equal to 0.5 % of the amount available under any debt financing obtained for which it provided substantial services. Expense reimbursements. The Company also paid directly or reimbursed the Former Advisor for all of the expenses paid or incurred by the Former Advisor or its affiliates on behalf of the Company or in connection with the services provided to the Company in relation to its public offering, including its ongoing distribution reinvestment plan offering. Reimbursements also included expenses the Former Advisor incurred in connection with providing services to the Company, including the Company’s allocable share of costs for Former Advisor personnel and overhead, out of pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment. However, the Company did not reimburse the Former Advisor or its affiliates for employee costs in connection with services for which the Former Advisor earned acquisition or disposition fees. Following the Self-Management Transaction, REIT I, as the indirect owner of the advisor to REIT II and REIT III, received asset management fees, property management fees and debt financing fees from REIT II and REIT III until the Resource REIT Merger in January 2021. Relationship with Resource Real Estate Opportunity Manager Prior to the Self-Management Transaction, Resource Real Estate Opportunity Manager (the “Manager”) managed the Company's real estate properties and real estate-related debt investments and coordinated the leasing of, and managed construction activities related to, some of the Company’s real estate properties pursuant to the terms of the management agreement with the Manager. On the date of the Self-Management Transaction, the Manager became an indirect subsidiary of the Company. Property management fees. Prior to the Self-Management Transaction, the Manager earned 4.5 % of the gross receipts from the Company's properties, provided that for properties that were less than 75 % occupied, the manager received a minimum fee for the first 12 months of ownership for performing certain property management and leasing activities. The Manager subcontracted certain services to an unaffiliated third-party, Greystar, and paid for those services from its property management fee. Construction management fees. The Manager earned a construction management fee of 5.0 % of actual aggregate costs to construct improvements to, or to repair, rehab or reconstruct a property. Debt servicing fees. The Manager earned a debt servicing fee of 2.75 % on payments received from loans held by the Company for investment. Information technology fees and operating expense reimbursement. During the ordinary course of business, the Manager or other affiliates of RAI paid certain shared information technology fees and operating expenses on behalf of the Company for which they were reimbursed. Relationship with ACRES Commercial Realty Corp. (“ACR”) The Company provided office space and other office-related services to ACRES Commercial Realty Corp. (f/k/a Exantas Capital Corp.) under a sublease that was assigned from RAI which terminated on March 31, 2021. In addition, three employees of the Company provided internal audit services until March 31, 2021 under an internal audit engagement letter that was assigned from RAI to Resource NewCo LLC, a subsidiary of the Company. The Company's Chief Financial Officer was a director of ACR until June 2021. The following table presents the Company's fees earned by, and expenses paid to, such related parties (in thousands): Three Months Ended March 31, 2022 2021 Fees earned / expenses paid to related parties: REIT II (prior to 1/28/2021): Asset management fee income $ — $ 669 Property management fee income — 275 Operating expense reimbursements (1) — 371 Internal audit (3) — 8 REIT III (prior to 1/28/2021): Asset management fee income $ — $ 164 Property management fee income — 67 C-III/RAI: Transition services paid to C-III (1) $ — $ 2 Preferred unit distributions — 1,120 ACR Internal audit $ — $ 37 Sublease rent reimbursement (1) — 30 (1) Included in General and administrative on the consolidated statements of operations.

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	NOTE 10 - EQUITY Preferred Stock The Company’s charter authorizes the Company to issue 10.0 million shares of its $ 0.01 par value preferred stock. As of March 31, 2022 and December 31, 2021 , no shares of preferred stock were issued and outstanding. Common Stock As of March 31, 2022, the Company had an aggregate 166.3 million shares of its $ 0.01 par value common stock outstanding including 1.4 million of unvested restricted shares. In accordance with the Company’s distribution reinvestment plan (“DRP”), participants in the DRP acquire shares of common stock under the plan at a price equal to 95% of the current estimated value per share of common stock. Commencing on March 31, 2021, participants acquired shares of the Company’s common stock under the plan at a price equal to $ 8.61 per share. The following table summarizes the activity (dollars in thousands): Shares Gross Shares issued through private offering 1,279,227 $ 12,737 Shares issued through primary public offering 129,923,354 1,289,845 Shares issued through stock distributions 2,406,986 — Shares issued through distribution reinvestment plan 29,042,460 279,519 Restricted shares issued to employees 1,918,126 — Shares issued through conversion of common OP units 7,539,738 — Shares issued in connection with the Resource REIT Merger 14,724,323 — Total 186,834,214 $ 1,582,101 Shares redeemed and retired ( 20,574,975 ) Total shares issued and outstanding as of March 31, 2022 166,259,239 On January 23, 2022, the Company's board of directors approved an estimated value per share of its common stock of $ 14.75 based on the Common Stock Consideration provided for in the Blackstone Merger Agreement. As of the date of this filing, the Company is not aware of a material change in the value of its investments that would impact the overall estimated value per share. The Company is providing this estimated value per share to assist broker-dealers that participated in its public offerings in meeting their customer account statement reporting obligations under Financial Industry Regulatory Authority (“FINRA”) Rule 2231. Convertible Stock As of March 31, 2022 , the Company had 50,000 shares of $ 0.01 par value convertible stock outstanding which were owned by the Company and affiliated and formerly affiliated persons. The convertible stock will convert into shares of the Company’s common stock upon the occurrence of (a) the Company having paid distributions to common stockholders that in the aggregate equal 100 % of the price at which the Company originally sold the shares plus an amount sufficient to produce a 7 % cumulative, non-compounded annual return on the shares at that price; or (b) if the Company lists its common stock on a national securities exchange and, on the 31st trading day after listing, the Company’s value based on the average trading price of its common stock since the listing, plus prior distributions, combine to meet the same 7 % return threshold. Each of these two events is a “Triggering Event.” Upon a Triggering Event, the Company's convertible stock will, unless its advisory agreement has been terminated or not renewed on account of a material breach by Resource Real Estate Opportunity Advisor II, LLC, a wholly-owned subsidiary of the Company, generally be converted into a number of shares of common stock equal to 1 / 50,000 of the quotient of: (A) the lesser of (i) 15 % of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 7 % cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, or (B) the value of the Company divided by the number of outstanding shares of common stock, in each case, as of the date of the event triggering the conversion. As of March 31, 2022 , no Triggering Event has occurred . The consummation of the Blackstone Merger will result in a triggering event, and the Blackstone Merger Agreement accordingly provides that, at the Effective Time, each outstanding share of convertible stock (other than convertible stock held by the Company or any of its subsidiaries or by Parent or Rapids Merger Sub), including shares held by our directors and executive officers, will be automatically cancelled and converted into the right to receive an amount in cash equal to the convertible stock merger consideration of $ 1,846.76 per share, less any applicable withholding taxes. Such convertible stock merger consideration represents the amount of consideration that would have been received by the holder thereof had such share of convertible stock been converted into shares of our common stock under the terms of our charter immediately prior to the Effective Time. Redemption of Securities In connection with the Blackstone Merger Agreement, on January 23, 2022, the Board approved the suspension of the Amended Share Repurchase Program. Shares redeemed during the three months ended March 31, 2022 were repurchased from employees upon vesting of restricted stock awards in order to facilitate the payment of taxes by the employees. Period Total Number of Shares Redeemed Average Price Paid per Share January 2022 — — February 2022 54,689 $ 14.75 March 2022 — — 54,689 Distributions Paid to Common Stockholders For the three months ended March 31, 2022, the Company paid common stockholders aggregate distributions of $ 11.6 million p aid in cash as follows (in thousands): Record Date Per Common Distribution Date Net Cash Distribution March 30, 2022 $ 0.07 March 31, 2022 $ 11,640 Share-Based Compensation On January 4, 2022, the Compensation Committee (the “Committee”) of the Board of the Company approved performance-based long-term equity incentive awards pursuant to the 2020 LTIP. After the actual amount of the performance-based award is determined (or earned), the earned shares will be fully vested and generally transferable. Dividends will be deemed to have accrued on all of the earned shares during the measuring period until the determination date. Such accrued dividends on earned shares will be paid to the awardee on the determination date. Thereafter, the awardee is entitled to receive dividends as declared and paid on the earned shares. The awardee will be entitled to vote the shares from the grant date. Dividends on the performance-based awards of restricted stock will not be paid but will be accrued over the vesting period. The accrual as of March 31, 2022 was approximatel y $ 220,000 an d was included in Accounts payable and accrued expenses on the consolidated balance sheets. Employees were awarded 384,236 shares of three-year vesting restricted stock and the Company’s non-employee directors were awarded 28,696 shares of one-year vesting restricted stock during the three months ended March 31, 2022. The following table presents the changes in unvested restricted stock for the three months ended March 31, 2022: Performance Based Awards Weighted Average Grant Date Fair Value Time-Based Service Awards Weighted Average Grant Date Fair Value Total Awards Unvested restricted shares, beginning of period 602,506 453,083 1,055,589 Granted 135,345 $ 14.75 412,932 $ 14.75 548,277 Forfeited - ( 1,103 ) ( 1,103 ) Vested - ( 162,840 ) ( 162,840 ) Unvested restricted shares, end of period 737,851 702,072 1,439,923 The Company recorded approximately $ 900,000 of compensation expense in the three months ended March 31, 2022 . Unrecognized compensation expense as of March 31, 2022 was $ 14.8 million.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measures and Disclosures	NOTE 11 - FAIR VALUE MEASURES AND DISCLOSURES In analyzing the fair value of its investments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair value of cash, restricted cash, tenant receivables and accounts payable, approximate their carrying value due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Derivatives (interest rate caps), which are reported at fair value in the consolidated balance sheets, are valued by a third-party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors. (Level 2) The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): Level 1 Level 2 Level 3 Total March 31, 2022 Assets: Interest rate caps $ — $ 3,548 $ — $ 3,548 $ — $ 3,548 $ — $ 3,548 December 31, 2021 Assets: Interest rate caps $ — $ 1,282 $ — $ 1,282 $ — $ 1,282 $ — $ 1,282 The following table presents the carrying amount and estimated fair value of the Company’s mortgage notes payable-outstanding borrowings (in thousands): March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Mortgage notes payable- outstanding borrowings $ 1,155,825 $ 1,056,022 $ 1,415,321 $ 1,358,503 The carrying amount of the mortgage notes payable presented is the outstanding borrowings excluding premium or discount and deferred finance costs, net. The fair value of the mortgage notes payable was estimated using rates available to the Company for debt with similar terms and remaining maturities. (Level 3)

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	NOTE 13 - DERIVATIVES AND HEDGING ACTIVITIES 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 debt funding 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 receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. As a condition to certain of the Company’s financing facilities, from time to time the Company may be required to enter into certain derivative transactions as may be required by the lender. These transactions would generally be in line with the Company’s own risk management objectives and also serve to protect the lender. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company entered into a total of 11 i nterest rate caps that were designated as cash flow hedges. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2022, such derivatives were used to hedge the variable cash flows, indexed to USD-LIBOR and one loan indexed to SOFR, associated with existing variable-rate loan agreements. During the three months ended March 31, 2022, the Company settled 17 interest rate caps that were no longer associated with outstanding mortgages for $ 2.0 million and recognized a gain on settlement of $ 1.6 million. During the three months ended March 31, 2022 and 2021 , the Company recorded expenses of approximately $ 317,000 and $ 45,000 , respectively, due to amortization of premiums paid for interest rate caps. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional approximate $ 555,000 will be reclassified as a decrease to interest expense. The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2022 and December 31, 2021 (dollars in thousands): Interest Rate Derivative Number of Notional Maturity Dates March 31, 2022 Interest Rate Caps 11 $ 388,203 May 1, 2022 to February 1, 2026 December 31, 2021 Interest Rate Caps 18 $ 626,623 January 1, 2022 to February 1, 2026 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The following table presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of March 31, 2022 and December 31, 2021 (in thousands): Asset Derivatives Liability Derivatives March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 3,548 Prepaid expenses and other assets $ 1,282 — $ — — $ —

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	NOTE 13 - SUBSEQUENT EVENTS On May 2, 2022, in anticipation of the closing of the Blackstone Merger, the Company provided notice of termination effective as of May 17, 2022, with respect to the Credit Facility for which BofA Securities, Inc. acts as sole book runner and sole lead arranger and Bank of America, N.A., as administrative agent and L/C issuer. There are no borrowings under the Credit Facility and the Company will not incur any material termination penalties as a result of such termination. The Company has evaluated subsequent events and determined that no events have occurred, other than as disclosed above or elsewhere in the financial statements, which would require an adjustment to or additional disclosure in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with GAAP.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Concentration of Risk	Concentration of Risk As of March 31, 2022, the Company's real estate investments in Texas, Georgia, Illinois, and Colorado represented 25 %, 14 %, 13 %, and 11 %, r espectively, of the net book value of its rental property assets. Any adverse economi c or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848).” ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. T he Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, FASB issued ASU 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 addresses the complexity of guidance for certain financial (convertible) instruments with characteristics of liabilities and equity. ASU No. 2020-06 was effective for the Company January 1, 2022 and it had no effect on its consolidated financial statements and disclosures.
Assets Held for Sale	Assets Held for Sale The Company presents rental property assets that qualify as held for sale separately in the consolidated balance sheets. Real estate assets held for sale are measured at the lower of carrying amount or fair value less cost to sell. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. As of March 31, 2022 , the Company had no rental properties included in assets held for sale. As of December 31, 2021 , the Company had three rental properties included in assets held for sale.
Rental Properties	Rental Properties The Company records acquired rental properties at fair value on the acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the asset using the straight-line method. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 2.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related lease Improvements and replacements are capitalized when they have a useful life greater than or equal to one year . Construction management fees are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets, primarily investments in rental properties, for impairment indicators. The review considers factors such as past and expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset. There were no indications of impairment or impairment losses recorded on long-lived assets during the three months ended March 31, 2022 and 2021 .
Allocation of Purchase Price of Acquired and Foreclosed Assets	Allocation of the Purchase Price of Acquired and Foreclosed Assets Acquisitions that do not meet the definition of a business under FASB Accounting Standards Codification ("ASC"), Business Combinations , ("ASC 805") are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered business combinations, as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the asset is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition, including transaction costs, to the assets acquired or liabilities assumed based on their relative fair value. Upon the acquisition of real properties, the Company allocates the purchase price of properties to acquired tangible assets consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if it were vacant. Management’s estimates of value are determined by independent appraisers. Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating the fair value of both the tangible and intangible acquired assets, the Company also considers information obtained about each property as a result of its pre-acquisition due diligence. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing relationships with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the average remaining term of the underlying leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization periods for the intangible assets exceed the remaining depreciable life of the building. The determination of the fair value of assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the purchase price allocations, which could impact the amount of the Company’s reported net income.
Goodwill	Goodwill The Company records the excess of the cost of an acquired entity over the difference between the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit during the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no such events or changes in circumstances during the three months ended March 31, 2022 and 2021 .
Revenue Recognition and Receivables	Revenue Recognition and Receivables The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, where collection has been considered probable, on a straight-line basis over the term of the related lease, which is accounted for in accordance with ASC 842, Leases (“ASC 842”). The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $ 100.4 million for the remainder of 2022 and $ 15.2 million for the twelve months ending December 31, 2023. The future minimum rental payments to be received from noncancelable operating leases for both commercial rental properties and antenna rentals are approximately $ 320,000 for the remainder of 2022 and approximately $ 389,000 , $ 336,000 , $ 253,000 , and $ 184,000 fo r the years ending December 31, 2023 through December 31, 2026, respectively, and $ 1.1 million thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments and amenities, and revenue sharing arrangements for cable income from contracts with cable providers at the Company's properties (discussed below). A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records the utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized. The Company has revenue sharing arrangements for cable income from contracts with cable providers at the Company’s properties. Included in accounts payable and accrued expenses on the consolidated balance sheets as of March 31, 2022 and December 31, 2021 is a contract liability related to deferred revenue from contracts with cable providers of approximat ely $ 1.5 million and $ 1.7 million, respectively. The Company recognizes income on a straight-line basis over the contract period of 10 years to 12 years . During the three months ended March 31, 2022 and 2021, approximately $ 55,000 and $ 57,000 , respectively, of revenue from the contract liability was recognized as income. Followin g the Self-Management Transaction through the effective date of the Resource REIT Mergers on January 28, 2021, REIT I received asset management and property management fees from REIT II and REIT III. The monthly asset management fee was equal to one-twelfth of 1.0% of the cost of each asset held by REIT II and one-twelfth of 1.0% of the appraised value of each asset held by REIT III, without deduction for depreciation, bad debts or other non-cash reserves. The monthly property management fee was calculated based on 4.5 % of the gross monthly receipts from REIT II's and REIT III’s properties. The Company recognized revenue for both asset and property management fees as earned on a monthly basis. The Company had determined under ASC 606 – Revenue from Contracts with Customers (“ASC 606”), that the performance obligation for asset and property management services are satisfied as the services are rendered. The Company was compensated for its services on a monthly basis and these services represent a series of distinct daily services in accordance with ASC 606. As a result of the Resource REIT Mergers, these fees are n o longer being paid. The Company evaluates its portfolio of operating leases for collectability at both the onset of the underlying leases and on an ongoing basis. Tenant receivables include amounts for which collectability was assessed as probable in accordance with the guidance in ASC 842-30. For tenant receivables, which include base rents, straight-line rentals, expense reimbursements and other revenue or income, the Company also estimates a general allowance for uncollectible accounts under ASC 450-20. The Company determines the collectability of its receivables related to rental revenue by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, and the condition of the general economy and the industry as a whole. If collectability is not probable, the Company adjusts rental income for the amount of the uncollectible revenue. Due to the COVID-19 pandemic, some residents have experienced difficulty making rent payments and the Company’s receivables have increased compared to historical levels. As of both March 31, 2022 and December 31, 2021, the Company recorded $ 1.6 million allowance for bad debts to appropriately reflect management’s estimate for uncollectible accounts. The total adjustment to rental and other property income for the three months ended March 31, 2022 and 20 21 was approximately $ 300,000 and $ 700,000 , respectively, for provision for bad debt expense, net of recoveries . The provision for bad debts was recorded as a reduction to rental income in the Company’s consolidated statements of operations. The age of the receivables included in the allowance balance as of March 31, 2022 was: 11.6 % less than 30 days past due, 10.5 % 31-60 days past due, 15.0 % 61-90 days past due and 62.9 % over 90 days past due.
Leases	Leases For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company, as a lessor of multifamily apartment units, has nonlease components associated with these leases (i.e. common area maintenance, utilities, etc.). The Company combines nonlease component revenue streams and accounts for them as a combined component with leasing revenue. For leases in which the Company is the lessee, primarily consisting of office leases, a parking lot lease, and office equipment leases, the Company recognizes a right-of-use (“ROU”) asset and a lease liability equal to the present value of the minimum lease payments. Operating leases are included in operating lease ROU assets and operating lease liabilities in the Company’s consolidated balance sheets. The Company uses a market rate for equipment leases, when readily determinable, in calculating the present value of lease payments. Otherwise, the incremental borrowing rate is used. The operating lease ROU asset includes any lease payments and excludes lease incentives. Operating lease terms may include options to extend the lease when it is reasonably certain the lease will be extended. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2014. To maintain its REIT qualification under the Code, the Company is generally required to distribute at least 90 % of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100 % of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends-paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Generally, taxable income differs from GAAP net income because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat any of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company's taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of both March 31, 2022 and December 31, 2021, the Company treated one of its subsidiaries as a TRS. The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company. The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months. The Company is subject to examination by the U.S. Internal Revenue Service (“IRS”) and by the taxing authorities in states in which the Company has significant business operations. The Company is not currently undergoing any examinations by taxing authorities. The Company is not subject to IRS examination for tax return years 2017 and prior.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. Distributions declared per common share assume each share was issued and outstanding each day during the period or based upon the two-class method, whichever is more dilutive. The following table sets forth the computation of basic and diluted earnings per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended March 31, 2022 2021 Numerator for earnings per share: Net income (loss) $ 152,003 $( 16,377 ) Preferred return to preferred OP unit holders — ( 1,120 ) Net income (loss) after preferred return 152,003 ( 17,497 ) Less: Allocation of income to preferred unit holders attributable to noncontrolling interest — 59 Less: Net loss attributable to noncontrolling interest — 865 Net income (loss) attributable to common stockholders $ 152,003 $( 16,573 ) Denominator for earnings per share: Weighted average common shares outstanding 164,763 135,252 Denominator for basic earnings per share 164,763 135,252 Weighted average unvested restricted stock 339 — Denominator for diluted earnings per share 165,102 135,252 Earnings (loss) per weighted average common share: Basic $ 0.92 $( 0.12 ) Diluted $ 0.92 $( 0.12 ) No ne of the shares of convertible stock (see Note 10) o r 467,461 unve sted performance awards are included in the diluted earnings per share calculations, because the necessary conditions for conversion have not been satisfied as of March 31, 2022 (were such date to represent the end of the contingency period). Additionally, due to loss for the three months ended March 31, 2021, the calculation of diluted earnings per share exclu des 4,583 unvested r estricted shares as their effect would be antidilutive. Prior to their redemption and/or conversion, net losses attributable to outstanding OP Common Units and OP Preferred Units were included in net (income) loss attributable to noncontrolling interest, and therefore, were excluded from the calculation of income (loss) per common share, basic and diluted, for all periods presented.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 2.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Weighted average remaining term of related lease
Schedule of Computation of Basic and Diluted Earnings per Share	The following table sets forth the computation of basic and diluted earnings per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended March 31, 2022 2021 Numerator for earnings per share: Net income (loss) $ 152,003 $( 16,377 ) Preferred return to preferred OP unit holders — ( 1,120 ) Net income (loss) after preferred return 152,003 ( 17,497 ) Less: Allocation of income to preferred unit holders attributable to noncontrolling interest — 59 Less: Net loss attributable to noncontrolling interest — 865 Net income (loss) attributable to common stockholders $ 152,003 $( 16,573 ) Denominator for earnings per share: Weighted average common shares outstanding 164,763 135,252 Denominator for basic earnings per share 164,763 135,252 Weighted average unvested restricted stock 339 — Denominator for diluted earnings per share 165,102 135,252 Earnings (loss) per weighted average common share: Basic $ 0.92 $( 0.12 ) Diluted $ 0.92 $( 0.12 )

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information (in thousands): Three Months Ended March 31, 2022 2021 Non-cash financing and investing activities: Stock issued from the distribution reinvestment plan $ — $ 2,490 Repayments on borrowings through refinancing — 461,968 Accruals for construction in progress 1,835 1,089 Non-cash activity related to dispositions: Mortgage notes payable settled directly with proceeds from sale of rental property 102,877 — Non-cash activity related to Resource REIT Merger: Net assets acquired in REIT II Merger in exchange for common shares $ — $ 543,840 Net assets acquired in REIT III Merger in exchange for common shares — 101,435 Implied REIT I common stock issued in exchange for net assets acquired in Resource REIT Merger — 645,275 Cash paid during the period for: Interest $ 10,456 $ 9,589

Restricted Cash (Tables)

Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2022
Cash and Cash Equivalents [Abstract]
Summary of Components of Restricted Cash	The following table presents a summary of the components of the Company's restricted cash (in thousands): March 31, 2022 December 31, Real estate taxes $ 5,400 $ 6,879 Insurance 1,353 1,486 Debt service reserve 135 157 Capital improvements 1,782 1,898 Total $ 8,670 $ 10,420

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Investments in Rental Properties	As of March 31, 2022 , the Company's investments in rental properties consisted of 42 apartment properties that contain 12,667 units. The following table summarizes the Company's investments in rental properties (in thousands): March 31, 2022 December 31, 2021 Land $ 293,491 $ 293,492 Building and improvements 1,806,685 1,799,028 Furniture, fixtures and equipment 55,845 53,438 Construction in progress 2,910 8,318 2,158,931 2,154,276 Less: accumulated depreciation ( 298,892 ) ( 278,229 ) Rental properties, net $ 1,860,039 $ 1,876,047
Summary of Details of Disposition Activity	The following table presents details of the Company's disposition activity during the three months ended March 31, 2022 (in thousands): Multifamily Community Location Sale Date Contract Sales Price Net Gain on Disposition of Property Revenue Attributable to Properties Sold Net Income (Loss) Attributable to Properties Sold The Bryant at Yorba Linda Yorba Linda, CA January 20, 2022 $ 205,500 $ 100,629 $ 708 $ ( 148 ) Maxwell Townhomes San Antonio, TX January 20, 2022 48,000 30,318 474 660 Sunset Ridge San Antonio, TX March 22, 2022 60,750 30,830 1,156 ( 286 ) $ 161,777 $ 2,338 $ 226

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of Debt	The following table presents a summary of the Company's debt (in thousands): Weighted Average Maturity in Years at March 31, 2022 December 31, 2021 March 31, 2022 Mortgage notes payable, net - variable rate $ 374,955 $ 607,711 3.50 Mortgage notes payable, net - fixed rate 775,933 801,140 6.24 Total mortgage notes payable, net $ 1,150,888 $ 1,408,851 5.34 Revolving credit facility $ — $ — — Weighted average interest rate on mortgages - variable 2.28 % 2.05 % Weighted average interest rate on mortgages - fixed 2.93 % 2.96 % Weighted average interest rate on revolving credit facility — — Weighted average interest rate on total debt 2.72 % 2.56 %
Annual Future Principal Payments on Outstanding Borrowings	The following table presents the Company's annual future principal payments on outstanding borrowings as of March 31, 2022 (in thousands): Remainder 2022 $ 7,432 2023 35,393 2024 152,284 2025 164,938 2026 67,979 2027 188,491 Thereafter 539,308 $ 1,155,825
Summary of Additional Information about Initial Advance on Facility	Additional information about the initial advance on the Facility, which is included in Mortgage notes payable, net on the Consolidated Balance Sheet as of March 31, 2022, is as follows (in thousands): Collateral Original Loan Amount Maturity Date Type Annual Interest Rate Fixed Advance 1 $ 235,205 2/1/2031 Fixed 2.79 % Fixed Advance 2 $ 235,205 2/1/2028 Fixed 2.62 % Floating Advance $ 24,760 2/1/2031 Floating (1) 2.11 % (1) Floating rate based on 30-day average Secured Overnight Financing Rate "SOFR" plus a fixed margin of 2.06 %.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Annual Payments for Operating Lease Liabilities	The following table presents the Company’s annual payments for the operating lease liabilities (including reasonably assured extension periods) for each of the next five periods ending December 31, and thereafter (in thousands): Remainder of 2022 $ 439 2023 572 2024 573 2025 586 2026 448 Thereafter — $ 2,618

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Components of Accumulated Other Comprehensive Income	The following table presents the changes in each component of the Company's accumulated other comprehensive income for the three months ended March 31, 2022 and 2021 (in thousands): Balance, January 1, 2022 $ 262 Reclassification adjustment for realized loss on designated derivatives 317 Designated derivatives, fair value adjustments 2,404 Balance, March 31, 2022 $ 2,983 Balance, January 1, 2021 $ ( 391 ) Reclassification adjustment for realized loss on designated derivatives 45 Designated derivatives, fair value adjustments 372 Balance before noncontrolling interest $ 26 Noncontrolling interest ( 22 ) Balance, March 31, 2021 $ 4

Certain Relationships and Rel_2

Certain Relationships and Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Fees Earned/Expenses Paid and Amounts Payable and Amounts Receivable to Related Parties	The following table presents the Company's fees earned by, and expenses paid to, such related parties (in thousands): Three Months Ended March 31, 2022 2021 Fees earned / expenses paid to related parties: REIT II (prior to 1/28/2021): Asset management fee income $ — $ 669 Property management fee income — 275 Operating expense reimbursements (1) — 371 Internal audit (3) — 8 REIT III (prior to 1/28/2021): Asset management fee income $ — $ 164 Property management fee income — 67 C-III/RAI: Transition services paid to C-III (1) $ — $ 2 Preferred unit distributions — 1,120 ACR Internal audit $ — $ 37 Sublease rent reimbursement (1) — 30 (1) Included in General and administrative on the consolidated statements of operations.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Common Stock	The following table summarizes the activity (dollars in thousands): Shares Gross Shares issued through private offering 1,279,227 $ 12,737 Shares issued through primary public offering 129,923,354 1,289,845 Shares issued through stock distributions 2,406,986 — Shares issued through distribution reinvestment plan 29,042,460 279,519 Restricted shares issued to employees 1,918,126 — Shares issued through conversion of common OP units 7,539,738 — Shares issued in connection with the Resource REIT Merger 14,724,323 — Total 186,834,214 $ 1,582,101 Shares redeemed and retired ( 20,574,975 ) Total shares issued and outstanding as of March 31, 2022 166,259,239 In connection with the Blackstone Merger Agreement, on January 23, 2022, the Board approved the suspension of the Amended Share Repurchase Program. Shares redeemed during the three months ended March 31, 2022 were repurchased from employees upon vesting of restricted stock awards in order to facilitate the payment of taxes by the employees. Period Total Number of Shares Redeemed Average Price Paid per Share January 2022 — — February 2022 54,689 $ 14.75 March 2022 — — 54,689
Schedule of Distributions	For the three months ended March 31, 2022, the Company paid common stockholders aggregate distributions of $ 11.6 million p aid in cash as follows (in thousands): Record Date Per Common Distribution Date Net Cash Distribution March 30, 2022 $ 0.07 March 31, 2022 $ 11,640
Summary of Changes in Unvested Restricted Stock	Employees were awarded 384,236 shares of three-year vesting restricted stock and the Company’s non-employee directors were awarded 28,696 shares of one-year vesting restricted stock during the three months ended March 31, 2022. The following table presents the changes in unvested restricted stock for the three months ended March 31, 2022: Performance Based Awards Weighted Average Grant Date Fair Value Time-Based Service Awards Weighted Average Grant Date Fair Value Total Awards Unvested restricted shares, beginning of period 602,506 453,083 1,055,589 Granted 135,345 $ 14.75 412,932 $ 14.75 548,277 Forfeited - ( 1,103 ) ( 1,103 ) Vested - ( 162,840 ) ( 162,840 ) Unvested restricted shares, end of period 737,851 702,072 1,439,923 The Company recorded approximately $ 900,000 of compensation expense in the three months ended March 31, 2022 . Unrecognized compensation expense as of March 31, 2022 was $ 14.8 million.

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): Level 1 Level 2 Level 3 Total March 31, 2022 Assets: Interest rate caps $ — $ 3,548 $ — $ 3,548 $ — $ 3,548 $ — $ 3,548 December 31, 2021 Assets: Interest rate caps $ — $ 1,282 $ — $ 1,282 $ — $ 1,282 $ — $ 1,282
Carrying Amount and Estimated Fair Values of Loan Held for Investment, Net, and Mortgage Notes Payable - outstanding borrowings	The following table presents the carrying amount and estimated fair value of the Company’s mortgage notes payable-outstanding borrowings (in thousands): March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Mortgage notes payable- outstanding borrowings $ 1,155,825 $ 1,056,022 $ 1,415,321 $ 1,358,503

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2022 and December 31, 2021 (dollars in thousands): Interest Rate Derivative Number of Notional Maturity Dates March 31, 2022 Interest Rate Caps 11 $ 388,203 May 1, 2022 to February 1, 2026 December 31, 2021 Interest Rate Caps 18 $ 626,623 January 1, 2022 to February 1, 2026
Fair Value and Balance Sheet Location of Derivatives	The following table presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of March 31, 2022 and December 31, 2021 (in thousands): Asset Derivatives Liability Derivatives March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 3,548 Prepaid expenses and other assets $ 1,282 — $ — — $ —

Nature of Business and Operat_2

Nature of Business and Operations (Details) - $ / shares shares in Millions	Jan. 23, 2022	Jan. 28, 2021	Mar. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock par value			$ 0.01	$ 0.01
Convertible stock par value			$ 0.01	$ 0.01
Shares issued through distribution reinvestment plan
Class Of Stock [Line Items]
Common stock, shares issued (in shares)			166.3
Blackstone Merger Agreement
Class Of Stock [Line Items]
Date of merger agreement	Jan. 23, 2022
Common stock par value	$ 0.01
Right to receive cash for per common stock cancelled and converted	14.75
Convertible stock par value	0.01
Right to receive cash for per convertible stock cancelled and converted	$ 1,846.76
REIT I Merger Agreement
Class Of Stock [Line Items]
Date of merger agreement			Sep. 8, 2020
Effective date of merger agreement		Jan. 28, 2021
REIT III Merger Agreement
Class Of Stock [Line Items]
Date of merger agreement			Sep. 8, 2020
Effective date of merger agreement		Jan. 28, 2021

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)Propertyshares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)Property
Accounting Standards Update and Change in Accounting Principle [Abstract]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2022
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate202006Member
Assets Held for Sale [Abstract]
Number of rental properties held for sale (in property) | Property	0		3
Asset Impairment Charges [Abstract]
Impairment losses	$ 0	$ 0
Revenue Recognition [Abstract]
Contract liability	$ 1,500,000		$ 1,700,000
Revenue contract period	10 years to 12 years
Revenue from contract liability recognized into income	$ 55,000	57,000
Description of asset management fee, percentage	The monthly asset management fee was equal to one-twelfth of 1.0% of the cost of each asset held by REIT II and one-twelfth of 1.0% of the appraised value of each asset held by REIT III, without deduction for depreciation, bad debts or other non-cash reserves.
Description of property management fee, percentage	The monthly property management fee was calculated based on 4.5% of the gross monthly receipts from REIT II's and REIT III’s properties.
Property management fee percentage calculated based on gross monthly receipts	4.50%
Allowance for uncollectible receivables	$ 1,594,000		$ 1,621,000
Adjustment to rental and other property income, net of recoveries	$ 300,000	$ 700,000
Income Taxes [Abstract]
Minimum distribution percentage of taxable net income excluding net capital gains	90.00%
Distribution percentage of taxable net income not subject to federal corporate income tax	100.00%
Number of years entity may be precluded from REIT qualifications	4 years
Convertible Stock
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations | shares	0
Unvested Performance Awards
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations | shares	467,461
Unvested Restricted Shares
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations | shares	4,583
Less Than 30 Days Past Due
Revenue Recognition [Abstract]
Receivables percentage included in the allowance balance	11.60%
31-60 Days Past Due
Revenue Recognition [Abstract]
Receivables percentage included in the allowance balance	10.50%
61-90 Days Past Due
Revenue Recognition [Abstract]
Receivables percentage included in the allowance balance	15.00%
Over 90 Days Past Due
Revenue Recognition [Abstract]
Receivables percentage included in the allowance balance	62.90%
Improvements and replacements
Assets Held for Sale [Abstract]
Improvements and replacements, useful life greater than or equal to one year, capitalization threshold (in years)	1 year
Operating leases for residential rental properties
Revenue Recognition [Abstract]
Future minimum rental payments, reminder of fiscal year	$ 100,400,000
Future minimum rental payments, in one years	15,200,000
Commercial rental properties and antenna rentals
Revenue Recognition [Abstract]
Future minimum rental payments, reminder of fiscal year	320,000
Future minimum rental payments, in one years	389,000
Future minimum rental payments, in two years	336,000
Future minimum rental payments, in three years	253,000
Future minimum rental payments, in four years	184,000
Future minimum rental payments, thereafter	$ 1,100,000
Texas | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	25.00%
Georgia | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	14.00%
Illinois | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	13.00%
Colorado | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	11.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	3 Months Ended
	Mar. 31, 2022
Buildings
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	27 years 6 months
Furniture, fixtures, and equipment | Minimum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	2 years
Furniture, fixtures, and equipment | Maximum
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	5 years
Tenant improvements
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	Shorter of lease term or expected useful life
Lease intangibles
Property, Plant and Equipment [Line Items]
Real estate investments, useful life	Weighted average remaining term of related lease

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Net income (loss)	$ 152,003	$ (16,377)
Preferred return to preferred OP unit holders		(1,120)
Net income (loss) after preferred return	152,003	(17,497)
Less: Allocation of income to preferred unit holders attributable to noncontrolling interest		59
Less: Net loss attributable to noncontrolling interest		865
Net income (loss) attributable to common stockholders	$ 152,003	$ (16,573)
Denominator for basic earnings per share	164,763	135,252
Weighted average unvested restricted stock	339
Denominator for diluted earnings per share	165,102	135,252
Earnings (loss) per weighted average common share:
Basic	$ 0.92	$ (0.12)
Diluted	$ 0.92	$ (0.12)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Non-cash financing and investing activities:
Stock issued from the distribution reinvestment plan		$ 2,490
Repayments on borrowings through refinancing		461,968
Accruals for construction in progress	$ 1,835	1,089
Non-cash activity related to dispositions:
Mortgage notes payable settled directly with proceeds from sale of rental property	102,877
Cash paid during the period for:
Interest	$ 10,456	9,589
REIT II
Non-cash activity related to Resource REIT Merger:
Net assets acquired in REIT Merger in exchange for common shares		543,840
REIT III Merger Agreement
Non-cash activity related to Resource REIT Merger:
Net assets acquired in REIT Merger in exchange for common shares		101,435
REIT I
Non-cash activity related to Resource REIT Merger:
Net assets acquired in REIT Merger in exchange for common shares		$ 645,275

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 8,670	$ 10,420	$ 21,541
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	5,400	6,879
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,353	1,486
Debt service reserve
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	135	157
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,782	$ 1,898

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)PropertyUnit	Mar. 31, 2021USD ($)Property
Real Estate [Line Items]
Number of rental properties	42
Number of units | Unit	12,667
Depreciation expense | $	$ 21.1	$ 20.2
Disposed of by Sale
Real Estate [Line Items]
Number of rental properties	3	0

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Rental Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Rental Properties, Net:
Land	$ 293,491	$ 293,492
Building and improvements	1,806,685	1,799,028
Furniture, fixtures and equipment	55,845	53,438
Construction in progress	2,910	8,318
Rental properties, gross	2,158,931	2,154,276
Less: accumulated depreciation	(298,892)	(278,229)
Rental properties, net	$ 1,860,039	$ 1,876,047

Investments in Real Estate - Su

Investments in Real Estate - Summary of Details of Disposition Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Gain on Disposition of Property	$ 161,777
Revenue Attributable to Properties Sold	2,338
Net Income (Loss) Attributable to Properties Sold	226
The Bryant at Yorba Linda | Yorba Linda, CA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales Price	205,500
Net Gain on Disposition of Property	100,629
Revenue Attributable to Properties Sold	708
Net Income (Loss) Attributable to Properties Sold	(148)
Maxwell Townhomes | San Antonio, TX
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales Price	48,000
Net Gain on Disposition of Property	30,318
Revenue Attributable to Properties Sold	474
Net Income (Loss) Attributable to Properties Sold	660
Sunset Ridge | San Antonio, TX
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales Price	60,750
Net Gain on Disposition of Property	30,830
Revenue Attributable to Properties Sold	1,156
Net Income (Loss) Attributable to Properties Sold	$ (286)

Rental Properties, Net - Schedu

Rental Properties, Net - Schedule of Revenues and Net Income/ (Loss) Attributable to Properties Held For Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate [Line Items]
Revenues Attributable to Property Held For Sale	$ 60,431	$ 54,612

Rental Properties, Net - Summar

Rental Properties, Net - Summary of Calculation of Consideration Transferred (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Summary Of Calculation Of Consideration Transferred [Line Items]
Common stock outstanding as of January 28, 2021	166,259,239	165,766,753

Identified Intangible Assets, N

Identified Intangible Assets, Net and Goodwill - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 154,531	$ 154,531

Identified Intangible Assets,_2

Identified Intangible Assets, Net and Goodwill - Schedule of Goodwill (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 154,531
Goodwill, Ending Balance	$ 154,531

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 1,155,825
Weighted average interest rate on total debt	2.72%	2.56%
Mortgages
Debt Instrument [Line Items]
Mortgages notes payable, net - variable rate	$ 374,955	$ 607,711
Mortgages notes payable, net- fixed rate	775,933	801,140
Total	$ 1,150,888	$ 1,408,851
Weighted Average Maturity in Years	5 years 4 months 2 days
Mortgages | Variable Rate
Debt Instrument [Line Items]
Weighted average interest rate on total debt	2.28%	2.05%
Weighted Average Maturity in Years	3 years 6 months
Mortgages | Fixed Rate
Debt Instrument [Line Items]
Weighted average interest rate on total debt	2.93%	2.96%
Weighted Average Maturity in Years	6 years 2 months 26 days
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	$ 0	$ 0
Weighted average interest rate on total debt	0.00%	0.00%

Debt - Annual Future Principal

Debt - Annual Future Principal Payments on Outstanding Borrowings (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
Remainder 2022	$ 7,432
2023	35,393
2024	152,284
2025	164,938
2026	67,979
2027	188,491
Thereafter	539,308
Total	$ 1,155,825

Debt - Narrative (Details)

Debt - Narrative (Details)	May 20, 2021USD ($)	Jan. 28, 2021USD ($)Property	Mar. 31, 2022USD ($)Apartment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Amortization of deferred financing costs			$ 347,000	$ 1,053,000
Tangible Net Worth			$ 678,800,000
Percentage of net proceeds of future equity issuances			75.00%
Borrowings under credit facility				33,202,000
Number of apartments owned as collateral | Apartment			30
As of Last Day of Each Fiscal Quarter Thereafter
Debt Instrument [Line Items]
Financial covenants, percentage of consolidated indebtedness to asset value ratio			60.00%
Consolidated fixed charge coverage ratio			1.50
Mortgages
Debt Instrument [Line Items]
Accumulated amortization of deferred financing costs			$ 2,400,000		$ 4,600,000
Deferred financing costs, net			4,900,000		$ 6,300,000
Mortgages | Interest Expense
Debt Instrument [Line Items]
Prepayment penalties			1,300,000
Amortization of deferred financing costs			1,400,000	2,500,000
Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Debt Instrument [Line Items]
Facility termination period		15 years
Convertible loan advances from variable to fixed Description		Borrower has the option to convert variable rate advances to fixed rate advances beginning on the first day of the second year of the variable rate advance term and ending seven years prior to the Facility Termination Date, subject to the satisfaction of customary requirements set forth in the Loan Documents.
Initial advance amount		$ 495,200,000
Number of real estate properties secured by mortgage | Property		12
Refinance or pay off of borrower's debt		$ 462,000,000
Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers | REIT II
Debt Instrument [Line Items]
Number of real estate properties secured by mortgage | Property		5
Secured Revolving Credit Facility
Debt Instrument [Line Items]
Initial advance amount	$ 100,000,000
Accumulated amortization of deferred financing costs			324,000
Letters of credit	$ 15,000,000
Line of credit, interest-only facility maturity period	3 years
Line of credit, extension maturity period	1 year
Line of credit, maximum amount	$ 500,000,000		100,000,000
Credit facility, default rate	2.00%
Borrowings under credit facility			$ 0
Number of apartments owned as collateral | Apartment			6
Secured Revolving Credit Facility | Prepaid Expenses and Other Assets
Debt Instrument [Line Items]
Deferred finance costs						$ 1,100,000
Secured Revolving Credit Facility | Interest Expense
Debt Instrument [Line Items]
Amortization of deferred financing costs			$ 93,000	0
Secured Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.50%
Secured Revolving Credit Facility | Eurodollar Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.00%
Secured Revolving Credit Facility | Mortgages
Debt Instrument [Line Items]
Deferred financing costs, net			$ 798,000
Minimum | As of Last Day of Each of First Four Fiscal Quarters Ending After May 20, 2021
Debt Instrument [Line Items]
Consolidated fixed charge coverage ratio			1.35
Minimum | Secured Revolving Credit Facility
Debt Instrument [Line Items]
Threshold percentage of total indebtedness to total asset value ratio	60.00%
Minimum | Secured Revolving Credit Facility | Eurodollar Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.60%
Minimum | Secured Revolving Credit Facility | Base Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.60%
Maximum
Debt Instrument [Line Items]
Percentage of consolidated secured recourse indebtedness to total asset value			5.00%
Maximum | As of Last Day of Each of First Six Fiscal Quarters Ending After May 20, 2021
Debt Instrument [Line Items]
Financial covenants, percentage of consolidated indebtedness to asset value ratio			65.00%
Maximum | Secured Revolving Credit Facility
Debt Instrument [Line Items]
Threshold percentage of total indebtedness to total asset value ratio	45.00%
Maximum | Secured Revolving Credit Facility | Eurodollar Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.20%
Maximum | Secured Revolving Credit Facility | Base Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.20%
Fixed Advances | Minimum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Debt Instrument [Line Items]
Facility termination period		5 years
Fixed Advances | Maximum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Debt Instrument [Line Items]
Facility termination period		15 years
Variable Advances | Minimum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Debt Instrument [Line Items]
Facility termination period		5 years
Variable Advances | Maximum | Structured Credit Facility Transaction | CBRE Multifamily Capital, Inc. | Borrowers
Debt Instrument [Line Items]
Facility termination period		10 years
Acquisitions of Rental Property
Debt Instrument [Line Items]
Increase (decrease) in interest expense due to fair value adjustments			$ 123,000	$ 522,000
Net premium or discount included in consolidated balance sheets			$ 39,000

Debt - Summary of Additional In

Debt - Summary of Additional Information about Initial Advance on Facility (Details) - Structured Credit Facility Transaction - Borrowers	Jan. 28, 2021USD ($)
Fixed Advance 1
Debt Instrument [Line Items]
Original Loan Amount	$ 235,205,000
Maturity Date	Feb. 1, 2031
Annual Interest Rate	2.79%
Fixed Advance 2
Debt Instrument [Line Items]
Original Loan Amount	$ 235,205,000
Maturity Date	Feb. 1, 2028
Annual Interest Rate	2.62%
Floating Advance
Debt Instrument [Line Items]
Original Loan Amount	$ 24,760,000
Maturity Date	Feb. 1, 2031
Annual Interest Rate	2.11%	[1]
[1]	Floating rate based on 30-day average Secured Overnight Financing Rate "SOFR" plus a fixed margin of 2.06 %.

Debt - Summary of Additional _2

Debt - Summary of Additional Information about Initial Advance on Facility (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2022
SOFR | Structured Credit Facility Transaction | Borrowers
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.06%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Leased Assets [Line Items]
Option to extend lease term	Some of the leases include options to extend the lease for up to an additional five years
Lessee, operating lease, existence of option to extend	true
Payments due for lease obligations	$ 2,618,000
Weighted average remaining lease term	4 years 5 months 12 days
Weighted average discount rate	2.21%
Operating lease right-of-use assets	$ 2,500,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets
Parking Lot Lease | Rental Operating Expenses
Operating Leased Assets [Line Items]
Operating lease, expense	$ 9,000	$ 9,000
All Other Leases | General and Administrative Expenses
Operating Leased Assets [Line Items]
Operating lease, expense	$ 140,500	$ 161,800
Minimum
Operating Leased Assets [Line Items]
Operating leases, remaining terms	1 year
Maximum
Operating Leased Assets [Line Items]
Operating leases, remaining terms	6 years

Leases - Schedule of Annual Pay

Leases - Schedule of Annual Payments for Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
Remainder 2022	$ 439
2023	572
2024	573
2025	586
2026	448
Total	$ 2,618

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning balance	$ 867,595	$ 276,620
Designated derivatives, fair value adjustments	(2,404)	(372)
Balance before noncontrolling interest	(2,721)	(417)
Noncontrolling interest		22
Ending balance	1,010,773	895,966
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning balance	262	(391)
Reclassification adjustment for realized loss on designated derivatives	317	45
Designated derivatives, fair value adjustments	2,404	372
Balance before noncontrolling interest		26
Noncontrolling interest		(22)
Ending balance	$ 2,983	$ 4

Certain Relationships and Rel_3

Certain Relationships and Related Party Transactions - Narrative (Details) - USD ($)	Sep. 14, 2021	Mar. 31, 2022	Sep. 30, 2021	Sep. 13, 2021
Related Party Transaction [Line Items]
Units redeemed		20,574,975
Catastrophic insurance, losses in excess of insurance pool, limit		$ 250,000,000
Catastrophic insurance policy expiration date		Mar. 1, 2021
General liability insured and dedicated limit per occurrence		$ 1,000,000
General liability pool claim amount limit		2,000,000
General liability loss per occurrence excess liability program		50,000,000
General liability pool, deductible amount per incident		25,000
General liability insurance, loss covered in excess of insurance pool, limit		$ 51,000,000
General liability loss policy expiration date		Mar. 1, 2021
Minimum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident		$ 25,000
Maximum
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident		$ 100,000
C-III and RAI
Related Party Transaction [Line Items]
Terms of transitional services agreement		1 year
C-III and RAI | OPI Common Units
Related Party Transaction [Line Items]
Units owned by noncontrolling interests				7,500,000
C-III and RAI | OPI Preferred Units
Related Party Transaction [Line Items]
Units owned by noncontrolling interests				319,965
C-III and RAI | Common Stock
Related Party Transaction [Line Items]
Units owned by noncontrolling interests			8,300,000
C-III and Legacy Co | OPI Preferred Units
Related Party Transaction [Line Items]
Units redeemed	319,965
Redemption value	$ 67,500,000
C-III and Legacy Co | Common Stock
Related Party Transaction [Line Items]
Common units exchanged for common stock	7,539,737.53
Former Advisor
Related Party Transaction [Line Items]
Term of Advisory Agreement		1 year
Advisory Agreement, renewal period		1 year
Acquisition fee (as percent)		2.00%
Monthly asset management fee (as percent)		0.083%
Percentage annual asset management fee (as percent)		1.00%
Disposition fee as a percentage of the aggregate brokerage commission paid		50.00%
Disposition fee (as percent)		2.75%
Debt financing fee (as percent)		0.50%
Manager
Related Party Transaction [Line Items]
Property management fee (as percent)		4.50%
Occupancy (as percent)		75.00%
Term for which Manager received minimum property management fee if properties are less than 75% occupied		12 months
Construction management fee (as percent)		5.00%
Debt servicing fee (as percent)		2.75%

Certain Relationships and Rel_4

Certain Relationships and Related Party Transactions - Fees Earned/Expenses Paid and Amounts Payable and Amounts Receivable to Related Parties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
REIT II | Internal Audit
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	$ 8
REIT II | Expense Reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	371
REIT II | Asset management fee income
Related Party Transaction [Line Items]
Fees earned from related parties	669
REIT II | Property management fee income
Related Party Transaction [Line Items]
Fees earned from related parties	275
REIT III | Asset management fee income
Related Party Transaction [Line Items]
Fees earned from related parties	164
REIT III | Property management fee income
Related Party Transaction [Line Items]
Fees earned from related parties	67
C-III/RAI | Transition Services
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	2
C-III/RAI | Preferred Unit Distributions
Related Party Transaction [Line Items]
Fees earned from related parties	1,120
ACR | Internal Audit
Related Party Transaction [Line Items]
Fees earned from related parties	37
ACR | Sublease Rent Reimbursement
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	$ 30

Equity - Preferred Stock - (Det

Equity - Preferred Stock - (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Equity - Common Stock - (Detail

Equity - Common Stock - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Jan. 23, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock, outstanding (in shares)	166,259,239		165,766,753
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, issued (in shares)	166,259,239		165,766,753
Gross Proceeds	$ 1,582,101
Total (in shares)	186,834,214
Shares redeemed and retired (in shares)	(20,574,975)
Merger
Class Of Stock [Line Items]
Common stock, issued (in shares)	14,724,323
Estimated value per share		$ 14.75
Shares issued through private offering
Class Of Stock [Line Items]
Common stock, issued (in shares)	1,279,227
Gross Proceeds	$ 12,737
Shares issued through primary public offering
Class Of Stock [Line Items]
Common stock, issued (in shares)	129,923,354
Gross Proceeds	$ 1,289,845
Shares issued through stock distributions
Class Of Stock [Line Items]
Common stock, issued (in shares)	2,406,986
Shares issued through distribution reinvestment plan
Class Of Stock [Line Items]
Common stock, issued (in shares)	29,042,460
Gross Proceeds	$ 279,519
Restricted shares issued to employees
Class Of Stock [Line Items]
Common stock, issued (in shares)	1,918,126
Shares issued through conversion of common OP units
Class Of Stock [Line Items]
Common stock, issued (in shares)	7,539,738
Unvested Restricted Stock
Class Of Stock [Line Items]
Common stock, outstanding (in shares)	1,439,923		1,055,589
Common stock, issued (in shares)	1,439,923		1,055,589
Shares issued through distribution reinvestment plan
Class Of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 8.61

Equity - Convertible Stock - (D

Equity - Convertible Stock - (Details)	3 Months Ended
	Mar. 31, 2022Event$ / sharesshares	Jan. 23, 2022$ / shares	Dec. 31, 2021$ / sharesshares
Class Of Stock [Line Items]
Convertible stock, outstanding (in shares) | shares	50,000		50,000
Convertible stock, par value (in dollars per share)	$ 0.01		$ 0.01
Percentage on original share price (as percent)	100.00%
Percentage non-compounded annual return, option one (as percent)	7.00%
Aggregate percentage return (as percent)	7.00%
Number of possible triggering events | Event	2
Conversion ratio	0.00002
Common stock, convertible, triggering event, if lesser of, option one (as percent)	15.00%
Number of triggering events | Event	0
Blackstone Merger Agreement
Class Of Stock [Line Items]
Convertible stock, par value (in dollars per share)		$ 0.01
Right to receive cash for per convertible stock cancelled and converted		$ 1,846.76

Equity - Redemption of Securiti

Equity - Redemption of Securities (Details) - $ / shares	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2022
Equity [Abstract]
Total Number of Shares Redeemed (in shares)	54,689	54,689
Average Price Paid per Share (in dollars per share)	$ 14.75

Equity - Distributions Paid to

Equity - Distributions Paid to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Securities Financing Transaction [Line Items]
Net Cash Distribution	$ 11,600
Common stock issued through the distribution reinvestment plan		$ 2,490
Record date of March 30, 2022
Securities Financing Transaction [Line Items]
Net Cash Distribution	$ 11,640
Per Common Share (in dollars per share)	$ 0.07

Equity - Share-Based Compensati

Equity - Share-Based Compensation (Details)	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted shares, beginning of period	1,055,589
Number of shares granted	548,277
Forfeited	(1,103)
Vested	(162,840)
Unvested restricted shares, end of period	1,439,923
Performance-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted shares, beginning of period	602,506
Number of shares granted	135,345
Unvested restricted shares, end of period	737,851
Granted | $ / shares	$ 14.75
Time-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted shares, beginning of period	453,083
Number of shares granted	412,932
Forfeited	(1,103)
Vested	(162,840)
Unvested restricted shares, end of period	702,072
Granted | $ / shares	$ 14.75
Employees | Unvested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting period	3 years
Number of shares granted	384,236
Non-employee Directors | Unvested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting period	1 year
Number of shares granted	28,696
2020 LTIP | Performance-based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrual dividend | $	$ 220,000
2020 LTIP | Officers and Certain Employees | Unvested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, compensation expense | $	900,000
Unrecognized Compensation expense | $	$ 14,800,000

Fair Value Measures and Discl_3

Fair Value Measures and Disclosures - Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	$ 3,548	$ 1,282
Assets at fair value	3,548	1,282
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	3,548	1,282
Assets at fair value	$ 3,548	$ 1,282

Fair Value Measures and Discl_4

Fair Value Measures and Disclosures - Schedule of Carrying Amount and Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable- outstanding borrowings	$ 2,000
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable- outstanding borrowings	1,155,825	$ 1,415,321
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable- outstanding borrowings	$ 1,056,022	$ 1,358,503

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)Derivative	Mar. 31, 2021USD ($)	Dec. 31, 2021Derivative
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives settlement | Derivative	17
Outstanding mortgages	$ 2,000,000
Gain on settlement of derivative	1,614,000
Interest rate hedge to be reclassified during next 12 months	555,000
Cash flow hedges
Derivatives, Fair Value [Line Items]
Expenses or loss due to amortization of premiums for interest rate caps	$ 317,000	$ 45,000
Cash flow hedges | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Interest Rate Derivatives Held | Derivative	11		18

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Outstanding Interest Rate Derivatives (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)Derivative	Dec. 31, 2021USD ($)Derivative
Cash flow hedges | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments (in derivatives) | Derivative	11	18
Notional Amount | $	$ 388,203	$ 626,623
Minimum
Derivatives, Fair Value [Line Items]
Maturity Dates	May 1, 2022	Jan. 1, 2022
Maximum
Derivatives, Fair Value [Line Items]
Maturity Dates	Feb. 1, 2026	Feb. 1, 2026

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Fair Value and Balance Sheet Location of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Asset derivatives, fair value	$ 3,548	$ 1,282

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	May 02, 2022USD ($)
Subsequent Event
Subsequent Event [Line Items]
Revolving credit facility	$ 0