NexPoint Residential Trust (NXRT) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	0001620393
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		25,674,313
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36663
Entity Tax Identification Number	47-1881359
Entity Address, Address Line One	300 Crescent Court
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(214)
Local Phone Number	276-6300
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Real Estate Investments
Land	$ 378,412	$ 378,438
Buildings and improvements	1,773,090	1,760,782
Construction in progress	15,446	10,622
Furniture, fixtures and equipment	172,728	152,529
Total Gross Operating Real Estate Investments	2,339,676	2,302,371
Accumulated depreciation and amortization	(396,250)	(349,276)
Total Net Operating Real Estate Investments	1,943,426	1,953,095
Real estate held for sale	90,065	89,457
Total Net Real Estate Investments	2,033,491	2,042,552
Cash and cash equivalents	10,056	16,762
Restricted cash	32,921	35,037
Accounts receivable, net	15,506	17,121
Prepaid and other assets	16,136	10,425
Fair value of interest rate swaps	99,364	103,440
TOTAL ASSETS	2,207,474	2,225,337
Liabilities:
Mortgages payable, net	1,542,781	1,526,828
Mortgages payable held for sale, net	68,064	68,016
Credit facility, net	55,694	72,644
Accounts payable and other accrued liabilities	15,667	12,325
Accrued real estate taxes payable	15,993	7,232
Accrued interest payable	9,478	7,946
Security deposit liability	3,242	3,200
Prepaid rents	2,121	1,849
Total Liabilities	1,713,040	1,700,040
Redeemable noncontrolling interests in the Operating Partnership	6,190	5,631
Stockholders' Equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued
Common stock, $0.01 par value: 500,000,000 shares authorized; 25,674,313 and 25,549,319 shares issued and outstanding, respectively	256	255
Additional paid-in capital	408,119	405,376
Accumulated earnings (loss) less dividends	(18,225)	11,880
Accumulated other comprehensive income	98,094	102,155
Total Stockholders' Equity	488,244	519,666
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,207,474	$ 2,225,337

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Net of accumulated depreciation	$ 22,017	$ 22,017
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	25,674,313	25,549,319
Common stock, shares, outstanding	25,674,313	25,549,319
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Rental income		$ 67,810	$ 64,152	$ 135,347	$ 123,449
Other income		1,759	1,614	3,449	3,103
Total revenues		69,569	65,766	138,796	126,552
Expenses
Property operating expenses		15,492	16,703	28,758	30,299
Real estate taxes and insurance		9,334	9,531	19,354	18,251
Property management fees	[1]	2,031	1,912	4,058	3,669
Advisory and administrative fees	[2]	1,927	1,868	3,816	3,711
Corporate general and administrative expenses		4,624	3,812	7,991	7,298
Property general and administrative expenses		2,242	2,193	4,512	4,199
Depreciation and amortization		23,872	25,548	47,138	49,266
Total expenses		59,522	61,567	115,627	116,693
Operating income		10,047	4,199	23,169	9,859
Interest expense		(14,524)	(12,402)	(31,263)	(23,038)
Gain on extinguishment of debt and modification costs				122
Casualty gain (loss)		(66)	229	(880)	357
Gain on forfeited deposits		250		250
Miscellaneous income		325	147	736	328
Net loss		(3,968)	(7,827)	(7,866)	(12,494)
Net loss attributable to redeemable noncontrolling interests in the Operating Partnership		(15)	(30)	(30)	(44)
Net loss attributable to common stockholders		(3,953)	(7,797)	(7,836)	(12,450)
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		13,130	17,357	(4,076)	71,936
Total comprehensive income (loss)		9,162	9,530	(11,942)	59,442
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		35	37	(45)	187
Comprehensive income (loss) attributable to common stockholders		$ 9,127	$ 9,493	$ (11,897)	$ 59,255
Weighted average common shares outstanding - basic		25,667	25,672	25,633	25,646
Weighted average common shares outstanding - diluted	[3]	25,667	25,672	25,633	25,646
Loss per share - basic		$ (0.15)	$ (0.30)	$ (0.31)	$ (0.49)
Loss per share - diluted		$ (0.15)	$ (0.30)	$ (0.31)	$ (0.49)
[1] Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Note 9). Fees incurred to the Adviser (see Note 10). If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings (Loss) Less Dividends	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury at Cost
Beginning Balance, Values at Dec. 31, 2021	$ 469,845	$ 255	$ 407,803	$ 59,209	$ 2,578
Beginning Balance, Shares at Dec. 31, 2021		25,500,567
Net loss attributable to common stockholders	(12,450)			(12,450)
Repurchases of common stock	$ (5,136)					$ (5,136)
Retirement of common stock held in treasury		$ (1)	(5,135)			5,136
Retirement of common stock held in treasury, Shares	(69,567)	(69,567)
Vesting of stock-based compensation	$ 754	$ 1	753
Vesting of stock-based compensation, Shares		164,851
Issuance of common stock through at-the-market offering, net of offering costs	4,068	$ 1	4,067
Issuance of common stock through at-the-market offering, net of offering costs, Shares		52,091
Common stock dividends declared	(19,950)			(19,950)
Other comprehensive income (loss)	71,705				71,705
Offering costs of the issuance of redeemable noncontrolling interests in the Operating Partnership	(52)		(52)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	1,311			1,311
Ending Balance, Values at Jun. 30, 2022	510,095	$ 256	407,436	28,120	74,283
Ending Balance, Shares at Jun. 30, 2022		25,647,942
Beginning Balance, Values at Mar. 31, 2022	512,555	$ 257	411,059	44,246	56,993
Beginning Balance, Shares at Mar. 31, 2022		25,700,190
Net loss attributable to common stockholders	(7,797)			(7,797)
Repurchases of common stock	(5,136)					(5,136)
Retirement of common stock held in treasury		$ (1)	(5,135)			$ 5,136
Retirement of common stock held in treasury, Shares		(69,567)
Vesting of stock-based compensation	1,634		1,634
Vesting of stock-based compensation, Shares		17,319
Issuance of common stock through at-the-market offering, net of offering costs	(70)		(70)
Common stock dividends declared	(9,974)			(9,974)
Other comprehensive income (loss)	17,290				17,290
Offering costs of the issuance of redeemable noncontrolling interests in the Operating Partnership	(52)		(52)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	1,645			1,645
Ending Balance, Values at Jun. 30, 2022	510,095	$ 256	407,436	28,120	74,283
Ending Balance, Shares at Jun. 30, 2022		25,647,942
Beginning Balance, Values at Dec. 31, 2022	$ 519,666	$ 255	405,376	11,880	102,155
Beginning Balance, Shares at Dec. 31, 2022	25,549,319	25,549,319
Net loss attributable to common stockholders	$ (7,836)			(7,836)
Retirement of common stock held in treasury, Shares	0
Vesting of stock-based compensation	$ 2,744	$ 1	2,743
Vesting of stock-based compensation, Shares		124,994
Common stock dividends declared	(21,987)			(21,987)
Other comprehensive income (loss)	(4,061)				(4,061)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(282)			(282)
Ending Balance, Values at Jun. 30, 2023	$ 488,244	$ 256	408,119	(18,225)	98,094
Ending Balance, Shares at Jun. 30, 2023	25,674,313	25,674,313
Beginning Balance, Values at Mar. 31, 2023	$ 488,033	$ 256	405,847	(3,084)	85,014
Beginning Balance, Shares at Mar. 31, 2023		25,657,723
Net loss attributable to common stockholders	(3,953)			(3,953)
Vesting of stock-based compensation	2,272		2,272
Vesting of stock-based compensation, Shares		16,590
Common stock dividends declared	(11,047)			(11,047)
Other comprehensive income (loss)	13,080				13,080
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(141)			(141)
Ending Balance, Values at Jun. 30, 2023	$ 488,244	$ 256	$ 408,119	$ (18,225)	$ 98,094
Ending Balance, Shares at Jun. 30, 2023	25,674,313	25,674,313

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement Of Stockholders Equity [Abstract]
Common stock, dividend per share declared	$ 0.42	$ 0.38	$ 0.84	$ 0.76

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (7,866)	$ (12,494)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	47,138	49,266
Amortization/write-off of deferred financing costs	1,353	1,298
Change in fair value on derivative instruments included in interest expense	(22,912)	3,266
Net cash received (paid) on derivative settlements	22,008	(6,630)
Amortization/write-off of fair value adjustment of assumed debt	(54)	(101)
Provision for bad debts, net	4,765	3,163
Vesting of stock-based compensation	4,461	3,867
Insurance proceeds received for business interruption	449	130
Gain on forfeited deposits	(250)
Casualty gains (loss)	(1,301)	2,505
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(4,709)	(4,238)
Prepaid and other assets	(2,938)	(3,338)
Operating liabilities	5,010	49
Real estate taxes payable	8,761	1,942
Net cash provided by operating activities	53,915	38,685
Cash flows from investing activities
Forfeited deposits	250
Self-insurance paid for casualty loss	(1,819)	(1,819)
Insurance proceeds received from casualty losses	4,327	333
Additions to real estate investments	(39,535)	(22,890)
Acquisitions of real estate investments	415	(141,038)
Net cash used in investing activities	(36,362)	(165,414)
Cash flows from financing activities
Mortgage proceeds received	42,788	78,272
Mortgage payments	(28,253)	(743)
Credit facilities proceeds received		55,000
Credit facilities payments	(17,500)
Deferred financing costs received (paid)	1,001	(3,851)
Interest rate cap fees paid	(215)	(10)
Prepayment penalties on extinguished debt	(285)
Proceeds from the issuance of common stock through at-the-market offering, net of offering costs		4,069
Payments for taxes related to net share settlement of stock-based compensation	(1,717)	(3,113)
Distributions to redeemable noncontrolling interests in the Operating Partnership	(49)	(36)
Repurchase of common stock		(5,137)
Dividends paid to common stockholders	(22,145)	(20,200)
Net cash provided by (used in) financing activities	(26,375)	104,251
Net decrease in cash, cash equivalents and restricted cash	(8,822)	(22,478)
Cash, cash equivalents and restricted cash, beginning of period	51,799	88,696
Cash, cash equivalents and restricted cash, end of period	42,977	66,218
Supplemental Disclosure of Cash Flow Information
Interest paid	51,222	17,066
Supplemental Disclosure of Noncash Activities
Issuance of operating partnership units for purchase of noncontrolling interests	415	2,444
Capitalized construction costs included in accounts payable and other accrued liabilities	5,013	4,824
Change in fair value on derivative instruments designated as hedges	(4,076)	71,936
Other assets acquired from acquisitions		168
Liabilities assumed from acquisitions		116
Decrease in dividends payable upon vesting of restricted stock units	(158)	(250)
Write-off of assets due to casualty losses	1,751	4,317
Write-off of fully amortized in-place leases		$ 2,576
Write-off of deferred financing costs	$ 38

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business NexPoint Residential Trust, Inc. (the “Company,” “we,” “our”) was incorporated in Maryland on September 19, 2014 , and has elected to be taxed as a real estate investment trust (“REIT”). The Company is focused on “value-add” multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company’s business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. The Company owns its properties (the “Portfolio”) through the OP and its wholly owned taxable REIT subsidiary (“TRS”). The OP owns approximately 99.9 % of the Portfolio; the TRS owns approximately 0.1 % of the Portfolio. The Company’s wholly owned subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC (the “OP GP”), is the sole general partner of the OP. As of June 30, 2023, there were 26,055,458 common units in the OP (“OP Units”) outstanding, of which 25,951,154 , or 99.6 % , were owned by the Company and 104,304 , or 0.4 % , were owned by a noncontrolling limited partner (see Note 9). The Company is externally managed by NexPoint Real Estate Advisors, L.P. (the “Adviser”), through an agreement dated March 16, 2015, as amended, and renewed on February 22, 2023 for a one-year term (the “Advisory Agreement”), by and among the Company, the OP and the Adviser. The Adviser conducts substantially all of the Company’s operations and provides asset management services for its real estate investments. The Company expects it will only have accounting employees while the Advisory Agreement is in effect. All of the Company’s investment decisions are made by the Adviser, subject to general oversight by the Adviser’s investment committee and the Company’s board of directors (the “Board”). The Adviser is wholly owned by NexPoint Advisors, L.P. (the “Sponsor”). The Company’s investment objectives are to maximize the cash flow and value of properties owned, acquire properties with cash flow growth potential, provide quarterly cash distributions and achieve long-term capital appreciation for its stockholders through targeted management and a value-add program. Consistent with the Company’s policy to acquire assets for both income and capital gain, the Company intends to hold at least majority interests in its properties for long-term appreciation and to engage in the business of directly or indirectly acquiring, owning, and operating well-located multifamily properties with a value-add component in large cities and suburban submarkets of large cities primarily in the Southeastern and Southwestern United States consistent with its investment objectives. Economic and market conditions may influence the Company to hold properties for different periods of time. From time to time, the Company may sell a property if, among other deciding factors, the sale would be in the best interest of its stockholders. The Company may allocate up to 30 % of the Portfolio to investments in real estate-related debt and securities with the potential for high current income or total returns. These allocations may include first and second mortgages and subordinated, bridge, mezzanine, construction and other loans, as well as debt securities related to or secured by multifamily real estate and common and preferred equity securities, which may include securities of other REITs or real estate companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2023. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of June 30, 2023 and December 31, 2022 and results of operations for the three and six months ended June 30, 2023 and 2022 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022 and notes thereto included in its Annual Report on Form 10-K filed with the SEC on February 24, 2023 . Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation . The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP and its subsidiaries. Reclassification of Prior Year Activity on the Consolidated Statement of Cash Flows Certain reclassifications have been made within the consolidated statements of cash flows to the changes in operating assets and liabilities, net of effects of acquisitions for the six months ended June 30, 2022 to be comparative to the consolidated statement of cash flows for the six months ended June 30, 2023. Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. The Company records an allowance to reflect revenue that may not be collectable. This is recorded through a provision for bad debt which is included in rental income in the accompanying consolidated statements of operations and comprehensive income (loss). Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, and pets, and administrative, application and other fees and are recognized when earned. Purchase Price Allocation Upon acquisition of a property considered to be an asset acquisition, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. Acquisition costs are capitalized in accordance with FASB ASC 805. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures (“ASC 820”) (see Note 6), is based on management’s estimate of the property’s “as-if” vacant fair value and is calculated by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the total consideration to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, legal and other related costs, which the Company, as buyer of the property, did not have to incur to obtain the residents. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized as interest expense over the life of the debt assumed. Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and record an impairment loss if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. As of June 30, 2023 , the Company has no t recorded any impairment on its real estate assets. Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of June 30, 2023 , there are two properties classified as held for sale. In addition to the net real estate and mortgages payable held for sale, the consolidated balance sheet also includes approximately $ 1.4 million of accounts receivable and prepaid and other assets, and approximately $ 2.5 million of accounts payable, real estate taxes payable, security deposits, prepaid rents, and other accrued liabilities. The Company had entered into a purchase and sale agreement for Old Farm and Stone Creek at Old Farm and during the three months ended June 30, 2023 the buyer terminated the purchase and sale agreement and forfeited its deposit. As part of the forfeiture, the Company recognized a gain of approximately $ 0.3 million for forfeited deposits which is reflected in gain on forfeited deposits and forfeited deposits in cash flows from investing activities in the consolidated statements of operations and comprehensive income (loss) and the consolidated statements of cash flows, respectively. The Company is actively marketing the properties, and expects to close on a sale by December 31, 2023. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90 % of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4 % nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85 % of its ordinary income, (2) 95 % of its capital gain net income and (3) 100 % of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the six months ended June 30, 2023 and 2022. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of June 30, 2023, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of June 30, 2023. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2022, 2021 and 2020 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss) . Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has taken the ASC 848 elections needed to allow for the hedged forecasted transactions to transition while not discontinuing the associated hedge accounting designations. Application of these hedged accounting expedients preserves the presentation of derivatives consistent with past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 ("ASU 2022-06") which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies.

Investments in Subsidiaries

Investments in Subsidiaries	6 Months Ended
	Jun. 30, 2023
Schedule Of Investments [Abstract]
Investments in Subsidiaries	3. Investments in Subsidiaries The Company conducts its operations through the OP, which owns properties through single asset limited liability companies that are special purpose entities (“SPEs”). The Company consolidates the SPEs that it controls as well as any VIEs where it is the primary beneficiary. The Company controls and consolidates the OP as a VIE. In connection with its indirect equity investments in the properties acquired, the Company, through the OP and the TRS, directly or indirectly holds 100 % of the membership interests in SPEs that directly own the properties. All of the properties the SPEs own are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company. Additionally, the Company has in the past and may in the future enter into purchase and sale transactions structured as reverse like-kind exchanges (“1031 Exchanges”) under Section 1031 of the Code. For a reverse 1031 Exchange in which the Company purchases a new property prior to selling the property to be matched in the like-kind exchange (the Company refers to the new property being acquired in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by an Exchange Accommodation Titleholder (“EAT”) engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange are completed. The Company, through a wholly owned subsidiary, enters into a master lease agreement with the EAT whereby the EAT leases the acquired property and all other rights acquired in connection with the acquisition to the Company. The term of the master lease agreement is the earlier of the completion of the reverse 1031 Exchange or 180 days from the date that the property was acquired. The EAT is classified as a VIE as it does not have sufficient equity investment at risk to finance its activities without additional subordinated financial support. The Company consolidates the EAT as its primary beneficiary because it has the ability to control the activities that most significantly impact the EAT’s economic performance and the Company retains all of the legal and economic benefits and obligations related to the Parked Assets prior to completion of the 1031 Exchange. As such, the Parked Assets are included in the Company’s consolidated financial statements as VIEs until legal title and control is transferred to the Company upon either completion of the 1031 Exchange or termination of the master lease agreement, at which time they will be consolidated as wholly owned subsidiaries. As of June 30, 2023, the Company, through the OP and the wholly owned TRS, owned 40 properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100 % ownership of the SPEs that directly own the title to each property as of June 30, 2023 and December 31, 2022: Effective Ownership Percentage at Property Name Location Year Acquired June 30, 2023 December 31, 2022 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback Phoenix, Arizona 2016 100 % 100 % Old Farm (1) Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm (1) Houston, Texas 2016 100 % 100 % Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments Dallas, Texas 2017 100 % 100 % Versailles II Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista Phoenix, Arizona 2019 100 % 100 % The Enclave Tempe, Arizona 2019 100 % 100 % The Heritage Phoenix, Arizona 2019 100 % 100 % Summers Landing Fort Worth, Texas 2019 100 % 100 % Residences at Glenview Reserve Nashville, Tennessee 2019 100 % 100 % Residences at West Place Orlando, Florida 2019 100 % 100 % Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % 100 % Arbors of Brentwood Nashville, Tennessee 2019 100 % 100 % Torreyana Apartments Las Vegas, Nevada 2019 100 % 100 % Bloom Las Vegas, Nevada 2019 100 % 100 % Bella Solara Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, Arizona 2020 100 % 100 % The Verandas at Lake Norman Charlotte, North Carolina 2021 100 % 100 % Creekside at Matthews Charlotte, North Carolina 2021 100 % 100 % Six Forks Station Raleigh, North Carolina 2021 100 % 100 % High House at Cary Cary, North Carolina 2021 100 % 100 % The Adair Sandy Springs, Georgia 2022 100 % 100 % Estates on Maryland Phoenix, Arizona 2022 100 % 100 % (1) Properties classified as held for sale as of June 30, 2023 .

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments As of June 30, 2023, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 11,829 $ ( 26 ) $ 2,104 $ 16,237 Cutter's Point 3,330 13,266 — 7,867 24,463 Silverbrook 4,860 26,001 2,934 6,443 40,238 The Summit at Sabal Park 5,770 14,404 — 2,489 22,663 Courtney Cove 5,880 15,018 — 3,068 23,966 Radbourne Lake 2,440 23,159 7 3,828 29,434 Timber Creek 11,260 13,575 2,830 4,512 32,177 Sabal Palm at Lake Buena Vista 7,558 44,346 759 4,168 56,831 Cornerstone 1,500 31,037 208 4,841 37,586 The Preserve at Terrell Mill 10,170 53,635 78 13,353 77,236 Versailles 6,720 21,614 475 4,908 33,717 Seasons 704 Apartments 7,480 15,131 11 3,407 26,029 Madera Point 4,920 18,328 — 3,423 26,671 Venue at 8651 2,350 18,165 1,403 4,691 26,609 Parc500 3,860 21,423 4 5,115 30,402 The Venue on Camelback 8,340 39,029 — 4,703 52,072 Rockledge Apartments 17,451 97,726 1,582 9,370 126,129 Atera Apartments 22,371 39,053 8 3,141 64,573 Versailles II 4,124 20,841 54 2,177 27,196 Brandywine I & II 6,237 74,081 23 8,343 88,684 Bella Vista 10,942 37,593 4 3,677 52,216 The Enclave 11,046 30,908 — 3,312 45,266 The Heritage 6,835 35,335 — 3,315 45,485 Summers Landing 1,798 18,809 5 1,261 21,873 Residences at Glenview Reserve 3,367 42,822 2 4,661 50,852 Residences at West Place 3,345 53,596 — 3,706 60,647 Avant at Pembroke Pines 48,434 283,291 1,202 18,147 351,074 Arbors of Brentwood 6,346 54,326 987 3,519 65,178 Torreyana Apartments 23,824 43,902 212 2,251 70,189 Bloom 23,805 83,427 — 5,094 112,326 Bella Solara 12,605 52,401 742 2,973 68,721 Fairways at San Marcos 10,993 73,109 — 3,848 87,950 The Verandas at Lake Norman 9,510 53,237 281 2,117 65,145 Creekside at Matthews 11,515 45,955 9 2,646 60,125 Six Forks Station 11,357 62,149 1,279 3,080 77,865 High House at Cary 23,809 68,047 27 2,480 94,363 The Adair 8,357 57,246 45 2,295 67,943 Estates on Maryland 11,573 65,276 301 2,395 79,545 378,412 1,773,090 15,446 172,728 2,339,676 Accumulated depreciation and amortization — ( 277,232 ) — ( 119,018 ) ( 396,250 ) Total Operating Properties $ 378,412 $ 1,495,858 $ 15,446 $ 53,710 $ 1,943,426 Held For Sale Properties Old Farm $ 11,078 $ 71,393 $ 87 $ 5,005 $ 87,563 Stone Creek at Old Farm 3,493 19,793 6 1,227 24,519 Accumulated depreciation and amortization — ( 17,339 ) — ( 4,678 ) ( 22,017 ) Total Held For Sale Properties $ 14,571 $ 73,847 $ 93 $ 1,554 $ 90,065 Total $ 392,983 $ 1,569,705 $ 15,539 $ 55,264 $ 2,033,491 As of December 31, 2022, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 11,809 $ 2 $ 2,029 $ 16,170 Cutter's Point 3,330 13,147 — 7,562 24,039 Silverbrook 4,860 25,927 1,962 6,201 38,950 The Summit at Sabal Park 5,770 13,990 38 2,326 22,124 Courtney Cove 5,880 14,920 — 2,883 23,683 Radbourne Lake 2,440 23,040 — 3,237 28,717 Timber Creek 11,260 13,504 2,823 4,337 31,924 Sabal Palm at Lake Buena Vista 7,580 42,809 314 3,776 54,479 Cornerstone 1,500 31,014 146 4,440 37,100 The Preserve at Terrell Mill 10,170 53,429 — 11,177 74,776 Versailles 6,720 21,594 124 4,618 33,056 Seasons 704 Apartments 7,480 15,042 9 3,095 25,626 Madera Point 4,920 18,294 — 3,174 26,388 Venue at 8651 2,350 17,977 1,036 4,394 25,757 Parc500 3,860 21,352 4 4,893 30,109 The Venue on Camelback 8,340 38,860 27 4,277 51,504 Rockledge Apartments 17,451 96,896 912 8,241 123,500 Atera Apartments 22,371 38,942 — 2,956 64,269 Versailles II 4,124 21,105 6 1,954 27,189 Brandywine I & II 6,237 73,920 — 7,156 87,313 Bella Vista 10,942 37,493 8 3,416 51,859 The Enclave 11,046 30,777 16 3,037 44,876 The Heritage 6,835 35,286 — 3,166 45,287 Summers Landing 1,798 18,669 — 1,124 21,591 Residences at Glenview Reserve 3,367 42,563 — 3,867 49,797 Residences at West Place 3,345 52,712 12 3,195 59,264 Avant at Pembroke Pines 48,436 278,736 2,139 15,780 345,091 Arbors of Brentwood 6,346 54,239 121 3,126 63,832 Torreyana Apartments 23,824 43,861 — 1,965 69,650 Bloom 23,803 82,802 37 4,226 110,868 Bella Solara 12,605 52,351 — 2,687 67,643 Fairways at San Marcos 10,993 73,007 — 3,397 87,397 The Verandas at Lake Norman 9,510 53,061 25 1,726 64,322 Creekside at Matthews 11,515 45,779 78 2,133 59,505 Six Forks Station 11,357 62,816 116 2,111 76,400 High House at Cary 23,809 67,855 52 1,789 93,505 The Adair 8,361 56,163 525 1,453 66,502 Estates on Maryland 11,573 65,041 90 1,605 78,309 378,438 1,760,782 10,622 152,529 2,302,371 Accumulated depreciation and amortization — ( 245,093 ) — ( 104,183 ) ( 349,276 ) Total Operating Properties $ 378,438 $ 1,515,689 $ 10,622 $ 48,346 $ 1,953,095 Held For Sale Properties Old Farm $ 11,078 $ 71,305 $ 12 $ 4,686 $ 87,081 Stone Creek at Old Farm 3,493 19,772 3 1,125 24,393 Accumulated depreciation and amortization — ( 17,339 ) — ( 4,678 ) ( 22,017 ) Total Held For Sale Properties $ 14,571 $ 73,738 $ 15 $ 1,133 $ 89,457 Total $ 393,009 $ 1,589,427 $ 10,637 $ 49,479 $ 2,042,552 Depreciation expense was $ 23.9 million and $ 23.8 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation expense was $ 47.1 million and $ 46.4 million for the six months ended June 30, 2023 and 2022, respectively. Amortization expense related to the Company’s intangible lease assets was $ 0.0 million and $ 1.8 million for the three months ended June 30, 2023 and 2022, respectively. Amortization expense related to the Company’s intangible lease assets was $ 0.0 million and $ 2.8 million for the six months ended June 30, 2023 and 2022, respectively. The Company does not project any amortization expense for the rest of the year related to intangible lease assets. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to December 31, 2022 has been fully amortized and the assets and related accumulated amortization have been written off as of June 30, 2023. Acquisitions There were no acquisitions of real estate during the six months ended June 30, 2023. During the six months ended June 30, 2022, the Company acquired two properties, as detailed in the table below (dollars in thousands). Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership The Adair Sandy Springs, Georgia April 1, 2022 $ 65,500 $ 35,115 232 100 % Estates on Maryland Phoenix, Arizona April 1, 2022 77,900 43,157 330 100 % $ 143,400 $ 78,272 562 Dispositions There were no dispositions of real estate during the six months ended June 30, 2023 and 2022. Casualty Losses During the six months ended June 30, 2022, nine of the Company’s properties, Silverbrook, Venue at 8651, Bloom, Arbors of Brentwood, Parc500, Timber Creek, Hollister Place, The Preserve at Terrell Mill and Six Forks, suffered significant property damage as a result of fires and flooding. As of June 30, 2022, 73 units were excluded from the Portfolio’s total unit count and 67 units were excluded from all same store pools due to reconstruction. Business interruption proceeds for lost rent are included in miscellaneous income in the accompanying consolidated statements of operations and comprehensive income (loss) in relation to these events. During the three and six months ended June 30, 2022, the Company recognized approximately $ 0.2 million and $ 0.4 million in casualty loss and a $ 0.1 million loss and a $ 0.3 million gain in business interruption income on the consolidated statement of operations and comprehensive income (loss), respectively. As of June 30, 2023, eight of the Company’s properties, Silverbrook, Bella Solara, Parc500, Arbors of Brentwood, Versailles, Versailles II, Rockledge, and Six Forks Station, had suffered significant property damages as a result of fires and water damage and are currently undergoing rehab. As of June 30, 2023, 91 units were excluded from the Portfolio’s total unit count. Business interruption proceeds for lost rent are included in miscellaneous income in the consolidated statements of operations and comprehensive income (loss) in relation to these events. Cash flows from business interruption are included on the Company’s consolidated statements of cash flows as operating activities. Certain casualty proceeds from insurance are recorded in casualty gains (loss) on the consolidated statements of operations and comprehensive income (loss) in relation to these events. Events that are considered to be small, standard and not extraordinary are recorded through property operating expense. Insurance proceeds received from casualty losses are recognized on the Company’s consolidated statements of cash flows as investing activities. The Company differentiates proceeds received from business interruption and casualty gains/(losses) in accounting for the transactions. Business interruption proceeds are specifically insurance proceeds to recoup lost rents due to a qualifying event(s) (i.e., fires, floods, storms, water damage, etc.) as determined by the insurance policy. Casualty gains/(losses) are distinctly attributable to damage and subsequent write down of the property (loss), and the recoupment of funds from the insurance policy, as it relates to the damage. Such proceeds received from the damage to the property are accounted for as a gain to the Company, and potentially offset losses attributable to net write off of damaged assets. For the three and six months ended June 30, 2023, the Company recognized approximately $ 0.0 million and $ 0.9 million in casualty loss which is included in casualty gains (loss) and $ 0.3 million and $ 0.7 million in business interruption income which is included in miscellaneous income on the consolidated statement of operations and comprehensive income (loss), respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	5. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of June 30, 2023 (dollars in thousands): Operating Properties Type Term (months) Outstanding Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 120 $ 19,184 6.62 % 12/1/2032 Cutter's Point (3) Floating 120 21,524 6.62 % 12/1/2032 Silverbrook (3) Floating 120 46,088 6.62 % 12/1/2032 The Summit at Sabal Park (3) Floating 120 30,826 6.62 % 12/1/2032 Courtney Cove (3) Floating 120 36,146 6.62 % 12/1/2032 The Preserve at Terrell Mill (3) Floating 120 71,098 6.62 % 12/1/2032 Versailles (3) Floating 120 40,247 6.62 % 12/1/2032 Seasons 704 Apartments (3) Floating 120 33,132 6.62 % 12/1/2032 Madera Point (3) Floating 120 34,457 6.62 % 12/1/2032 Venue at 8651 (3) Floating 120 18,690 6.62 % 12/1/2032 The Venue on Camelback (4) Floating 120 42,788 7.25 % 2/1/2033 Timber Creek (4) Floating 84 24,100 6.48 % 10/1/2025 Radbourne Lake (4) Floating 84 20,000 6.51 % 10/1/2025 Sabal Palm at Lake Buena Vista (4) Floating 84 42,100 6.52 % 9/1/2025 Cornerstone (3) Floating 120 46,804 7.16 % 12/1/2032 Parc500 (3) Floating 120 29,416 6.62 % 12/1/2032 Rockledge Apartments (3) Floating 120 93,129 6.62 % 12/1/2032 Atera Apartments (3) Floating 120 46,198 6.62 % 12/1/2032 Versailles II (4) Floating 84 12,061 6.40 % 10/1/2025 Brandywine I & II (4) Floating 84 43,835 6.40 % 10/1/2025 Bella Vista (4) Floating 84 29,040 6.54 % 2/1/2026 The Enclave (4) Floating 84 25,322 6.54 % 2/1/2026 The Heritage (4) Floating 84 24,625 6.54 % 2/1/2026 Summers Landing (5) Floating 84 10,109 6.40 % 10/1/2025 Residences at Glenview Reserve (6) Floating 84 25,713 6.66 % 10/1/2025 Residences at West Place (6) Fixed 120 33,817 4.24 % 10/1/2028 Avant at Pembroke Pines (4) Floating 84 177,101 6.65 % 9/1/2026 Arbors of Brentwood (4) Floating 84 34,237 6.65 % 10/1/2026 Torreyana Apartments (3) Floating 120 50,580 6.62 % 12/1/2032 Bloom (3) Floating 120 59,830 6.62 % 12/1/2032 Bella Solara (3) Floating 120 40,328 6.62 % 12/1/2032 Fairways at San Marcos (3) Floating 120 60,228 6.62 % 12/1/2032 The Verandas at Lake Norman (7) Floating 84 34,925 6.92 % 7/1/2028 Creekside at Matthews (3) Floating 120 29,648 6.62 % 12/1/2032 Six Forks Station (8) Floating 120 41,180 6.78 % 10/1/2031 High House at Cary (7) Floating 84 46,625 7.08 % 1/1/2029 The Adair (4) Floating 84 35,115 7.04 % 4/1/2029 Estates on Maryland (4) Floating 84 43,157 7.04 % 4/1/2029 $ 1,553,403 Fair market value adjustment 556 (9) Deferred financing costs, net of accumulated amortization of $ 3,346 ( 11,178 ) $ 1,542,781 Held For Sale Properties Old Farm (4) Floating 84 $ 52,886 6.90 % 7/1/2024 Stone Creek at Old Farm (4) Floating 84 15,274 6.90 % 7/1/2024 $ 68,160 Deferred financing costs, net of accumulated amortization of $ 576 ( 96 ) $ 68,064 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. Reference rates used in our Portfolio include one-month LIBOR and 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of June 30, 2023, one-month LIBOR was 5.218 % and SOFR was 5.065 % . (3) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00 %. Starting in the 25th month of the term through the 117 th month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (4) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00 %. Starting in the 13 th month of the term through the 81 st month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (5) Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00 %. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (6) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00 % of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term. (7) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00 %. Starting in the 25th month of the term through the 36th month of the term, the loan can be pre-paid at par plus 2 % of the unpaid principal balance. Starting in the 37th month of the term, the loan can be pre-paid at par plus 1 % of the unpaid principal balance. The loan is open to pre-payment in the last three months of the term. (8) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00 %. Starting in the 25th month of the term through the 116th of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last four months of the term. (9) The Company reflected a valuation adjustment on its fixed rate debt for Residences at West Place to adjust it to fair market value on their respective dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages. The weighted average interest rate of the Company’s mortgage indebtedness was 6.640 % as of June 30, 2023 and 5.709 % as of December 31, 2022. The increase between the periods is primarily related to an increase in one-month LIBOR of approximately 83 basis points to 5.218 % as of June 30, 2023 from 4.392 % as of December 31, 2022 , and an increase in 30-Day Average SOFR of approximately 100 basis points to 5.065 % as of June 30, 2023 from 4.062 % as of December 31, 2022. As of June 30, 2023, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.653 % which excludes the effect of interest rate caps. For purposes of calculating the adjusted weighted average interest rate of the outstanding mortgage indebtedness, the Company has included the weighted average fixed rate of 1.0682 % for one-month LIBOR on its combined $ 1.2 billion notional amount of interest rate swap agreements, which effectively fix the interest rate on $ 1.2 billion of the Company’s floating rate mortgage debt (see Note 6). Each of the Company’s mortgages is a non-recourse obligation subject to customary provisions. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of June 30, 2023, the Company believes it is in compliance with all provisions. Credit Facility The following table contains summary information concerning the Company’s credit facility as of June 30, 2023 (dollars in thousands): Type Term (months) Outstanding Interest Rate (1) Maturity Date Corporate Credit Facility Floating 36 $ 57,000 7.39 % 6/30/2025 Deferred financing costs, net of accumulated amortization of $ 1,701 ( 1,306 ) $ 55,694 (1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of June 30, 2023 was 5.141 %. On October 24, 2022, the Company exercised its option to extend the Corporate Credit Facility with respect to the revolving commitments for a single one-year term resulting in a maturity date of June 30, 2025 . As of June 30, 2023 , there was $ 293.0 million available for borrowing under the Corporate Credit Facility. Subject to conditions provided in the Corporate Credit Facility, the commitments under Corporate Credit Facility may be increased up to an additional $ 150.0 million if the lenders agree to increase their commitments or if the lenders agree for the increase to be funded by any additional lender proposed by the Company, through the OP. The Corporate Credit Facility will mature on June 30, 2025 with respect to the revolving commitments, unless the Company exercises its option to voluntarily and permanently reduce all of the revolving commitments before the maturity date. Advances under the Corporate Credit Facility accrue interest at a per annum rate equal to, at the Company’s election, either Term SOFR plus a margin of 1.90 % to 2.40 %, depending on the Company’s total leverage ratio and a benchmark replacement adjustment of 0.1 %, or a base rate determined according to the highest of (a) the prime rate, (b) the federal funds rate plus 0.50%, (c) Term SOFR plus 1.0% or (d) 0.0% plus a margin of 0.90% to 1.40%, depending on the Company’s total leverage ratio. An unused commitment fee at a rate of 0.15% or 0.25%, depending on the outstanding aggregate revolving commitments, applies to unutilized borrowing capacity under the Corporate Credit Facility. Amounts owing under the Corporate Credit Facility may be prepaid at any time without premium or penalty. The Corporate Credit Facility is guaranteed by the Company and the obligations under the Corporate Credit Facility are, subject to some exceptions, secured by a continuing security interest in substantially all of the assets of the Company. The Company is in compliance with all of the covenants required in its Corporate Credit Facility. Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs (see “Loss on Extinguishment of Debt and Modification Costs” below). For the three months ended June 30, 2023 and 2022, amortization of deferred financing costs of approximately $ 0.7 million and $ 0.7 million , respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). For the six months ended June 30, 2023 and 2022, amortization of deferred financing costs of approximately $ 1.5 million and $ 1.3 million , respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). Gain (Loss) on Extinguishment of Debt and Modification Costs Loss on extinguishment of debt and modification costs includes prepayment penalties and defeasance costs incurred on the early repayment of debt, costs incurred in a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment. During the six months ended June 30, 2023, the Company completed a refinance of The Venue on Camelback and incurred a loss on extinguishment of debt of approximately $ 0.3 million from a prepayment penalty and deferred financing cost write-off. Additionally, the Company recognized a gain of approximately $ 0.4 million for returned fees related to its refinancing activities from 2022. During the six months ended June 30, 2023 and 2022, the Company recognized a gain (loss) on extinguishment of debt of approximately $ 0.1 million and $ 0.0 million, respectively. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2023 are as follows (in thousands): Operating Held For Sale Credit Facility Total 2023 $ 138 $ — $ — $ 138 2024 314 68,160 — 68,474 2025 177,466 — 57,000 234,466 2026 290,324 — — 290,324 2027 — — — — Thereafter 1,085,161 — — 1,085,161 Total $ 1,553,403 $ 68,160 $ 57,000 $ 1,678,563

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	6. Fair Value of Derivatives and Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes independent third parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments are fair and consistent as of the measurement date. Derivative Financial Instruments and Hedging Activities 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 may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. In order to minimize counterparty credit risk, the Company enters into and expects to enter into hedging arrangements only with major financial institutions that have high credit ratings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of June 30, 2023 and December 31, 2022 were classified as Level 2 of the fair value hierarchy. LIBOR ceased publication on June 30, 2023. The Company holds debt and derivatives that use LIBOR as the reference rate as of June 30, 2023. Beginning on July 1, 2023, LIBOR rates will be replaced with SOFR as the reference rate for the remaining LIBOR debt and derivative instruments, with applicable spread adjustments. The Company does not anticipate any material changes for all-in rates of debt or derivative instruments from the cessation of LIBOR and transition to SOFR as the reference rate. The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The interest rate swaps have terms ranging from four to five years . Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The interest rate caps have terms ranging from three to four years . During the six months ended June 30, 2023 and 2022 , interest rate cap derivatives were used to hedge the variable cash flows associated with a portion of the Company’s floating rate debt. The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $ 1.4 billion of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.82 % as of June 30, 2023 . In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness when repaid early or refinanced), the Company, through the OP, has entered into six interest rate swap transactions with KeyBank National Association (“KeyBank”) and four with Truist Bank with a combined notional amount of $ 1.2 billion . The interest rate swaps the Company has entered into effectively replace the floating interest rate with respect to that amount with a weighted average fixed rate of 1.0682 % . The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of June 30, 2023, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) June 1, 2019 June 1, 2024 KeyBank $ 50,000 2.0020 % June 1, 2019 June 1, 2024 Truist 50,000 2.0020 % September 1, 2019 September 1, 2026 KeyBank 100,000 1.4620 % September 1, 2019 September 1, 2026 KeyBank 125,000 1.3020 % January 3, 2020 September 1, 2026 KeyBank 92,500 1.6090 % March 4, 2020 June 1, 2026 Truist 100,000 0.8200 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.8450 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.9530 % March 1, 2022 March 1, 2025 Truist 145,000 0.5730 % March 1, 2022 March 1, 2025 Truist 105,000 0.6140 % $ 1,167,500 1.0682 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2023, one-month LIBOR was 5.218 % . (2) Represents the weighted average fixed rate of the interest rate swaps. As of June 30, 2023, the Company had the following interest rate swap that was designated as a cash flow hedge of interest rate risk with future effective date (dollars in thousands): Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) September 1, 2026 January 1, 2027 KeyBank $ 92,500 1.7980 % (1) The floating rate option for the interest rate swap is one-month LIBOR. As of June 30, 2023, one-month LIBOR was 5.218 % . Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging , or the Company has elected not to designate such derivatives as hedges. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in net income (loss) as interest expense. As of June 30, 2023 and 2022, the Company had the following interest rate caps outstanding that were not designated as cash flow hedges of interest rate risk (dollars in thousands): Properties Type Maturity Date Notional Strike Rate Sabal Palm at Lake Buena Vista Floating 9/1/2023 $ 42,100 6.20 % Residences at Glenview Reserve Floating 10/1/2023 25,977 4.81 % Timber Creek Floating 10/1/2023 24,100 4.99 % Brandywine I & II Floating 10/1/2023 43,835 6.82 % Radbourne Lake Floating 10/1/2023 20,000 6.46 % Summers Landing Floating 10/1/2023 10,109 6.07 % Versailles II Floating 10/1/2023 12,061 6.82 % Fairways at San Marcos Floating 12/1/2023 46,464 3.37 % The Verandas at Lake Norman Floating 7/1/2024 34,925 3.40 % Creekside at Matthews Floating 7/1/2024 31,900 4.40 % Six Forks Station Floating 10/1/2024 41,180 4.00 % High House at Cary Floating 1/1/2025 46,625 2.74 % Estates on Maryland Floating 4/1/2025 43,157 3.91 % The Adair Floating 4/1/2025 35,115 3.91 % Rockledge Apartments Floating 12/1/2025 93,129 6.45 % The Preserve at Terrell Mill Floating 12/1/2025 71,098 6.45 % Fairways at San Marcos Floating 12/1/2025 60,228 6.70 % Bloom Floating 12/1/2025 59,830 6.70 % Atera Apartments Floating 12/1/2025 46,198 6.45 % Silverbrook Floating 12/1/2025 46,088 6.45 % Torreyana Apartments Floating 12/1/2025 50,580 6.70 % Cornerstone Floating 12/1/2025 46,804 6.66 % Versailles Floating 12/1/2025 40,247 6.45 % Bella Solara Floating 12/1/2025 40,328 6.70 % Courtney Cove Floating 12/1/2025 36,146 6.70 % Madera Point Floating 12/1/2025 34,457 6.70 % Creekside at Matthews Floating 12/1/2025 29,648 6.45 % Parc500 Floating 12/1/2025 29,416 6.45 % Seasons 704 Apartments Floating 12/1/2025 33,132 6.70 % The Summit at Sabal Park Floating 12/1/2025 30,826 6.70 % Cutter's Point Floating 12/1/2025 21,524 6.45 % Venue at 8651 Floating 12/1/2025 18,690 6.45 % The Heritage Floating 2/1/2023 24,625 5.18 % The Enclave Floating 2/1/2023 25,322 5.18 % Bella Vista Floating 2/1/2023 29,040 5.18 % Arbors on Forest Ridge Floating 12/1/2025 19,184 6.70 % Venue on Camelback Floating 2/1/2026 42,788 6.07 % $ 1,386,876 5.82 % The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments: Interest rate swaps Fair value of interest rate swaps $ 99,364 $ 103,440 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 7,551 7,634 — — Total $ 106,915 $ 111,074 $ — $ — The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands): Amount of gain (loss) Location of gain Amount of gain (loss) 2023 2022 OCI into income 2023 2022 Derivatives designated as hedging instruments: For the three months ended June 30, Interest rate products $ 24,845 $ 16,291 Interest expense $ 11,717 $ ( 1,066 ) For the six months ended June 30, Interest rate products $ 17,784 $ 67,308 Interest expense $ 21,862 $ ( 4,628 ) Location of gain Amount of gain (loss) recognized in 2023 2022 Derivatives not designated as hedging instruments: For the three months ended June 30, Interest rate products Interest expense $ 2,013 $ ( 181 ) For the six months ended June 30, Interest rate products Interest expense $ 1,051 $ ( 1,365 ) Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 9). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. Financial Instruments Not Carried at Fair Value At June 30, 2023 and December 31, 2022, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other assets, excluding interest rate caps, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, security deposits and prepaid rent approximated their carrying values because of the short-term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. The table below presents the carrying value (outstanding principal balance) and estimated fair value of our debt at June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Carrying Value Estimated Carrying Value Estimated Fixed rate debt $ 33,817 $ 31,913 $ 33,817 $ 31,857 Floating rate debt (1) $ 1,644,746 $ 1,434,646 $ 1,647,711 $ 1,506,741 (1) Includes balances outstanding under our Corporate Credit Facility. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There can be no assurance that the estimates discussed herein, using Level 3 inputs, are indicative of the amounts the Company could realize on disposition of the real estate asset. For the six months ended June 30, 2023 and 2022, the Company did no t record any impairment charges related to real estate assets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Common Stock During the six months ended June 30, 2023, the Company issued 124,994 shares of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below). As of June 30, 2023, the Company had 25,674,313 shares of common stock, par value $ 0.01 per share, issued and outstanding. Share Repurchase Program On June 15, 2016, the Board authorized the Company to repurchase up to $ 30.0 million of its common stock, par value $ 0.01 per share, during a two-year period that was set to expire on June 15, 2018 (the “Share Repurchase Program”). On April 30, 2018, the Board increased the Share Repurchase Program from $30.0 million to up to $ 40.0 million and extended it by an additional two years to June 15, 2020 . On March 13, 2020, the Board further increased the Share Repurchase Program from $40.0 million to up to $ 100.0 million and extended it to March 12, 2023 . On October 24, 2022, the Board authorized us to repurchase an indeterminate number of shares of our common stock at an aggregate market value of up to $ 100.0 million during a two-year period that will expire on October 24, 2024 . This authorization replaced the Board's prior authorization. The Company may utilize various methods to affect the repurchases, and the timing and extent of the repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, including whether the Company’s common stock is trading at a significant discount to net asset value per share. Repurchases under this program may be discontinued at any time. During the six months ended June 30, 2023 , the Company did no t make any share repurchases. Since the inception of the Share Repurchase Program through June 30, 2023, the Company has repurchased 2,550,628 shares of its common stock, par value $ 0.01 per share, at a total cost of approximately $ 72.4 million , or $ 28.36 per share. Treasury Shares From time to time, in accordance with the Company’s Share Repurchase Program, the Company may repurchase shares of its common stock in the open market. Until any such shares are retired, the cost of the shares is included in common stock held in treasury at cost on the consolidated balance sheet. The number of shares of common stock classified as treasury shares reduces the number of shares of the Company’s common stock outstanding and, accordingly, are considered in the weighted average number of shares outstanding during the period. During the six months ended June 30, 2023 and 2022 , the Company retired zero and 69,567 shares of its common stock held in treasury, respectively. As of June 30, 2023 , the Company did no t have any shares of common stock held in treasury. Long Term Incentive Plan On June 15, 2016, the Company’s stockholders approved a long-term incentive plan (the “2016 LTIP”) and the Company filed a registration statement on Form S-8 registering 2,100,000 shares of common stock, par value $ 0.01 per share, which the Company may issue pursuant to the 2016 LTIP. The 2016 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards, for the purpose of providing the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries), the Company’s non-employee directors, and potentially certain non-employees who perform employee-type functions, incentives and rewards for performance. Restricted Stock Units Under the 2016 LTIP, restricted stock units may be granted to the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries) and typically vest over a three to five-year period for officers, employees and certain key employees of the Adviser and annually for directors. Beginning on the date of grant, restricted stock units earn dividends that are payable in cash on the vesting date. The following table includes the number of restricted stock units granted to its directors, officers, employees and certain key employees of the Adviser under the 2016 LTIP: Summary of Grants February March May Total 2019 186,662 — — 186,662 2020 168,183 — 116,852 285,035 2021 204,663 — — 204,663 2022 142,519 — — 142,519 2023 — 260,709 — 260,709 Total 702,027 260,709 116,852 1,079,588 As of June 30, 2023 and December 31, 2022, the Company had 627,611 and 527,926 unvested units under the 2016 LTIP, respectively. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of June 30, 2023: 2023 Number of Units Weighted Average Outstanding January 1, 527,926 $ 52.66 Granted 260,709 83.88 Vested ( 160,811 ) (1) 52.75 Forfeited ( 213 ) 83.88 Outstanding June 30, 627,611 $ 47.98 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 124,994 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity. The following table contains information regarding the vesting of restricted stock units under the 2016 LTIP for the next five calendar years subsequent to June 30, 2023: Shares Vesting February March May Total 2024 132,526 63,329 21,877 217,732 2025 97,635 49,349 21,877 168,861 2026 65,939 49,348 — 115,287 2027 27,048 49,348 — 76,396 2028 — 49,335 — 49,335 Total 323,148 260,709 43,754 627,611 As of June 30, 2023, the Company had issued 982,204 shares of common stock under the 2016 LTIP. For the three months ended June 30, 2023 and 2022, the Company recognized approximately $ 2.5 million and $ 2.0 million , respectively, of equity-based compensation expense related to grants of restricted stock units. For the six months ended June 30, 2023 and 2022, the Company recognized approximately $ 4.5 million and $ 3.9 million , respectively, of equity-based compensation expense related to grants of restricted stock units. As of June 30, 2023, the Company had recognized a liability of approximately $ 1.6 million related to dividends earned on restricted stock units that are payable in cash upon vesting. At-the-Market Offering On March 4, 2020, the Company, the OP and the Adviser entered into separate equity distribution agreements with each of Jefferies LLC (“Jefferies”), Raymond James & Associates, Inc. (“Raymond James”), KeyBanc Capital Markets Inc. (“KeyBanc”) and Truist Securities (f/k/a SunTrust Robinson Humphrey, Inc., “SunTrust,” and together with Jefferies, Raymond James and KeyBanc, the “ATM Sales Agents”), pursuant to which the Company could issue and sell from time to time when an effective registration statement was available shares of the Company’s common stock, par value $ 0.01 per share, having an aggregate sales price of up to $ 225,000,000 (the “2020 ATM Program”). Sales of shares of common stock, if any, could be made in transactions that were deemed to be “at the market” offerings, as defined in Rule 415 under the Securities Act, including, without limitation, sales made by means of ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices based on prevailing market prices. In addition to the issuance and sale of shares of common stock, the Company could enter into forward sale agreements with each of Jefferies, KeyBanc and Raymond James, or their respective affiliates, through the 2020 ATM Program. During the six months ended June 30, 2022, the Company issued 52,091 shares of common stock at an average price of $ 83.16 per share for gross proceeds of $ 4.3 million under the 2020 ATM Program and paid approximately $ 0.1 million in fees to the 2020 ATM Sales Agents with respect to such sales and incurred other issuance costs of approximately $ 0.2 million, both of which were netted against the gross proceeds and recorded in additional paid in capital. During the six months ended June 30, 2023, no shares were issued under the 2020 ATM Program. The following table contains summary information of the 2020 ATM Program since its inception: Gross proceeds $ 62,310,967 Common shares issued 1,120,910 Gross average sale price per share $ 55.59 Sales commissions $ 934,665 Offering costs 1,353,015 Net proceeds $ 60,023,287 Average price per share, net $ 53.55

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of the Company’s common stock outstanding, which excludes any unvested restricted stock units issued pursuant to the 2016 LTIP. Diluted earnings (loss) per share is computed by adjusting basic loss per share for the dilutive effect of the assumed vesting of restricted stock units. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not included in the calculation of earnings (loss) per share. The effect of the conversion of OP Units held by noncontrolling limited partners is not reflected in the computation of basic and diluted earnings (loss) per share, as they are exchangeable for common stock on a one-for-one basis. The income (loss) allocable to such units is allocated on this same basis and reflected as net income (loss) attributable to redeemable noncontrolling interests in the OP in the accompanying consolidated statements of operations and comprehensive income (loss). As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 9 for additional information. The following table sets forth the computation of basic and diluted loss per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Numerator for loss per share: Net loss $ ( 3,968 ) $ ( 7,827 ) $ ( 7,866 ) $ ( 12,494 ) Net loss attributable to redeemable noncontrolling interests in the Operating Partnership ( 15 ) ( 30 ) ( 30 ) ( 44 ) Net loss attributable to common stockholders $ ( 3,953 ) $ ( 7,797 ) $ ( 7,836 ) $ ( 12,450 ) Denominator for loss per share: Weighted average common shares outstanding 25,667 25,672 25,633 25,646 Denominator for basic loss per share 25,667 25,672 25,633 25,646 Weighted average unvested restricted stock units 637 539 557 556 Denominator for diluted earnings per share (1) 25,667 25,672 25,633 25,646 Loss per weighted average common share: Basic $ ( 0.15 ) $ ( 0.30 ) $ ( 0.31 ) $ ( 0.49 ) Diluted $ ( 0.15 ) $ ( 0.30 ) $ ( 0.31 ) $ ( 0.49 ) (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	9. Noncontrolling Interests Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. Net income (loss) is allocated to holders of OP Units based upon net income (loss) attributable to common stockholders and the weighted average number of OP Units outstanding to total common shares plus OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to OP Units in accordance with the terms of the partnership agreement of the OP. Each time the OP distributes cash to the Company, outside limited partners of the OP receive their pro-rata share of the distribution. Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP. On April 1, 2022, the Company acquired The Adair and Estates on Maryland, from investors in a Delaware Statutory Trust managed by an entity affiliated with the Adviser, for total consideration of $ 143.4 million (the “Purchase Price”). The Purchase Price consisted of 31,071 OP Units (valued at $ 2.9 million) that were issued in connection with the acquisition and approximately $ 70.7 million in cash and debt. The fair value of the OP Units was determined based on the April 1, 2022 share price of NXRT as the OP units are convertible to common stock on a one to one basis. On June 30, 2017, the Company and the OP entered into a contribution agreement with BH Equities, LLC and its affiliates (collectively, “BH Equity”), whereby the Company purchased 100 % of the joint venture interests in the Portfolio owned by BH Equity, representing approximately 8.4 % ownership in the Portfolio (the “BH Buyout”), for total consideration of approximately $ 51.7 million (the “Purchase Amount”). The Purchase Amount consisted of approximately $ 49.7 million in cash that was paid on June 30, 2017 and 73,233 OP Units (initially valued at $ 2.0 million) that were issued on August 1, 2017. The number of OP Units issued was calculated by dividing $ 2.0 million by the midpoint of the range of the Company’s net asset value as publicly disclosed in connection with the Company’s release of its second quarter of 2017 earnings results, which was $ 27.31 per share. In connection with the issuance of OP Units to BH Equity on August 1, 2017, the Company and the OP amended the partnership agreement of the OP (the “Amendment”). Pursuant to the Amendment, limited partners holding OP Units have the right to cause the OP to redeem their units at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the OP), provided that such OP Units have been outstanding for at least one year. The Company, through the OP GP, as the general partner of the OP may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (one share of common stock of the Company for each OP Unit), as defined in the partnership agreement of the OP. Notwithstanding the foregoing, a limited partner will not be entitled to exercise its redemption right to the extent the issuance of the Company’s common stock to the redeeming limited partner would (1) be prohibited, as determined in the Company’s sole discretion, under the Company’s charter or (2) cause the acquisition of common stock by such redeeming limited partner to be “integrated” with any other distribution of the Company’s common stock for purposes of complying with the Securities Act. Accordingly, the Company records the OP Units held by noncontrolling limited partners outside of permanent equity and reports the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth the redeemable noncontrolling interests in the OP for the six months ended June 30, 2023 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2022 $ 5,631 Net loss attributable to redeemable noncontrolling interests in the OP ( 30 ) Other comprehensive loss attributable to redeemable noncontrolling interests in the OP ( 15 ) Distributions to redeemable noncontrolling interests in the OP ( 93 ) Issuance of operating partnership units for purchase of noncontrolling interests 415 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 282 Redeemable noncontrolling interests in the OP, June 30, 2023 $ 6,190 Fees and Reimbursements to BH and its Affiliates The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager and an independently owned third party, who manages the Company’s properties and supervises the implementation of the Company’s value-add program. BH is an affiliate of BH Equity, who was a noncontrolling interest member of the Company’s joint ventures prior to the BH Buyout on June 30, 2017. Through BH Equity’s noncontrolling interests in such joint ventures, BH Equity was deemed to be a related party. With the completion of the BH Buyout, BH Equity is no longer deemed to be a related party. BH Equity became a noncontrolling limited partner of the OP upon execution of the Amendment. BH and its affiliates do not have common ownership in any joint venture with the Adviser; there is also no common ownership between BH and its affiliates and the Adviser. The property management fee paid to BH is approximately 3 % of the monthly gross income from each property managed. Currently, BH manages all of the Company’s properties. Additionally, the Company may pay BH certain other fees, including: (1) a fee of $ 15 - 25 per unit for the one-time setup and inspection of properties, (2) a construction supervision fee of 5 - 6 % of total project costs, which is capitalized, (3) acquisition fees and due diligence costs reimbursements, and (4) other owner approved fees at $ 55 per hour. BH also acts as a paymaster for the properties and is reimbursed at cost for various operating expenses it pays on behalf of the properties. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three and six months ended June 30, 2023 and 2022 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Fees incurred Property management fees (1) $ 2,031 $ 1,904 $ 4,058 $ 3,654 Construction supervision fees (2) 778 440 1,429 765 Design fees (2) 22 47 33 47 Acquisition fees (2) ( 83 ) 231 ( 83 ) 231 Reimbursements Payroll and benefits (3) 5,330 5,640 10,781 10,804 Other reimbursements (4) 1,432 1,134 2,785 2,161 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss) . (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss) . (4) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss) .

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions Advisory and Administrative Fee In accordance with the Advisory Agreement, the Company pays the Adviser an advisory fee equal to 1.00 % of the Average Real Estate Assets (as defined below). The duties performed by the Company’s Adviser under the terms of the Advisory Agreement include, but are not limited to: providing daily management for the Company, selecting and working with third party service providers, managing the Company’s properties or overseeing the third party property manager, formulating an investment strategy for the Company and selecting suitable properties and investments, managing the Company’s outstanding debt and its interest rate exposure through derivative instruments, determining when to sell assets, and managing the value-add program or overseeing a third party vendor that implements the value-add program. “Average Real Estate Assets” means the average of the aggregate book value of Real Estate Assets before reserves for depreciation or other non-cash reserves, computed by taking the average of the book value of real estate assets at the end of each month (1) for which any fee under the Advisory Agreement is calculated or (2) during the year for which any expense reimbursement under the Advisory Agreement is calculated. “Real Estate Assets” is defined broadly in the Advisory Agreement to include, among other things, investments in real estate-related securities and mortgages and reserves for capital expenditures (the value-add program). The advisory fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the advisory fee in shares of common stock, subject to certain limitations. In accordance with the Advisory Agreement, the Company also pays the Adviser an administrative fee equal to 0.20 % of the Average Real Estate Assets. The administrative fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the administrative fee in shares of common stock, subject to certain limitations. The advisory and administrative fees paid to the Adviser on the Contributed Assets (as defined in the Advisory Agreement) are subject to an annual cap of approximately $ 5.4 million (the “Contributed Assets Cap”) (see “Expense Cap” below). Pursuant to the terms of the Advisory Agreement, the Company will reimburse the Adviser for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the Adviser that outside professionals or outside consultants would otherwise perform, the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Adviser required for the Company’s operations, and compensation expenses under the 2016 LTIP. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as the Company’s ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the Adviser or its affiliates that relate to the operations of the Company, may be billed monthly to the Company under a shared services agreement. “Offering Expenses” include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the six months ended June 30, 2023 and 2022, the Adviser did not bill any Operating Expenses or Offering Expenses to the Company and any such expenses the Adviser incurred during the periods are considered to be permanently waived. Expense Cap Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by the Company for operating expenses and advisory and administrative fees payable to the Adviser and Operating Expenses will not exceed 1.5 % of Average Real Estate Assets per calendar year (or part thereof that the Advisory Agreement is in effect (the “Expense Cap”)). The Expense Cap does not limit the reimbursement of expenses related to Offering Expenses. The Expense Cap also does not apply to legal, accounting, financial, due diligence and other service fees incurred in connection with mergers and acquisitions, extraordinary litigation or other events outside the Company’s ordinary course of business or any out-of-pocket acquisitions or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets. Also, advisory and administrative fees are further limited on Contributed Assets to approximately $ 5.4 million in any calendar year. Contributed Assets refers to all Real Estate Assets contributed to the Company as part of its spin-off. The Contributed Assets Cap is not reduced for dispositions of such assets subsequent to its spin-off. Advisory and administrative fees on New Assets are not subject to the above limitation and are based on an annual rate of 1.2 % on Average Real Estate Assets, but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. For the three months ended June 30, 2023 and 2022, the Company incurred advisory and administrative fees of $ 1.9 million and $ 1.9 million , respectively. For the three months ended June 30, 2023 and 2022, the Adviser elected to voluntarily waive advisory and administrative fees of approximately $ 5.4 million and $ 5.2 million , respectively. For the six months ended June 30, 2023 and 2022, the Company incurred advisory and administrative fees of $ 3.8 million and $ 3.7 million , respectively. For the six months ended June 30, 2023 and 2022, the Adviser elected to voluntarily waive advisory and administrative fees of $ 10.7 million and $ 10.1 million , respectively. The advisory and administrative fees waived by the Adviser are considered to be permanently waived for the periods. The Adviser is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion. Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. For the six months ended June 30, 2023 and 2022 , the Company paid $ 0.0 and $ 0.1 million in fees to NexBank Title, Inc. (“NexBank Title”). NexBank Title is an affiliate of the Adviser through common beneficial ownership. NexBank Title provides title insurance and work related to providing title insurance on properties related to acquisitions, dispositions and refinancing transactions. These amounts are either capitalized as real estate assets or deferred financing costs, expensed as loss on extinguishment of debt and modification costs, or expensed as selling costs when determining gain (loss) on sales of real estate, depending on the appropriate accounting as determined for each specific transaction. The Company holds multiple operating accounts at NexBank Capital, Inc. (“NexBank”), an affiliate of the Adviser through common beneficial ownership. On July 30, 2021, three of our property-owning subsidiaries entered into agreements with NLMF Holdco, LLC, an entity under common control with our Adviser and in which we own a 10 % equity interest. As of June 30, 2023 , the Company has funded approximately $ 0.3 million to NLMF Holdco, LLC which is included in prepaid and other assets on the consolidated balance sheet of the Company. For the six months ended June 30 2023, the Company incurred expenses of $ 1.3 million for fiber internet service which is included in property operating expenses on the consolidated statement of operations and comprehensive loss. Additionally, on July 30, 2021, we entered into agreements with NLMF Leaseco, LLC, which is controlled by Matt McGraner, one of our officers. We expect that these actions will provide faster, more reliable and lower cost internet to our residents.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Commitments In the normal course of business, the Company enters into various rehabilitation construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate rehabilitation construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. As of June 30, 2023, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. The Company’s agreement with NLMF Holdco, LLC may result in additional funding requirements to cover future project costs. The maximum exposure of potential commitments is expected to be no more than $ 4.0 million. As of June 30, 2023 , the Company has funded approximately $ 0.3 million to NLMF Holdco, LLC which is included in prepaid and other assets on the consolidated balance sheet of the Company. Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive income (loss) of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries. Environmental liabilities could have a material adverse effect on the Company’s business, assets, cash flows or results of operations. As of June 30, 2023 , the Company was no t aware of any environmental liabilities. There can be no assurance that material environmental liabilities do not exist. Self-Insurance Program On March 1, 2021, the Adviser entered into a self-insurance policy resulting in an aggregate amount of $ 2,468,750 (the “2021 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $ 1.6 million being allocated to the Company. As of December 31, 2021, all of the $ 1.6 million of the 2021 Aggregate Amount allocated to the Company has been prepaid. For the period from March 1, 2021 to February 28, 2022, the Company incurred claims related to its entire allocated 2021 Aggregate Amount at Old Farm and Silverbrook. On March 1, 2022, the Adviser entered into a new policy resulting in a new aggregate amount of $ 2,497,500 (the “2022 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $ 1.8 million being allocated to the Company. From March 1, 2022 to March 31, 2023, the Company incurred claims at Six Forks Station, Parc500, Hollister Place, Versailles, Timber Creek, Venue at 8651, The Preserve at Terrell Mill, High House at Cary and Arbors of Brentwood. As of March 31, 2023, the Company incurred claims related to its entire allocated 2022 Aggregate Amount. On April 1, 2023, the Adviser entered into a new policy resulting in a new aggregate amount of $ 2,950,000 (the “2023 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $ 2.1 million being allocated to the Company. As of June 30, 2023, $ 1.8 million of 2023 Aggregate Amount allocated to the Company has been funded.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Dividends Declared On July 24, 2023 , the Company’s Board approved a quarterly dividend of $ 0.42 per share, payable on September 29, 2023 to stockholders of record on September 15, 2023 . NexPoint Captive Insurance Company, Inc. On July 6, 2023, NexPoint Captive Insurance Company, Inc. was authorized to transact business in the State of Montana as a pure captive insurance company. It is anticipated to begin providing rental insurance coverage to residents of NXRT properties on or about August 1, 2023. Timber Creek and Radbourne Lake On July 12, 2023, the Company started actively marketing Timber Creek and Radbourne Lake and are classified as held for sale as of July 12, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2023. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of June 30, 2023 and December 31, 2022 and results of operations for the three and six months ended June 30, 2023 and 2022 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022 and notes thereto included in its Annual Report on Form 10-K filed with the SEC on February 24, 2023 .
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation . The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP and its subsidiaries.
Reclassification of Prior Year Activity on the Consolidated Statement of Cash Flows	Reclassification of Prior Year Activity on the Consolidated Statement of Cash Flows Certain reclassifications have been made within the consolidated statements of cash flows to the changes in operating assets and liabilities, net of effects of acquisitions for the six months ended June 30, 2022 to be comparative to the consolidated statement of cash flows for the six months ended June 30, 2023.
Revenue Recognition	Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. The Company records an allowance to reflect revenue that may not be collectable. This is recorded through a provision for bad debt which is included in rental income in the accompanying consolidated statements of operations and comprehensive income (loss). Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, and pets, and administrative, application and other fees and are recognized when earned.
Purchase Price Allocation	Purchase Price Allocation Upon acquisition of a property considered to be an asset acquisition, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. Acquisition costs are capitalized in accordance with FASB ASC 805. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures (“ASC 820”) (see Note 6), is based on management’s estimate of the property’s “as-if” vacant fair value and is calculated by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the total consideration to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, legal and other related costs, which the Company, as buyer of the property, did not have to incur to obtain the residents. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized as interest expense over the life of the debt assumed. Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above.
Impairment	Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and record an impairment loss if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. As of June 30, 2023 , the Company has no t recorded any impairment on its real estate assets.
Held-for-Sale	Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of June 30, 2023 , there are two properties classified as held for sale. In addition to the net real estate and mortgages payable held for sale, the consolidated balance sheet also includes approximately $ 1.4 million of accounts receivable and prepaid and other assets, and approximately $ 2.5 million of accounts payable, real estate taxes payable, security deposits, prepaid rents, and other accrued liabilities. The Company had entered into a purchase and sale agreement for Old Farm and Stone Creek at Old Farm and during the three months ended June 30, 2023 the buyer terminated the purchase and sale agreement and forfeited its deposit. As part of the forfeiture, the Company recognized a gain of approximately $ 0.3 million for forfeited deposits which is reflected in gain on forfeited deposits and forfeited deposits in cash flows from investing activities in the consolidated statements of operations and comprehensive income (loss) and the consolidated statements of cash flows, respectively. The Company is actively marketing the properties, and expects to close on a sale by December 31, 2023.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90 % of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4 % nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85 % of its ordinary income, (2) 95 % of its capital gain net income and (3) 100 % of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the six months ended June 30, 2023 and 2022. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of June 30, 2023, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of June 30, 2023. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2022, 2021 and 2020 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss) .
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has taken the ASC 848 elections needed to allow for the hedged forecasted transactions to transition while not discontinuing the associated hedge accounting designations. Application of these hedged accounting expedients preserves the presentation of derivatives consistent with past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 ("ASU 2022-06") which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Estimated Useful Lives of Assets	Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	6 Months Ended
	Jun. 30, 2023
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of June 30, 2023, the Company, through the OP and the wholly owned TRS, owned 40 properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100 % ownership of the SPEs that directly own the title to each property as of June 30, 2023 and December 31, 2022: Effective Ownership Percentage at Property Name Location Year Acquired June 30, 2023 December 31, 2022 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback Phoenix, Arizona 2016 100 % 100 % Old Farm (1) Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm (1) Houston, Texas 2016 100 % 100 % Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments Dallas, Texas 2017 100 % 100 % Versailles II Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista Phoenix, Arizona 2019 100 % 100 % The Enclave Tempe, Arizona 2019 100 % 100 % The Heritage Phoenix, Arizona 2019 100 % 100 % Summers Landing Fort Worth, Texas 2019 100 % 100 % Residences at Glenview Reserve Nashville, Tennessee 2019 100 % 100 % Residences at West Place Orlando, Florida 2019 100 % 100 % Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % 100 % Arbors of Brentwood Nashville, Tennessee 2019 100 % 100 % Torreyana Apartments Las Vegas, Nevada 2019 100 % 100 % Bloom Las Vegas, Nevada 2019 100 % 100 % Bella Solara Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, Arizona 2020 100 % 100 % The Verandas at Lake Norman Charlotte, North Carolina 2021 100 % 100 % Creekside at Matthews Charlotte, North Carolina 2021 100 % 100 % Six Forks Station Raleigh, North Carolina 2021 100 % 100 % High House at Cary Cary, North Carolina 2021 100 % 100 % The Adair Sandy Springs, Georgia 2022 100 % 100 % Estates on Maryland Phoenix, Arizona 2022 100 % 100 % (1) Properties classified as held for sale as of June 30, 2023 .

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of June 30, 2023, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 11,829 $ ( 26 ) $ 2,104 $ 16,237 Cutter's Point 3,330 13,266 — 7,867 24,463 Silverbrook 4,860 26,001 2,934 6,443 40,238 The Summit at Sabal Park 5,770 14,404 — 2,489 22,663 Courtney Cove 5,880 15,018 — 3,068 23,966 Radbourne Lake 2,440 23,159 7 3,828 29,434 Timber Creek 11,260 13,575 2,830 4,512 32,177 Sabal Palm at Lake Buena Vista 7,558 44,346 759 4,168 56,831 Cornerstone 1,500 31,037 208 4,841 37,586 The Preserve at Terrell Mill 10,170 53,635 78 13,353 77,236 Versailles 6,720 21,614 475 4,908 33,717 Seasons 704 Apartments 7,480 15,131 11 3,407 26,029 Madera Point 4,920 18,328 — 3,423 26,671 Venue at 8651 2,350 18,165 1,403 4,691 26,609 Parc500 3,860 21,423 4 5,115 30,402 The Venue on Camelback 8,340 39,029 — 4,703 52,072 Rockledge Apartments 17,451 97,726 1,582 9,370 126,129 Atera Apartments 22,371 39,053 8 3,141 64,573 Versailles II 4,124 20,841 54 2,177 27,196 Brandywine I & II 6,237 74,081 23 8,343 88,684 Bella Vista 10,942 37,593 4 3,677 52,216 The Enclave 11,046 30,908 — 3,312 45,266 The Heritage 6,835 35,335 — 3,315 45,485 Summers Landing 1,798 18,809 5 1,261 21,873 Residences at Glenview Reserve 3,367 42,822 2 4,661 50,852 Residences at West Place 3,345 53,596 — 3,706 60,647 Avant at Pembroke Pines 48,434 283,291 1,202 18,147 351,074 Arbors of Brentwood 6,346 54,326 987 3,519 65,178 Torreyana Apartments 23,824 43,902 212 2,251 70,189 Bloom 23,805 83,427 — 5,094 112,326 Bella Solara 12,605 52,401 742 2,973 68,721 Fairways at San Marcos 10,993 73,109 — 3,848 87,950 The Verandas at Lake Norman 9,510 53,237 281 2,117 65,145 Creekside at Matthews 11,515 45,955 9 2,646 60,125 Six Forks Station 11,357 62,149 1,279 3,080 77,865 High House at Cary 23,809 68,047 27 2,480 94,363 The Adair 8,357 57,246 45 2,295 67,943 Estates on Maryland 11,573 65,276 301 2,395 79,545 378,412 1,773,090 15,446 172,728 2,339,676 Accumulated depreciation and amortization — ( 277,232 ) — ( 119,018 ) ( 396,250 ) Total Operating Properties $ 378,412 $ 1,495,858 $ 15,446 $ 53,710 $ 1,943,426 Held For Sale Properties Old Farm $ 11,078 $ 71,393 $ 87 $ 5,005 $ 87,563 Stone Creek at Old Farm 3,493 19,793 6 1,227 24,519 Accumulated depreciation and amortization — ( 17,339 ) — ( 4,678 ) ( 22,017 ) Total Held For Sale Properties $ 14,571 $ 73,847 $ 93 $ 1,554 $ 90,065 Total $ 392,983 $ 1,569,705 $ 15,539 $ 55,264 $ 2,033,491 As of December 31, 2022, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 11,809 $ 2 $ 2,029 $ 16,170 Cutter's Point 3,330 13,147 — 7,562 24,039 Silverbrook 4,860 25,927 1,962 6,201 38,950 The Summit at Sabal Park 5,770 13,990 38 2,326 22,124 Courtney Cove 5,880 14,920 — 2,883 23,683 Radbourne Lake 2,440 23,040 — 3,237 28,717 Timber Creek 11,260 13,504 2,823 4,337 31,924 Sabal Palm at Lake Buena Vista 7,580 42,809 314 3,776 54,479 Cornerstone 1,500 31,014 146 4,440 37,100 The Preserve at Terrell Mill 10,170 53,429 — 11,177 74,776 Versailles 6,720 21,594 124 4,618 33,056 Seasons 704 Apartments 7,480 15,042 9 3,095 25,626 Madera Point 4,920 18,294 — 3,174 26,388 Venue at 8651 2,350 17,977 1,036 4,394 25,757 Parc500 3,860 21,352 4 4,893 30,109 The Venue on Camelback 8,340 38,860 27 4,277 51,504 Rockledge Apartments 17,451 96,896 912 8,241 123,500 Atera Apartments 22,371 38,942 — 2,956 64,269 Versailles II 4,124 21,105 6 1,954 27,189 Brandywine I & II 6,237 73,920 — 7,156 87,313 Bella Vista 10,942 37,493 8 3,416 51,859 The Enclave 11,046 30,777 16 3,037 44,876 The Heritage 6,835 35,286 — 3,166 45,287 Summers Landing 1,798 18,669 — 1,124 21,591 Residences at Glenview Reserve 3,367 42,563 — 3,867 49,797 Residences at West Place 3,345 52,712 12 3,195 59,264 Avant at Pembroke Pines 48,436 278,736 2,139 15,780 345,091 Arbors of Brentwood 6,346 54,239 121 3,126 63,832 Torreyana Apartments 23,824 43,861 — 1,965 69,650 Bloom 23,803 82,802 37 4,226 110,868 Bella Solara 12,605 52,351 — 2,687 67,643 Fairways at San Marcos 10,993 73,007 — 3,397 87,397 The Verandas at Lake Norman 9,510 53,061 25 1,726 64,322 Creekside at Matthews 11,515 45,779 78 2,133 59,505 Six Forks Station 11,357 62,816 116 2,111 76,400 High House at Cary 23,809 67,855 52 1,789 93,505 The Adair 8,361 56,163 525 1,453 66,502 Estates on Maryland 11,573 65,041 90 1,605 78,309 378,438 1,760,782 10,622 152,529 2,302,371 Accumulated depreciation and amortization — ( 245,093 ) — ( 104,183 ) ( 349,276 ) Total Operating Properties $ 378,438 $ 1,515,689 $ 10,622 $ 48,346 $ 1,953,095 Held For Sale Properties Old Farm $ 11,078 $ 71,305 $ 12 $ 4,686 $ 87,081 Stone Creek at Old Farm 3,493 19,772 3 1,125 24,393 Accumulated depreciation and amortization — ( 17,339 ) — ( 4,678 ) ( 22,017 ) Total Held For Sale Properties $ 14,571 $ 73,738 $ 15 $ 1,133 $ 89,457 Total $ 393,009 $ 1,589,427 $ 10,637 $ 49,479 $ 2,042,552
Summary of Acquired Properties	There were no acquisitions of real estate during the six months ended June 30, 2023. During the six months ended June 30, 2022, the Company acquired two properties, as detailed in the table below (dollars in thousands). Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership The Adair Sandy Springs, Georgia April 1, 2022 $ 65,500 $ 35,115 232 100 % Estates on Maryland Phoenix, Arizona April 1, 2022 77,900 43,157 330 100 % $ 143,400 $ 78,272 562

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Mortgage Debt of Company and Encumbers Multifamily Properties	The following table contains summary information concerning the mortgage debt of the Company as of June 30, 2023 (dollars in thousands): Operating Properties Type Term (months) Outstanding Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 120 $ 19,184 6.62 % 12/1/2032 Cutter's Point (3) Floating 120 21,524 6.62 % 12/1/2032 Silverbrook (3) Floating 120 46,088 6.62 % 12/1/2032 The Summit at Sabal Park (3) Floating 120 30,826 6.62 % 12/1/2032 Courtney Cove (3) Floating 120 36,146 6.62 % 12/1/2032 The Preserve at Terrell Mill (3) Floating 120 71,098 6.62 % 12/1/2032 Versailles (3) Floating 120 40,247 6.62 % 12/1/2032 Seasons 704 Apartments (3) Floating 120 33,132 6.62 % 12/1/2032 Madera Point (3) Floating 120 34,457 6.62 % 12/1/2032 Venue at 8651 (3) Floating 120 18,690 6.62 % 12/1/2032 The Venue on Camelback (4) Floating 120 42,788 7.25 % 2/1/2033 Timber Creek (4) Floating 84 24,100 6.48 % 10/1/2025 Radbourne Lake (4) Floating 84 20,000 6.51 % 10/1/2025 Sabal Palm at Lake Buena Vista (4) Floating 84 42,100 6.52 % 9/1/2025 Cornerstone (3) Floating 120 46,804 7.16 % 12/1/2032 Parc500 (3) Floating 120 29,416 6.62 % 12/1/2032 Rockledge Apartments (3) Floating 120 93,129 6.62 % 12/1/2032 Atera Apartments (3) Floating 120 46,198 6.62 % 12/1/2032 Versailles II (4) Floating 84 12,061 6.40 % 10/1/2025 Brandywine I & II (4) Floating 84 43,835 6.40 % 10/1/2025 Bella Vista (4) Floating 84 29,040 6.54 % 2/1/2026 The Enclave (4) Floating 84 25,322 6.54 % 2/1/2026 The Heritage (4) Floating 84 24,625 6.54 % 2/1/2026 Summers Landing (5) Floating 84 10,109 6.40 % 10/1/2025 Residences at Glenview Reserve (6) Floating 84 25,713 6.66 % 10/1/2025 Residences at West Place (6) Fixed 120 33,817 4.24 % 10/1/2028 Avant at Pembroke Pines (4) Floating 84 177,101 6.65 % 9/1/2026 Arbors of Brentwood (4) Floating 84 34,237 6.65 % 10/1/2026 Torreyana Apartments (3) Floating 120 50,580 6.62 % 12/1/2032 Bloom (3) Floating 120 59,830 6.62 % 12/1/2032 Bella Solara (3) Floating 120 40,328 6.62 % 12/1/2032 Fairways at San Marcos (3) Floating 120 60,228 6.62 % 12/1/2032 The Verandas at Lake Norman (7) Floating 84 34,925 6.92 % 7/1/2028 Creekside at Matthews (3) Floating 120 29,648 6.62 % 12/1/2032 Six Forks Station (8) Floating 120 41,180 6.78 % 10/1/2031 High House at Cary (7) Floating 84 46,625 7.08 % 1/1/2029 The Adair (4) Floating 84 35,115 7.04 % 4/1/2029 Estates on Maryland (4) Floating 84 43,157 7.04 % 4/1/2029 $ 1,553,403 Fair market value adjustment 556 (9) Deferred financing costs, net of accumulated amortization of $ 3,346 ( 11,178 ) $ 1,542,781 Held For Sale Properties Old Farm (4) Floating 84 $ 52,886 6.90 % 7/1/2024 Stone Creek at Old Farm (4) Floating 84 15,274 6.90 % 7/1/2024 $ 68,160 Deferred financing costs, net of accumulated amortization of $ 576 ( 96 ) $ 68,064 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. Reference rates used in our Portfolio include one-month LIBOR and 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of June 30, 2023, one-month LIBOR was 5.218 % and SOFR was 5.065 % . (3) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00 %. Starting in the 25th month of the term through the 117 th month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (4) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00 %. Starting in the 13 th month of the term through the 81 st month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (5) Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00 %. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (6) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00 % of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term. (7) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00 %. Starting in the 25th month of the term through the 36th month of the term, the loan can be pre-paid at par plus 2 % of the unpaid principal balance. Starting in the 37th month of the term, the loan can be pre-paid at par plus 1 % of the unpaid principal balance. The loan is open to pre-payment in the last three months of the term. (8) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00 %. Starting in the 25th month of the term through the 116th of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last four months of the term. (9) The Company reflected a valuation adjustment on its fixed rate debt for Residences at West Place to adjust it to fair market value on their respective dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages.
Schedule of Credit Facility	The following table contains summary information concerning the Company’s credit facility as of June 30, 2023 (dollars in thousands): Type Term (months) Outstanding Interest Rate (1) Maturity Date Corporate Credit Facility Floating 36 $ 57,000 7.39 % 6/30/2025 Deferred financing costs, net of accumulated amortization of $ 1,701 ( 1,306 ) $ 55,694 (1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of June 30, 2023 was 5.141 %.
Schedule of Debt Maturities	Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2023 are as follows (in thousands): Operating Held For Sale Credit Facility Total 2023 $ 138 $ — $ — $ 138 2024 314 68,160 — 68,474 2025 177,466 — 57,000 234,466 2026 290,324 — — 290,324 2027 — — — — Thereafter 1,085,161 — — 1,085,161 Total $ 1,553,403 $ 68,160 $ 57,000 $ 1,678,563

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of June 30, 2023, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) June 1, 2019 June 1, 2024 KeyBank $ 50,000 2.0020 % June 1, 2019 June 1, 2024 Truist 50,000 2.0020 % September 1, 2019 September 1, 2026 KeyBank 100,000 1.4620 % September 1, 2019 September 1, 2026 KeyBank 125,000 1.3020 % January 3, 2020 September 1, 2026 KeyBank 92,500 1.6090 % March 4, 2020 June 1, 2026 Truist 100,000 0.8200 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.8450 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.9530 % March 1, 2022 March 1, 2025 Truist 145,000 0.5730 % March 1, 2022 March 1, 2025 Truist 105,000 0.6140 % $ 1,167,500 1.0682 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2023, one-month LIBOR was 5.218 % . (2) Represents the weighted average fixed rate of the interest rate swaps. As of June 30, 2023, the Company had the following interest rate swap that was designated as a cash flow hedge of interest rate risk with future effective date (dollars in thousands): Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) September 1, 2026 January 1, 2027 KeyBank $ 92,500 1.7980 % (1) The floating rate option for the interest rate swap is one-month LIBOR. As of June 30, 2023, one-month LIBOR was 5.218 % .
Summary of Company's Outstanding Interest Rate Caps	As of June 30, 2023 and 2022, the Company had the following interest rate caps outstanding that were not designated as cash flow hedges of interest rate risk (dollars in thousands): Properties Type Maturity Date Notional Strike Rate Sabal Palm at Lake Buena Vista Floating 9/1/2023 $ 42,100 6.20 % Residences at Glenview Reserve Floating 10/1/2023 25,977 4.81 % Timber Creek Floating 10/1/2023 24,100 4.99 % Brandywine I & II Floating 10/1/2023 43,835 6.82 % Radbourne Lake Floating 10/1/2023 20,000 6.46 % Summers Landing Floating 10/1/2023 10,109 6.07 % Versailles II Floating 10/1/2023 12,061 6.82 % Fairways at San Marcos Floating 12/1/2023 46,464 3.37 % The Verandas at Lake Norman Floating 7/1/2024 34,925 3.40 % Creekside at Matthews Floating 7/1/2024 31,900 4.40 % Six Forks Station Floating 10/1/2024 41,180 4.00 % High House at Cary Floating 1/1/2025 46,625 2.74 % Estates on Maryland Floating 4/1/2025 43,157 3.91 % The Adair Floating 4/1/2025 35,115 3.91 % Rockledge Apartments Floating 12/1/2025 93,129 6.45 % The Preserve at Terrell Mill Floating 12/1/2025 71,098 6.45 % Fairways at San Marcos Floating 12/1/2025 60,228 6.70 % Bloom Floating 12/1/2025 59,830 6.70 % Atera Apartments Floating 12/1/2025 46,198 6.45 % Silverbrook Floating 12/1/2025 46,088 6.45 % Torreyana Apartments Floating 12/1/2025 50,580 6.70 % Cornerstone Floating 12/1/2025 46,804 6.66 % Versailles Floating 12/1/2025 40,247 6.45 % Bella Solara Floating 12/1/2025 40,328 6.70 % Courtney Cove Floating 12/1/2025 36,146 6.70 % Madera Point Floating 12/1/2025 34,457 6.70 % Creekside at Matthews Floating 12/1/2025 29,648 6.45 % Parc500 Floating 12/1/2025 29,416 6.45 % Seasons 704 Apartments Floating 12/1/2025 33,132 6.70 % The Summit at Sabal Park Floating 12/1/2025 30,826 6.70 % Cutter's Point Floating 12/1/2025 21,524 6.45 % Venue at 8651 Floating 12/1/2025 18,690 6.45 % The Heritage Floating 2/1/2023 24,625 5.18 % The Enclave Floating 2/1/2023 25,322 5.18 % Bella Vista Floating 2/1/2023 29,040 5.18 % Arbors on Forest Ridge Floating 12/1/2025 19,184 6.70 % Venue on Camelback Floating 2/1/2026 42,788 6.07 % $ 1,386,876 5.82 %
Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments: Interest rate swaps Fair value of interest rate swaps $ 99,364 $ 103,440 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 7,551 7,634 — — Total $ 106,915 $ 111,074 $ — $ —
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss)	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands): Amount of gain (loss) Location of gain Amount of gain (loss) 2023 2022 OCI into income 2023 2022 Derivatives designated as hedging instruments: For the three months ended June 30, Interest rate products $ 24,845 $ 16,291 Interest expense $ 11,717 $ ( 1,066 ) For the six months ended June 30, Interest rate products $ 17,784 $ 67,308 Interest expense $ 21,862 $ ( 4,628 ) Location of gain Amount of gain (loss) recognized in 2023 2022 Derivatives not designated as hedging instruments: For the three months ended June 30, Interest rate products Interest expense $ 2,013 $ ( 181 ) For the six months ended June 30, Interest rate products Interest expense $ 1,051 $ ( 1,365 )
Schedule of Carrying Value Outstanding Principal Balance and Estimated Fair Value of Debt Instruments	The table below presents the carrying value (outstanding principal balance) and estimated fair value of our debt at June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Carrying Value Estimated Carrying Value Estimated Fixed rate debt $ 33,817 $ 31,913 $ 33,817 $ 31,857 Floating rate debt (1) $ 1,644,746 $ 1,434,646 $ 1,647,711 $ 1,506,741 (1) Includes balances outstanding under our Corporate Credit Facility.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Class Of Stock [Line Items]
Summary of Restricted Stock Units	The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of June 30, 2023: 2023 Number of Units Weighted Average Outstanding January 1, 527,926 $ 52.66 Granted 260,709 83.88 Vested ( 160,811 ) (1) 52.75 Forfeited ( 213 ) 83.88 Outstanding June 30, 627,611 $ 47.98 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 124,994 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity.
Summary Information of 2020 ATM Program	The following table contains summary information of the 2020 ATM Program since its inception: Gross proceeds $ 62,310,967 Common shares issued 1,120,910 Gross average sale price per share $ 55.59 Sales commissions $ 934,665 Offering costs 1,353,015 Net proceeds $ 60,023,287 Average price per share, net $ 53.55
2016 LTIP
Class Of Stock [Line Items]
Summary of Granted and Vesting of Restricted Stock Units	The following table contains information regarding the vesting of restricted stock units under the 2016 LTIP for the next five calendar years subsequent to June 30, 2023: Shares Vesting February March May Total 2024 132,526 63,329 21,877 217,732 2025 97,635 49,349 21,877 168,861 2026 65,939 49,348 — 115,287 2027 27,048 49,348 — 76,396 2028 — 49,335 — 49,335 Total 323,148 260,709 43,754 627,611
2016 LTIP | Directors, Officers Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Summary of Granted and Vesting of Restricted Stock Units	The following table includes the number of restricted stock units granted to its directors, officers, employees and certain key employees of the Adviser under the 2016 LTIP: Summary of Grants February March May Total 2019 186,662 — — 186,662 2020 168,183 — 116,852 285,035 2021 204,663 — — 204,663 2022 142,519 — — 142,519 2023 — 260,709 — 260,709 Total 702,027 260,709 116,852 1,079,588

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted loss per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Numerator for loss per share: Net loss $ ( 3,968 ) $ ( 7,827 ) $ ( 7,866 ) $ ( 12,494 ) Net loss attributable to redeemable noncontrolling interests in the Operating Partnership ( 15 ) ( 30 ) ( 30 ) ( 44 ) Net loss attributable to common stockholders $ ( 3,953 ) $ ( 7,797 ) $ ( 7,836 ) $ ( 12,450 ) Denominator for loss per share: Weighted average common shares outstanding 25,667 25,672 25,633 25,646 Denominator for basic loss per share 25,667 25,672 25,633 25,646 Weighted average unvested restricted stock units 637 539 557 556 Denominator for diluted earnings per share (1) 25,667 25,672 25,633 25,646 Loss per weighted average common share: Basic $ ( 0.15 ) $ ( 0.30 ) $ ( 0.31 ) $ ( 0.49 ) Diluted $ ( 0.15 ) $ ( 0.30 ) $ ( 0.31 ) $ ( 0.49 ) (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the six months ended June 30, 2023 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2022 $ 5,631 Net loss attributable to redeemable noncontrolling interests in the OP ( 30 ) Other comprehensive loss attributable to redeemable noncontrolling interests in the OP ( 15 ) Distributions to redeemable noncontrolling interests in the OP ( 93 ) Issuance of operating partnership units for purchase of noncontrolling interests 415 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 282 Redeemable noncontrolling interests in the OP, June 30, 2023 $ 6,190
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three and six months ended June 30, 2023 and 2022 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Fees incurred Property management fees (1) $ 2,031 $ 1,904 $ 4,058 $ 3,654 Construction supervision fees (2) 778 440 1,429 765 Design fees (2) 22 47 33 47 Acquisition fees (2) ( 83 ) 231 ( 83 ) 231 Reimbursements Payroll and benefits (3) 5,330 5,640 10,781 10,804 Other reimbursements (4) 1,432 1,134 2,785 2,161 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss) . (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss) . (4) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss) .

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	26,055,458
OP Units owned	25,951,154
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30%
NexPoint Residential Trust Operating Partnership LP
Real Estate Properties [Line Items]
Percentage of OP Units, outstanding owned by company	99.60%
B H Equity
Real Estate Properties [Line Items]
Percentage of OP Units, outstanding owned by noncontrolling limited partner	0.40%
OP
Real Estate Properties [Line Items]
Percentage of ownership in portfolio	99.90%
TRS
Real Estate Properties [Line Items]
Percentage of ownership in portfolio	0.10%
Noncontrolling Limited Partner | B H Equity
Real Estate Properties [Line Items]
OP Units owned	104,304

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	6 Months Ended
	Jun. 30, 2023
Land
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	Not depreciated
Buildings
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Furniture, Fixtures, and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	3 years
Intangible Lease Assets
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	6 months

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) Property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment of real estate assets		$ 0	$ 0
Number of properties held for sale | Property		2
Real estate held for sale assets	$ 1,943,426,000	$ 1,943,426,000		$ 1,953,095,000
Gain on forfeited deposits	250,000	$ 250,000
Minimum percentage of distributed taxable income to qualify as REIT		90%
Percentage of non-deductible excise tax on distribution		4%
Percentage of ordinary income considered for payment of distribution		85%
Percentage of capital gain net income considered for payment of distribution		95%
Percentage of undistributed income of prior considered for payment of distribution		100%
Unrecognized tax benefit or expense, accrued interest or penalties	0	$ 0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained		50%
Accounts Receivable And Prepaid And Oher Assets Member
Summary Of Significant Accounting Policies [Line Items]
Real estate held for sale assets	1,400,000	$ 1,400,000
Accounts Payable Real Estate Taxes Payable Security Deposits Prepaid Rents And Other Accrued Liabilities Member
Summary Of Significant Accounting Policies [Line Items]
Real estate liabilities associated with assets held for development and sale	$ 2,500,000	$ 2,500,000

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details) - Subsidiary	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Investments [Abstract]
Consolidated investment in SPEs	100%	100%
Number of wholly owned subsidiaries	40

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Ownership in Each Property (Details)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100%	100%
Arbors on Forest Ridge | Bedford, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Cutter's Point | Richardson, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Silverbrook | Grand Prairie, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Summit at Sabal Park | Tampa, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Courtney Cove | Tampa, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Radbourne Lake | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Timber Creek | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Sabal Palm at Lake Buena Vista | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Cornerstone | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Preserve at Terrell Mill | Marietta, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
Versailles | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
Seasons 704 Apartments | West Palm Beach, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
Madera Point | Mesa, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
Venue at 8651 | Fort Worth, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
Parc500 | West Palm Beach, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Venue on Camelback | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
Effective ownership percentage, wholly owned subsidiary	100%	100%
Old Farm | Houston, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
Effective ownership percentage, wholly owned subsidiary	100%	100%
Stone Creek at Old Farm | Houston, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
Effective ownership percentage, wholly owned subsidiary	100%	100%
Rockledge Apartments | Marietta, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2017
Effective ownership percentage, wholly owned subsidiary	100%	100%
Atera Apartments | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2017
Effective ownership percentage, wholly owned subsidiary	100%	100%
Versailles II | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2018
Effective ownership percentage, wholly owned subsidiary	100%	100%
Brandywine I & II | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2018
Effective ownership percentage, wholly owned subsidiary	100%	100%
Bella Vista | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Enclave | Tempe, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Heritage | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Summers Landing | Fort Worth, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Residences at Glenview Reserve | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Residences at West Place | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Fairways at San Marcos | Chandler, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2020
Effective ownership percentage, wholly owned subsidiary	100%	100%
Avant at Pembroke Pines | Pembroke Pines, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Torreyana Apartments | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Verandas at Lake Norman | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
Arbors of Brentwood | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Bloom | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Creekside At Matthews | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
High House at Cary | Cary, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
Bella Solara | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Six Forks Station | Raleigh North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Adair | Sandy Springs, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2022
Effective ownership percentage, wholly owned subsidiary	100%	100%
Estates On Maryland | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2022
Effective ownership percentage, wholly owned subsidiary	100%	100%

Investments in Subsidiaries -_2

Investments in Subsidiaries - Schedule of Ownership in Each Property (Parenthetical) (Details)	Jun. 30, 2023	Dec. 31, 2022
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100%	100%

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Land	$ 378,412	$ 378,438
Buildings and improvements	1,773,090	1,760,782
Construction in progress	15,446	10,622
Furniture, fixtures and equipment	172,728	152,529
Real estate investment, gross	2,339,676	2,302,371
Accumulated depreciation and amortization	(396,250)	(349,276)
Total Net Operating Real Estate Investments	1,943,426	1,953,095
Accumulated depreciation and amortization	(22,017)	(22,017)
Total Net Real Estate Investments	2,033,491	2,042,552
Multifamily Properties
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(22,017)	(22,017)
Total Net Real Estate Investments	2,033,491	2,042,552
Multifamily Properties | Land
Real Estate Properties [Line Items]
Total Net Real Estate Investments	392,983	393,009
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Total Net Real Estate Investments	15,539	10,637
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(4,678)	(4,678)
Total Net Real Estate Investments	55,264	49,479
Multifamily Properties | Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(17,339)	(17,339)
Total Net Real Estate Investments	1,569,705	1,589,427
Multifamily Properties | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	90,065	89,457
Multifamily Properties | Real Estate Properties Held For Sale | Land
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	14,571	14,571
Multifamily Properties | Real Estate Properties Held For Sale | Construction in Progress
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	93	15
Multifamily Properties | Real Estate Properties Held For Sale | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	1,554	1,133
Multifamily Properties | Real Estate Properties Held For Sale | Improvements
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	73,847	73,738
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,829	11,809
Construction in progress	26	2
Furniture, fixtures and equipment	2,104	2,029
Real estate investment, gross	16,237	16,170
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	13,266	13,147
Furniture, fixtures and equipment	7,867	7,562
Real estate investment, gross	24,463	24,039
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	26,001	25,927
Construction in progress	2,934	1,962
Furniture, fixtures and equipment	6,443	6,201
Real estate investment, gross	40,238	38,950
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	14,404	13,990
Construction in progress		38
Furniture, fixtures and equipment	2,489	2,326
Real estate investment, gross	22,663	22,124
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	15,018	14,920
Furniture, fixtures and equipment	3,068	2,883
Real estate investment, gross	23,966	23,683
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	23,159	23,040
Construction in progress	7
Furniture, fixtures and equipment	3,828	3,237
Real estate investment, gross	29,434	28,717
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,575	13,504
Construction in progress	2,830	2,823
Furniture, fixtures and equipment	4,512	4,337
Real estate investment, gross	32,177	31,924
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,558	7,580
Buildings and improvements	44,346	42,809
Construction in progress	759	314
Furniture, fixtures and equipment	4,168	3,776
Real estate investment, gross	56,831	54,479
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	31,037	31,014
Construction in progress	208	146
Furniture, fixtures and equipment	4,841	4,440
Real estate investment, gross	37,586	37,100
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	53,635	53,429
Construction in progress	78
Furniture, fixtures and equipment	13,353	11,177
Real estate investment, gross	77,236	74,776
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	21,614	21,594
Construction in progress	475	124
Furniture, fixtures and equipment	4,908	4,618
Real estate investment, gross	33,717	33,056
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	15,131	15,042
Construction in progress	11	9
Furniture, fixtures and equipment	3,407	3,095
Real estate investment, gross	26,029	25,626
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	18,328	18,294
Furniture, fixtures and equipment	3,423	3,174
Real estate investment, gross	26,671	26,388
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	18,165	17,977
Construction in progress	1,403	1,036
Furniture, fixtures and equipment	4,691	4,394
Real estate investment, gross	26,609	25,757
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	21,423	21,352
Construction in progress	4	4
Furniture, fixtures and equipment	5,115	4,893
Real estate investment, gross	30,402	30,109
Multifamily Properties | The Venue on Camelback
Real Estate Properties [Line Items]
Land	8,340	8,340
Buildings and improvements	39,029	38,860
Construction in progress		27
Furniture, fixtures and equipment	4,703	4,277
Real estate investment, gross	52,072	51,504
Multifamily Properties | Old Farm | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land	11,078	11,078
Buildings and improvements	71,393	71,305
Construction in progress	87	12
Furniture, fixtures and equipment	5,005	4,686
Real estate investment, gross	87,563	87,081
Multifamily Properties | Stone Creek at Old Farm | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land	3,493	3,493
Buildings and improvements	19,793	19,772
Construction in progress	6	3
Furniture, fixtures and equipment	1,227	1,125
Real estate investment, gross	24,519	24,393
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	97,726	96,896
Construction in progress	1,582	912
Furniture, fixtures and equipment	9,370	8,241
Real estate investment, gross	126,129	123,500
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371	22,371
Buildings and improvements	39,053	38,942
Construction in progress	8
Furniture, fixtures and equipment	3,141	2,956
Real estate investment, gross	64,573	64,269
Multifamily Properties | Versailles II
Real Estate Properties [Line Items]
Land	4,124	4,124
Buildings and improvements	20,841	21,105
Construction in progress	54	6
Furniture, fixtures and equipment	2,177	1,954
Real estate investment, gross	27,196	27,189
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237	6,237
Buildings and improvements	74,081	73,920
Construction in progress	23
Furniture, fixtures and equipment	8,343	7,156
Real estate investment, gross	88,684	87,313
Multifamily Properties | Bella Vista
Real Estate Properties [Line Items]
Land	10,942	10,942
Buildings and improvements	37,593	37,493
Construction in progress	4	8
Furniture, fixtures and equipment	3,677	3,416
Real estate investment, gross	52,216	51,859
Multifamily Properties | The Enclave
Real Estate Properties [Line Items]
Land	11,046	11,046
Buildings and improvements	30,908	30,777
Construction in progress		16
Furniture, fixtures and equipment	3,312	3,037
Real estate investment, gross	45,266	44,876
Multifamily Properties | The Heritage
Real Estate Properties [Line Items]
Land	6,835	6,835
Buildings and improvements	35,335	35,286
Furniture, fixtures and equipment	3,315	3,166
Real estate investment, gross	45,485	45,287
Multifamily Properties | Summers Landing
Real Estate Properties [Line Items]
Land	1,798	1,798
Buildings and improvements	18,809	18,669
Construction in progress	5
Furniture, fixtures and equipment	1,261	1,124
Real estate investment, gross	21,873	21,591
Multifamily Properties | Residences at Glenview Reserve
Real Estate Properties [Line Items]
Land	3,367	3,367
Buildings and improvements	42,822	42,563
Construction in progress	2
Furniture, fixtures and equipment	4,661	3,867
Real estate investment, gross	50,852	49,797
Multifamily Properties | Residences at West Place
Real Estate Properties [Line Items]
Land	3,345	3,345
Buildings and improvements	53,596	52,712
Construction in progress		12
Furniture, fixtures and equipment	3,706	3,195
Real estate investment, gross	60,647	59,264
Multifamily Properties | Avant at Pembroke Pines
Real Estate Properties [Line Items]
Land	48,434	48,436
Buildings and improvements	283,291	278,736
Construction in progress	1,202	2,139
Furniture, fixtures and equipment	18,147	15,780
Real estate investment, gross	351,074	345,091
Multifamily Properties | Arbors of Brentwood
Real Estate Properties [Line Items]
Land	6,346	6,346
Buildings and improvements	54,326	54,239
Construction in progress	987	121
Furniture, fixtures and equipment	3,519	3,126
Real estate investment, gross	65,178	63,832
Multifamily Properties | Torreyana Apartments
Real Estate Properties [Line Items]
Land	23,824	23,824
Buildings and improvements	43,902	43,861
Construction in progress	212
Furniture, fixtures and equipment	2,251	1,965
Real estate investment, gross	70,189	69,650
Multifamily Properties | Fairways at San Marcos
Real Estate Properties [Line Items]
Land	10,993	10,993
Buildings and improvements	73,109	73,007
Furniture, fixtures and equipment	3,848	3,397
Real estate investment, gross	87,950	87,397
Multifamily Properties | Bloom
Real Estate Properties [Line Items]
Land	23,805	23,803
Buildings and improvements	83,427	82,802
Construction in progress		37
Furniture, fixtures and equipment	5,094	4,226
Real estate investment, gross	112,326	110,868
Multifamily Properties | The Verandas at Lake Norman
Real Estate Properties [Line Items]
Land	9,510	9,510
Buildings and improvements	53,237	53,061
Construction in progress	281	25
Furniture, fixtures and equipment	2,117	1,726
Real estate investment, gross	65,145	64,322
Multifamily Properties | Bella Solara
Real Estate Properties [Line Items]
Land	12,605	12,605
Buildings and improvements	52,401	52,351
Construction in progress	742
Furniture, fixtures and equipment	2,973	2,687
Real estate investment, gross	68,721	67,643
Multifamily Properties | Creekside At Matthews
Real Estate Properties [Line Items]
Land	11,515	11,515
Buildings and improvements	45,955	45,779
Construction in progress	9	78
Furniture, fixtures and equipment	2,646	2,133
Real estate investment, gross	60,125	59,505
Multifamily Properties | Six Forks Station
Real Estate Properties [Line Items]
Land	11,357	11,357
Buildings and improvements	62,149	62,816
Construction in progress	1,279	116
Furniture, fixtures and equipment	3,080	2,111
Real estate investment, gross	77,865	76,400
Multifamily Properties | High House at Cary
Real Estate Properties [Line Items]
Land	23,809	23,809
Buildings and improvements	68,047	67,855
Construction in progress	27	52
Furniture, fixtures and equipment	2,480	1,789
Real estate investment, gross	94,363	93,505
Multifamily Properties | The Adair
Real Estate Properties [Line Items]
Land	8,357	8,361
Buildings and improvements	57,246	56,163
Construction in progress	45	525
Furniture, fixtures and equipment	2,295	1,453
Real estate investment, gross	67,943	66,502
Multifamily Properties | Estates On Maryland
Real Estate Properties [Line Items]
Land	11,573	11,573
Buildings and improvements	65,276	65,041
Construction in progress	301	90
Furniture, fixtures and equipment	2,395	1,605
Real estate investment, gross	79,545	78,309
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	2,339,676	2,302,371
Accumulated depreciation and amortization	(396,250)	(349,276)
Total Net Operating Real Estate Investments	1,943,426	1,953,095
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	378,412	378,438
Total Net Operating Real Estate Investments	378,412	378,438
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	15,446	10,622
Total Net Operating Real Estate Investments	15,446	10,622
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	172,728	152,529
Accumulated depreciation and amortization	(119,018)	(104,183)
Total Net Operating Real Estate Investments	53,710	48,346
Multifamily Properties | Operating Properties | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	1,773,090	1,760,782
Accumulated depreciation and amortization	(277,232)	(245,093)
Total Net Operating Real Estate Investments	$ 1,495,858	$ 1,515,689

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 01, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($) Units	Jun. 30, 2023 USD ($) Property Units	Jun. 30, 2022 USD ($) Units Property
Real Estate Properties [Line Items]
Depreciation expense		$ 23,900	$ 23,800	$ 47,100	$ 46,400
Amortization expense of intangible lease assets		0	1,800	$ 0	$ 2,800
Number of real estate properties sold | Property				0	0
Casualty loss		66	$ (229)	$ 880	$ (357)
Casualty Losses
Real Estate Properties [Line Items]
Number of units in real estate property excluded from portfolio | Units				91	73
Number of units in real estate property excluded from store pools | Units			67		67
Casualty loss		0	$ 200	$ 900	$ 400
Business interruption insurance claim and recognized		$ 300	$ (100)	$ 700	300
Acquired Property
Real Estate Properties [Line Items]
Number of properties acquired | Property				0
Purchase price	$ 143,400				$ 143,400

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Acquired Properties (Details) $ in Thousands		6 Months Ended
	Apr. 01, 2022 USD ($)	Jun. 30, 2022 USD ($) Property	Jun. 30, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Effective Ownership			100%	100%
Acquired Property
Real Estate Properties [Line Items]
Purchase Price	$ 143,400	$ 143,400
Mortgage Debt		$ 78,272
Number of Units | Property		562
Phoenix, Arizona | Acquired Property
Real Estate Properties [Line Items]
Date of Acquisition		Apr. 01, 2022
Purchase Price		$ 77,900
Mortgage Debt		$ 43,157
Number of Units | Property		330
Effective Ownership		100%
The Adair | Acquired Property
Real Estate Properties [Line Items]
Date of Acquisition		Apr. 01, 2022
Purchase Price		$ 65,500
Mortgage Debt		$ 35,115
Number of Units | Property		232
Effective Ownership		100%

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Mortgages payable, net	$ 1,542,781	$ 1,526,828
Mortgages Payable
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(96)
Mortgages payable, net	68,064
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	1,542,781
Fair market value adjustment	556
Deferred financing costs, net of accumulated amortization	(11,178)
Mortgages payable, net	1,553,403
Mortgages Payable | Discontinued Operations, Held-for-sale | Nonrecourse
Debt Instrument [Line Items]
Long term debt	$ 68,160
Mortgages Payable | Arbors on Forest Ridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 19,184
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Cutter's Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 21,524
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Silverbrook | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 46,088
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | The Summit at Sabal Park | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 30,826
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Courtney Cove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 36,146
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | The Preserve at Terrell Mill | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 71,098
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Versailles | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 40,247
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Seasons 704 Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 33,132
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Madera Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 34,457
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Venue at 8651 | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 18,690
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | The Venue on Camelback | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 42,788
Interest Rate	7.25%
Maturity Date	Feb. 01, 2033
Mortgages Payable | Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 52,886
Interest Rate	6.90%
Maturity Date	Jul. 01, 2024
Mortgages Payable | Stone Creek at Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 15,274
Interest Rate	6.90%
Maturity Date	Jul. 01, 2024
Mortgages Payable | Timber Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 24,100
Interest Rate	6.48%
Maturity Date	Oct. 01, 2025
Mortgages Payable | Radbourne Lake | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 20,000
Interest Rate	6.51%
Maturity Date	Oct. 01, 2025
Mortgages Payable | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 42,100
Interest Rate	6.52%
Maturity Date	Sep. 01, 2025
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 46,804
Interest Rate	7.16%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Parc500 | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 29,416
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 93,129
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Atera Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 46,198
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Versailles II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 12,061
Interest Rate	6.40%
Maturity Date	Oct. 01, 2025
Mortgages Payable | Brandywine I & II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,835
Interest Rate	6.40%
Maturity Date	Oct. 01, 2025
Mortgages Payable | Bella Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,040
Interest Rate	6.54%
Maturity Date	Feb. 01, 2026
Mortgages Payable | The Enclave | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 25,322
Interest Rate	6.54%
Maturity Date	Feb. 01, 2026
Mortgages Payable | The Heritage | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 24,625
Interest Rate	6.54%
Maturity Date	Feb. 01, 2026
Mortgages Payable | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 10,109
Interest Rate	6.40%
Maturity Date	Oct. 01, 2025
Mortgages Payable | Residences at Glenview Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 25,713
Interest Rate	6.66%
Maturity Date	Oct. 01, 2025
Mortgages Payable | Residences at West Place | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 33,817
Interest Rate	4.24%
Maturity Date	Oct. 01, 2028
Mortgages Payable | Avant at Pembroke Pines | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 177,101
Interest Rate	6.65%
Maturity Date	Sep. 01, 2026
Mortgages Payable | Arbors of Brentwood | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,237
Interest Rate	6.65%
Maturity Date	Oct. 01, 2026
Mortgages Payable | Torreyana Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 50,580
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Fairways at San Marcos | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 60,228
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Bloom | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 59,830
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | The Verandas at Lake Norman | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,925
Interest Rate	6.92%
Maturity Date	Jul. 01, 2028
Mortgages Payable | Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 40,328
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Creekside At Matthews | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 29,648
Interest Rate	6.62%
Maturity Date	Dec. 01, 2032
Mortgages Payable | The Adair | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 35,115
Interest Rate	7.04%
Maturity Date	Apr. 01, 2029
Mortgages Payable | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 41,180
Interest Rate	6.78%
Maturity Date	Oct. 01, 2031
Mortgages Payable | Estates On Maryland | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,157
Interest Rate	7.04%
Maturity Date	Apr. 01, 2029
Mortgages Payable | High House at Cary | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 46,625
Interest Rate	7.08%
Maturity Date	Jan. 01, 2029

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 3,346
The Verandas at Lake Norman and High House at Cary
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1%
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1%
13th month through 81st month | Parc500, Residences at Glenview Reserve and Residences at West Place
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1%
First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5%
First 12 months | Parc500, Residences at Glenview Reserve and Residences at West Place
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5%
First 24 Months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5%
First 24 Months | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5%
25th month through 117th month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 117th month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1%
25th month through 36th month | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 36th month of the term, the loan can be pre-paid at par plus 2% of the unpaid principal balance. Starting in the 37th month of the term, the loan can be pre-paid at par plus 1% of the unpaid principal balance. The loan is open to pre-payment in the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	2%
37th month | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	1%
25 Month Through 116 Month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 116th of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1%
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	5.218%
SOFR
Debt Instrument [Line Items]
Interest Rate	5.065%
Discontinued Operations, Held-for-sale
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 576

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Line of credit facility, description			(a) the prime rate, (b) the federal funds rate plus 0.50%, (c) Term SOFR plus 1.0% or (d) 0.0% plus a margin of 0.90% to 1.40%, depending on the Company’s total leverage ratio. An unused commitment fee at a rate of 0.15% or 0.25%,
Loss on extinguishment of debt from prepayment penalty and deferred financing cost write-off			$ 300,000
Recognized gain for returned fees			400,000
Gain (loss) on extinguishment of debt			100,000	$ 0
Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing fees	$ 700,000	$ 700,000	1,500,000	$ 1,300,000
Corporate Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	$ 293,000,000		$ 293,000,000
Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Term (months)			1 year
Term loan maturity date	Jun. 30, 2025		Jun. 30, 2025
Percentage of benchmark replacement adjustment			0.1
Corporate Credit Facility | Nex Point Residential Trust Inc | Accordion Feature | Maximum
Debt Instrument [Line Items]
Line of credit facility, increase in facility amount			$ 150,000,000
SOFR
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness	5.065%		5.065%		4.062%
Weighted average increase of spread in basis points			1%
SOFR | Corporate Credit Facility | Nex Point Residential Trust Inc | Maximum
Debt Instrument [Line Items]
Interest rate			2.40%
SOFR | Corporate Credit Facility | Nex Point Residential Trust Inc | Minimum
Debt Instrument [Line Items]
Interest rate			1.90%
Mortgages Payable
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness	6.64%		6.64%		5.709%
Adjusted weighted average interest rate	3.653%		3.653%
Weighted average fixed rate	1.0682%		1.0682%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness	5.218%		5.218%		4.392%
Weighted average increase of spread in basis points			0.83%
Mortgages Payable | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount	$ 1,200,000,000		$ 1,200,000,000
Mortgages Payable | Interest Rate Swap
Debt Instrument [Line Items]
Indebtedness	$ 1,200,000,000		$ 1,200,000,000

Debt - Summary of the Company's

Debt - Summary of the Company's Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Credit facilities, net	$ 55,694	$ 72,644
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(1,306)
Credit facilities, net	$ 55,694
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	36 months
Interest Rate	7.39%
Maturity Date	Jun. 30, 2025
Credit facilities	$ 57,000

Debt - Summary of the Company_2

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 3,346
Corporate Credit Facility
Debt Instrument [Line Items]
Interest Rate	5.141%
Deferred financing costs, accumulated amortization	$ 1,701

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
2023	$ 138
2024	68,474
2025	234,466
2026	290,324
Thereafter	1,085,161
Total	1,678,563
Operating Properties
Debt Instrument [Line Items]
2023	138
2024	314
2025	177,466
2026	290,324
Thereafter	1,085,161
Total	1,553,403
Held For Sale Properties
Debt Instrument [Line Items]
2024	68,160
Total	68,160
Credit Facility
Debt Instrument [Line Items]
2025	57,000
Total	$ 57,000

Fair Value of Derivatives and F

Fair Value of Derivatives and Financial Instruments - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments cap weighted average rate	5.82%
Impairment write down	$ 0	$ 0
Impairment of real estate assets	0	$ 0
Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 1,200,000,000
Type	floating interest rate
Weighted average fixed rate	1.0682%
Interest rate caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 1,400,000,000
Type	The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $1.4 billion of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.82% as of June 30, 2023.
Minimum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	4 years
Minimum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	3 years
Maximum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	5 years
Maximum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	4 years

Fair Value of Derivatives and_2

Fair Value of Derivatives and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Interest Rate Swap Transaction One | KeyBank
Debt Instrument [Line Items]
Effective Date	Jun. 01, 2019
Termination Date	Jun. 01, 2024
Notional	$ 50,000,000
Fixed Rate	2.002%
Interest Rate Swap Transaction Two | Truist
Debt Instrument [Line Items]
Effective Date	Jun. 01, 2019
Termination Date	Jun. 01, 2024
Notional	$ 50,000,000
Fixed Rate	2.002%
Interest Rate Swap Transaction Three | KeyBank
Debt Instrument [Line Items]
Effective Date	Sep. 01, 2019
Termination Date	Sep. 01, 2026
Notional	$ 100,000,000
Fixed Rate	1.462%
Interest Rate Swap Transaction Four | KeyBank
Debt Instrument [Line Items]
Effective Date	Sep. 01, 2019
Termination Date	Sep. 01, 2026
Notional	$ 125,000,000
Fixed Rate	1.302%
Interest Rate Swap Transaction Five | KeyBank
Debt Instrument [Line Items]
Effective Date	Jan. 03, 2020
Termination Date	Sep. 01, 2026
Notional	$ 92,500,000
Fixed Rate	1.609%
Interest Rate Swap Transaction Six | Truist
Debt Instrument [Line Items]
Effective Date	Mar. 04, 2020
Termination Date	Jun. 01, 2026
Notional	$ 100,000,000
Fixed Rate	0.82%
Interest Rate Swap Transaction Seven | KeyBank
Debt Instrument [Line Items]
Effective Date	Jun. 01, 2021
Termination Date	Sep. 01, 2026
Notional	$ 200,000,000
Fixed Rate	0.845%
Interest Rate Swap Transaction Eight | KeyBank
Debt Instrument [Line Items]
Effective Date	Jun. 01, 2021
Termination Date	Sep. 01, 2026
Notional	$ 200,000,000
Fixed Rate	0.953%
Interest Rate Swap Transaction Nine | Truist
Debt Instrument [Line Items]
Effective Date	Mar. 01, 2022
Termination Date	Mar. 01, 2025
Notional	$ 145,000,000
Fixed Rate	0.573%
Interest Rate Swap Transaction Ten | Truist
Debt Instrument [Line Items]
Effective Date	Mar. 01, 2022
Termination Date	Mar. 01, 2025
Notional	$ 105,000,000
Fixed Rate	0.614%
Interest Rate Swap Transaction Eleven
Debt Instrument [Line Items]
Notional	$ 1,167,500,000
Fixed Rate	1.0682%
Interest Rate Swap Transaction Fourteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Sep. 01, 2026
Termination Date	Jan. 01, 2027
Notional	$ 92,500,000
Fixed Rate	1.798%

Fair Value of Derivatives and_3

Fair Value of Derivatives and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details) - One-month LIBOR	Jun. 30, 2023
Key Bank And Truist Bank
Debt Instrument [Line Items]
LIBOR, interest rate	5.218%
KeyBank | Future Effective Dates
Debt Instrument [Line Items]
LIBOR, interest rate	5.218%

Fair Value of Derivatives and_4

Fair Value of Derivatives and Financial Instruments - Summary of Company's Outstanding Interest Rate Caps (Details) - Not Designated as Hedging Instrument - Cash Flow Hedges	6 Months Ended
	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Notional	$ 1,386,876,000
Strike Rate	5.82%
Sabal Palm at Lake Buena Vista
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Sep. 01, 2023
Notional	$ 42,100,000
Strike Rate	6.20%
Residences at Glenview Reserve
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2023
Notional	$ 25,977,000
Strike Rate	4.81%
Timber Creek
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2023
Notional	$ 24,100,000
Strike Rate	4.99%
Brandywine I & II
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2023
Notional	$ 43,835,000
Strike Rate	6.82%
Radbourne Lake
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2023
Notional	$ 20,000,000
Strike Rate	6.46%
Summers Landing
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2023
Notional	$ 10,109,000
Strike Rate	6.07%
Versailles II
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2023
Notional	$ 12,061,000
Strike Rate	6.82%
Fairways at San Marcos
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2023
Notional	$ 46,464,000
Strike Rate	3.37%
The Verandas at Lake Norman
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Jul. 01, 2024
Notional	$ 34,925,000
Strike Rate	3.40%
Creekside At Matthews
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Jul. 01, 2024
Notional	$ 31,900,000
Strike Rate	4.40%
Six Forks Station
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2024
Notional	$ 41,180,000
Strike Rate	4%
High House at Cary
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Jan. 01, 2025
Notional	$ 46,625,000
Strike Rate	2.74%
Estates On Maryland
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Apr. 01, 2025
Notional	$ 43,157,000
Strike Rate	3.91%
The Adair
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Apr. 01, 2025
Notional	$ 35,115,000
Strike Rate	3.91%
Rockledge Apartments
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 93,129,000
Strike Rate	6.45%
The Preserve at Terrell Mill
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 71,098,000
Strike Rate	6.45%
Fairways at San Marcos
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 60,228,000
Strike Rate	6.70%
Bloom
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 59,830,000
Strike Rate	6.70%
Atera Apartments
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 46,198,000
Strike Rate	6.45%
Silverbrook
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 46,088,000
Strike Rate	6.45%
Torreyana Apartments
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 50,580,000
Strike Rate	6.70%
Cornerstone
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 46,804,000
Strike Rate	6.66%
Versailles
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 40,247,000
Strike Rate	6.45%
Bella Solara
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 40,328,000
Strike Rate	6.70%
Courtney Cove
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 36,146,000
Strike Rate	6.70%
Madera Point
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 34,457,000
Strike Rate	6.70%
Creekside at Matthews
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 29,648,000
Strike Rate	6.45%
Parc500
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 29,416,000
Strike Rate	6.45%
Seasons 704 Apartments
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 33,132,000
Strike Rate	6.70%
The Summit at Sabal Park
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 30,826,000
Strike Rate	6.70%
Cutter's Point
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 21,524,000
Strike Rate	6.45%
Venue at 8651
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 18,690,000
Strike Rate	6.45%
The Heritage
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Feb. 01, 2023
Notional	$ 24,625,000
Strike Rate	5.18%
The Enclave
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Feb. 01, 2023
Notional	$ 25,322,000
Strike Rate	5.18%
Bella Vista
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Feb. 01, 2023
Notional	$ 29,040,000
Strike Rate	5.18%
Arbors on Forest Ridge
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 19,184,000
Strike Rate	6.70%
The Venue on Camelback
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Feb. 01, 2026
Notional	$ 42,788,000
Strike Rate	6.07%

Fair Value of Derivatives and_5

Fair Value of Derivatives and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 106,915	$ 111,074
Fair Value Of Interest Rate Swaps | Interest Rate Swap | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	99,364	103,440
Prepaid and Other Assets | Interest rate caps | Not Designated as Hedging Instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 7,551	$ 7,634

Fair Value of Derivatives and_6

Fair Value of Derivatives and Financial Instruments - Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ 13,130	$ 17,357	$ (4,076)	$ 71,936
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense	Interest Expense
Interest rate products
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) reclassified fromOCI into income	$ 11,717	$ (1,066)	$ 21,862	$ (4,628)
Interest expense | Interest rate products
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	24,845	16,291	17,784	67,308
Amount of gain (loss) recognized in income	$ 2,013	$ (181)	$ 1,051	$ (1,365)

Fair Value of Derivatives and_7

Fair Value of Derivatives and Financial Instruments - Schedule of Carrying Value and Estimated Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fixed rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Outstanding Principal	$ 33,817	$ 33,817
Estimated Fair Value	31,913	31,857
Floating rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Outstanding Principal	1,644,746	1,647,711
Estimated Fair Value	$ 1,434,646	$ 1,506,741

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)						3 Months Ended		6 Months Ended		85 Months Ended
	Oct. 24, 2022	Mar. 13, 2020	Mar. 04, 2020	Apr. 30, 2018	Jun. 15, 2016	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock, shares, issued						25,674,313		25,674,313		25,674,313		25,549,319
Common stock, shares, outstanding						25,674,313		25,674,313		25,674,313		25,549,319
Common stock, par value					$ 0.01	$ 0.01		$ 0.01		$ 0.01		$ 0.01
Share repurchase program, authorized amount	$ 100,000,000	$ 100,000,000		$ 40,000,000	$ 30,000,000
Stock repurchase program period in force	2 years			2 years	2 years
Stock repurchase program, expiration date	Oct. 24, 2024	Mar. 12, 2023		Jun. 15, 2020	Jun. 15, 2018
Share repurchase program, treasury stock shares								0		2,550,628
Share repurchase program, treasury stock, value							$ 5,136,000		$ 5,136,000	$ 72,400,000
Share repurchase program, treasury stock, per share										$ 28.36
Common stock, shares, retired								0	69,567
Treasury stock, shares						0		0		0
Aggregate sale price of common stock							$ (70,000)		$ 4,068,000
Shares issued average price per share			$ 53.55
Proceeds from issuance of common stock			$ 62,310,967,000						$ 4,069,000
Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued						25,674,313	25,647,942	25,674,313	25,647,942	25,674,313	25,657,723	25,549,319	25,700,190	25,500,567
Common stock, shares, retired							69,567		69,567
Aggregate sale price of common stock									$ 1,000
Restricted Stock Units
Class Of Stock [Line Items]
Restricted stock units, granted								260,709
Unvested units						627,611		627,611		627,611		527,926
2020 At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued								0	52,091
Shares issued average price per share									$ 83.16
Proceeds from issuance of common stock									$ 4,300,000
Stock issuance costs									100,000
Other stock issuance costs									200,000
2020 At-the-Market Offering | Common Stock
Class Of Stock [Line Items]
Common stock, par value			$ 0.01
2020 At-the-Market Offering | Maximum | Common Stock
Class Of Stock [Line Items]
Aggregate sale price of common stock			$ 225,000,000
2016 LTIP
Class Of Stock [Line Items]
Common stock, shares, issued								124,994
Common stock, shares, issued						982,204		982,204		982,204
Common stock, par value					$ 0.01
Number of shares authorized to issue					2,100,000
2016 LTIP | Restricted Stock Units
Class Of Stock [Line Items]
Unvested units						627,611		627,611		627,611		527,926
Equity-based compensation expense						$ 2,500,000	$ 2,000,000	$ 4,500,000	$ 3,900,000
Dividends earned on restricted stock units						$ 1,600,000		$ 1,600,000		$ 1,600,000
2016 LTIP | Restricted Stock Units | Director
Class Of Stock [Line Items]
Vesting period description								annually
2016 LTIP | Minimum | Restricted Stock Units | Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period								3 years
2016 LTIP | Maximum | Restricted Stock Units | Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period								5 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding at beginning of the period | shares	527,926
Number of Units, Granted | shares	260,709
Number of Units, Vested | shares	(160,811)
Number of Units, Forfeited | shares	(213)
Number of Units, Outstanding at ending of the period | shares	627,611
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares	$ 52.66
Weighted Average Grant Date Fair Value, Granted | $ / shares	83.88
Weighted Average Grant Date Fair Value, Vested | $ / shares	52.75
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	83.88
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 47.98

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued upon vesting awards	16,590	17,319	124,994	164,851

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Granted and Vesting of Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2023 shares
Vest in 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	217,732
Vest in 2024 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	132,526
Vest in 2024 | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	63,329
Vest in 2024 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	21,877
Vest in 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	168,861
Vest in 2025 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	97,635
Vest in 2025 | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	49,349
Vest in 2025 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	21,877
Vest in 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	115,287
Vest in 2026 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	65,939
Vest in 2026 | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	49,348
Vest in 2027
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	76,396
Vest in 2027 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	27,048
Vest in 2027 | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	49,348
Vest in 2028
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	49,335
Vest in 2028 | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	49,335
Vest in Total Year
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	627,611
Vest in Total Year | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	323,148
Vest in Total Year | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	260,709
Vest in Total Year | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	43,754
Grant in 2019 | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	186,662
Grant in 2019 | February | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	186,662
Grant in 2020 | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	285,035
Grant in 2020 | February | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	168,183
Grant in 2020 | May | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	116,852
Grant in 2021 | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	204,663
Grant in 2021 | February | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	204,663
Grant in 2022 | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	142,519
Grant in 2022 | February | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	142,519
Grant in 2023 | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	260,709
Grant in 2023 | March | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	260,709
Grant in Total Year | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	1,079,588
Grant in Total Year | February | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	702,027
Grant in Total Year | March | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	260,709
Grant in Total Year | May | Directors, Officers Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	116,852

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary Information of 2020 ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Mar. 04, 2020	Jun. 30, 2022
Stockholders Equity Note [Abstract]
Gross proceeds	$ 62,310,967	$ 4,069
Common shares issued	1,120,910
Gross average sale price per share	$ 55.59
Sales commissions	$ 934,665
Offering costs	1,353,015
Net proceeds	$ 60,023,287
Average price per share, net	$ 53.55

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Stock conversion ratio	100%

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator for loss per share:
Net loss		$ (3,968)	$ (7,827)	$ (7,866)	$ (12,494)
Net loss attributable to redeemable noncontrolling interests in the Operating Partnership		(15)	(30)	(30)	(44)
Net loss attributable to common stockholders		$ (3,953)	$ (7,797)	$ (7,836)	$ (12,450)
Denominator for loss per share:
Weighted average common shares outstanding - basic		25,667	25,672	25,633	25,646
Weighted average unvested restricted stock units		637	539	557	556
Weighted average common shares outstanding - diluted	[1]	25,667	25,672	25,633	25,646
Loss per weighted average common share:
Basic		$ (0.15)	$ (0.30)	$ (0.31)	$ (0.49)
Diluted		$ (0.15)	$ (0.30)	$ (0.31)	$ (0.49)
[1] If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Apr. 01, 2022 USD ($) shares	Jun. 30, 2017 USD ($)	Jun. 30, 2023 $ / h $ / Property	Jun. 30, 2022 USD ($)	Aug. 01, 2017 USD ($) $ / shares shares
Minority Interest [Line Items]
Amount used for calculation of OP units of net asset value		$ 2,000
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders, per share | $ / shares					$ 27.31
BH Management Services, LLC
Minority Interest [Line Items]
Property management fee percent			3%
Other owner approved fees, per hour | $ / h			55
BH Management Services, LLC | Minimum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property			15
Construction supervision fee, percent fee			5%
BH Management Services, LLC | Maximum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property			25
Construction supervision fee, percent fee			6%
BH Equity Portfolio
Minority Interest [Line Items]
Percentage of noncontrolling interests in joint ventures acquired		100%
Consideration transferred to acquire ownership interest in properties of noncontrolling interest holders		$ 51,700
Payment to acquire ownership interest in properties of noncontrolling interest holders		$ 49,700
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders | shares					73,233
Value of common units transferred to acquire ownership interest in properties of noncontrolling interest holders					$ 2,000
BH Equity Portfolio | B H Equity
Minority Interest [Line Items]
Percentage of ownership interests in portfolio		8.40%
Acquired Property
Minority Interest [Line Items]
Purchase price	$ 143,400			$ 143,400
DST purchase amount, OP Units | shares	31,071
DST purchase amount, OP Units value	$ 2,900
DST purchase amount, debt	$ 70,700
Convertible to common stock, description			The fair value of the OP Units was determined based on the April 1, 2022 share price of NXRT as the OP units are convertible to common stock on a one to one basis.

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2022			$ 5,631
Net loss attributable to redeemable noncontrolling interests in the OP			(30)
Other comprehensive loss attributable to redeemable noncontrolling interests in the OP			(15)
Distributions to redeemable noncontrolling interests in the OP			(93)
Issuance of operating partnership units for purchase of noncontrolling interests			415	$ 2,444
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	$ 141	$ (1,645)	282	$ (1,311)
Redeemable noncontrolling interests in the OP, June 30, 2023	$ 6,190		$ 6,190

Noncontrolling Interests - Summ

Noncontrolling Interests - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fees incurred
Property management fees	[1]	$ 2,031	$ 1,912	$ 4,058	$ 3,669
BH Management Services, LLC
Fees incurred
Property management fees	[2]	2,031	1,904	4,058	3,654
Construction supervision fees	[3]	778	440	1,429	765
Design fees	[3]	22	47	33	47
Acquisition fees	[3]	(83)	231	(83)	231
Reimbursements
Payroll and benefits	[4]	5,330	5,640	10,781	10,804
Other reimbursements	[5]	$ 1,432	$ 1,134	$ 2,785	$ 2,161
[1] Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Note 9). Included in property management fees on the consolidated statements of operations and comprehensive income (loss) . Capitalized on the consolidated balance sheets and reflected in buildings and improvements. Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss) . Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss) .

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Subsidiary	Jun. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Advisory and administrative fees			$ 0	$ 100,000
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Percentage of annual advisory, paid monthly			1%
Percentage of annual administrative fee, paid monthly			0.20%
Advisory and administrative fees on contributed assets			$ 5,400,000
Advisory and administrative fees percentage			1.20%
Advisory and administrative fees	$ 1,900,000	$ 1,900,000	$ 3,800,000	3,700,000
Advisory and administrative fees waived	5,400,000	$ 5,200,000	10,700,000	$ 10,100,000
NexPoint Real Estate Advisors, L.P | Maximum
Related Party Transaction [Line Items]
Advisory and administrative fees on contributed assets			$ 5,400,000
Corporate general and administrative expenses and advisory and administrative fees percentage			1.50%
NLMF Holdco LLC
Related Party Transaction [Line Items]
Property owning subsidiaries | Subsidiary			3
Equity interest owned			10%
Amount funded to related party included in prepaid and other assets	$ 300,000		$ 300,000
Expenses incurred for fiber internet service included in property operating expenses			$ 1,300,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)				3 Months Ended		6 Months Ended	12 Months Ended
	Apr. 01, 2023	Mar. 01, 2022	Mar. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2023	Dec. 31, 2021
Loss Contingencies [Line Items]
Maximum exposure of potential commitments						$ 4,000,000
Environmental liability incurred						0
Self-Insurance Program
Loss Contingencies [Line Items]
Insurance claim amount	$ 2,950,000	$ 2,497,500	$ 2,468,750	$ 1,800,000	$ 1,600,000	2,100,000
Insurance claim funded						1,800,000
NLMF Holdco LLC
Loss Contingencies [Line Items]
Additional funded amount						$ 300,000
Parent | Self-Insurance Program
Loss Contingencies [Line Items]
Insurance claim amount							$ 1,600,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event	Jul. 24, 2023 $ / shares
Subsequent Event [Line Items]
Dividends payable date approved	Jul. 24, 2023
Dividends payable amount per share	$ 0.42
Dividend payable date to be paid day month and year	Sep. 29, 2023
Dividends payable date of record day month and year	Sep. 15, 2023