NexPoint Residential Trust (NXRT) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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	Sep. 30, 2023	Dec. 31, 2022
Operating Real Estate Investments
Land	$ 359,839	$ 378,438
Buildings and improvements	1,711,122	1,760,782
Construction in progress	12,023	10,622
Furniture, fixtures and equipment	173,564	152,529
Total Gross Operating Real Estate Investments	2,256,548	2,302,371
Accumulated depreciation and amortization	(386,869)	(349,276)
Total Net Operating Real Estate Investments	1,869,679	1,953,095
Real estate held for sale	133,851	89,457
Total Net Real Estate Investments	2,003,530	2,042,552
Cash and cash equivalents	7,531	16,762
Restricted cash	42,302	35,037
Accounts receivable, net	14,739	17,121
Prepaid and other assets	13,303	10,425
Fair value of interest rate swaps	98,621	103,440
TOTAL ASSETS	2,180,026	2,225,337
Liabilities:
Mortgages payable, net	1,453,471	1,526,828
Mortgages payable held for sale, net	112,026	68,016
Credit facility, net	39,968	72,644
Accounts payable and other accrued liabilities	18,966	12,325
Accrued real estate taxes payable	22,176	7,232
Accrued interest payable	9,465	7,946
Security deposit liability	3,218	3,200
Prepaid rents	1,833	1,849
Total Liabilities	1,661,123	1,700,040
Redeemable noncontrolling interests in the Operating Partnership	5,081	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	410,679	405,376
Accumulated earnings less dividends	5,534	11,880
Accumulated other comprehensive income	97,353	102,155
Total Stockholders' Equity	513,822	519,666
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,180,026	$ 2,225,337

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Net of accumulated depreciation	$ 40,750	$ 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 INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Rental income		$ 67,870	$ 66,500	$ 203,217	$ 189,949
Other income		1,968	1,551	5,417	4,654
Total revenues		69,838	68,051	208,634	194,603
Expenses
Property operating expenses		15,322	12,370	44,080	42,669
Real estate taxes and insurance		8,832	9,419	28,186	27,670
Property management fees	[1]	2,031	1,960	6,089	5,629
Advisory and administrative fees	[2]	1,966	1,904	5,782	5,615
Corporate general and administrative expenses		4,906	3,818	12,897	11,116
Property general and administrative expenses		2,615	2,387	7,127	6,586
Depreciation and amortization		23,797	25,224	70,935	74,490
Total expenses		59,469	57,082	175,096	173,775
Operating income before gain on sales of real estate		10,369	10,969	33,538	20,828
Gain on sales of real estate		43,090		43,090
Operating income		53,459	10,969	76,628	20,828
Interest expense		(17,587)	(11,766)	(48,850)	(34,804)
Gain (loss) on extinguishment of debt and modification costs		(2,215)		(2,093)
Casualty gain (loss)		(100)		(980)	357
Gain on forfeited deposits				250
Equity in earnings of affiliate		177		177
Miscellaneous income		144	198	880	526
Net income (loss)		33,878	(599)	26,012	(13,093)
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		129	(2)	99	(46)
Net income (loss) attributable to common stockholders		33,749	(597)	25,913	(13,047)
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(744)	34,938	(4,820)	106,874
Total comprehensive income		33,134	34,339	21,192	93,781
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership		126	132	81	319
Comprehensive income attributable to common stockholders		$ 33,008	$ 34,207	$ 21,111	$ 93,462
Weighted average common shares outstanding - basic		25,674	25,598	25,647	25,630
Weighted average common shares outstanding - diluted	[3]	26,302	25,598	26,228	25,630
Earnings (loss) per share - basic		$ 1.31	$ (0.02)	$ 1.01	$ (0.51)
Earnings (loss) per share - diluted		$ 1.28	$ (0.02)	$ 0.99	$ (0.51)
[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 8). Fees incurred to the Adviser (see Note 9). 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 income (loss) attributable to common stockholders	(13,047)			(13,047)
Repurchases of common stock	(11,127)					$ (11,127)
Retirement of common stock held in treasury		$ (2)	(11,125)			11,127
Retirement of common stock held in treasury, Shares		(168,473)
Vesting of stock-based compensation	2,761	$ 1	2,760
Vesting of stock-based compensation, Shares		164,851
Issuance of common stock through at-the-market offering, net of offering costs	3,992	$ 1	3,991
Issuance of common stock through at-the-market offering, net of offering costs, Shares		52,091
Common stock dividends declared	(29,857)			(29,857)
Other comprehensive income (loss)	106,509				106,509
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	2,597			2,597
Ending Balance, Values at Sep. 30, 2022	531,621	$ 255	403,377	18,902	109,087
Ending Balance, Shares at Sep. 30, 2022		25,549,036
Beginning Balance, Values at Jun. 30, 2022	510,095	$ 256	407,436	28,120	74,283
Beginning Balance, Shares at Jun. 30, 2022		25,647,942
Net income (loss) attributable to common stockholders	(597)			(597)
Repurchases of common stock	(5,991)					(5,991)
Retirement of common stock held in treasury		$ (1)	(5,990)			$ 5,991
Retirement of common stock held in treasury, Shares		(98,906)
Vesting of stock-based compensation	2,007		2,007
Issuance of common stock through at-the-market offering, net of offering costs	(76)		(76)
Common stock dividends declared	(9,907)			(9,907)
Other comprehensive income (loss)	34,804				34,804
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	1,286			1,286
Ending Balance, Values at Sep. 30, 2022	531,621	$ 255	403,377	18,902	109,087
Ending Balance, Shares at Sep. 30, 2022		25,549,036
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 income (loss) attributable to common stockholders				25,913
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
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 income (loss) attributable to common stockholders	$ 25,913
Vesting of stock-based compensation	5,239	$ 1	5,238
Vesting of stock-based compensation, Shares		124,994
Common stock dividends declared	(33,034)			(33,034)
Other comprehensive income (loss)	(4,802)				(4,802)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	840		65	775
Ending Balance, Values at Sep. 30, 2023	$ 513,822	$ 256	410,679	5,534	97,353
Ending Balance, Shares at Sep. 30, 2023	25,674,313	25,674,313
Beginning Balance, Values at Jun. 30, 2023	$ 488,244	$ 256	408,119	(18,225)	98,094
Beginning Balance, Shares at Jun. 30, 2023		25,674,313
Net income (loss) attributable to common stockholders	33,749			33,749
Vesting of stock-based compensation	2,495		2,495
Common stock dividends declared	(11,047)			(11,047)
Other comprehensive income (loss)	(741)				(741)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	1,122		65	1,057
Ending Balance, Values at Sep. 30, 2023	$ 513,822	$ 256	$ 410,679	$ 5,534	$ 97,353
Ending Balance, Shares at Sep. 30, 2023	25,674,313	25,674,313

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, dividend per share declared	$ 0.42	$ 0.38	$ 1.26	$ 1.14

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 26,012	$ (13,093)
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on sales of real estate	(43,090)
Depreciation and amortization	70,935	74,490
Amortization/write-off of deferred financing costs	4,307	2,033
Change in fair value on derivative instruments included in interest expense	(35,155)	(2,365)
Net cash received (paid) on derivative settlements	35,647	(4,849)
Amortization/write-off of fair value adjustment of assumed debt	(82)	(150)
Provision for bad debts, net	7,258	5,619
Vesting of stock-based compensation	6,955	5,874
Insurance proceeds received for business interruption	588	250
Equity in earnings of affiliate	(177)
Gain on forfeited deposits	(250)
Casualty gains	(1,630)	(518)
Changes in operating assets and liabilities, net of effects of sale and acquisitions:
Accounts receivable	(7,980)	(7,705)
Prepaid and other assets	(1,481)	(1,741)
Operating liabilities	4,957	2,754
Real estate taxes payable	14,944	8,983
Net cash provided by operating activities	81,758	69,582
Cash flows from investing activities
Net proceeds from sales of real estate	69,431
Forfeited deposits	250
Self-insurance paid for casualty loss	(1,819)	(1,819)
Insurance proceeds received from casualty losses	6,595	4,940
Additions to real estate investments	(56,904)	(41,619)
Acquisitions of real estate investments	415	(141,038)
Net cash provided by (used in) investing activities	17,968	(179,536)
Cash flows from financing activities
Mortgage proceeds received	42,788	78,272
Mortgage payments	(74,409)	(1,076)
Credit facilities proceeds received		55,000
Credit facilities payments	(33,500)
Deferred financing costs received (paid)	1,001	(3,852)
Interest rate cap fees paid	(592)	(239)
Prepayment penalties on extinguished debt	(2,129)
Proceeds from the issuance of common stock through at-the-market offering, net of offering costs		3,992
Payments for taxes related to net share settlement of stock-based compensation	(1,716)	(3,113)
Distributions to redeemable noncontrolling interests in the Operating Partnership	(71)	(76)
Redemption of redeemable noncontrolling interests in the Operating Partnership	(135)
Repurchase of common stock		(11,127)
Dividends paid to common stockholders	(32,929)	(29,908)
Net cash provided by (used in) financing activities	(101,692)	87,873
Net decrease in cash, cash equivalents and restricted cash	(1,966)	(22,081)
Cash, cash equivalents and restricted cash, beginning of period	51,799	88,696
Cash, cash equivalents and restricted cash, end of period	49,833	66,615
Supplemental Disclosure of Cash Flow Information
Interest paid	80,354	31,796
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	7,821	6,005
Change in fair value on derivative instruments designated as hedges	(4,820)	106,874
Other assets acquired from acquisitions		168
Liabilities assumed from acquisitions		116
Increase (decrease) in dividends payable upon vesting of restricted stock units	105	(51)
Write-off of assets due to casualty losses	1,751	4,506
Write-off of fully amortized in-place leases		$ 5,179
Write-off of deferred financing costs	$ 409

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 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”) and the Company believes the current organization and method of operation will enable it to maintain its status as a 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 also consolidates certain variable interest entities ("VIEs") in accordance with Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification ("ASC") 810 Consolidation. The Company controls and consolidates the OP as a VIE. 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 September 30, 2023, there were 26,053,988 common units in the OP (“OP Units”) outstanding, of which 25,951,154 , or 99.6 % , were owned by the Company and 102,834 , or 0.4 % , were owned by noncontrolling limited partners (see Note 8). 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	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Readers of this Quarterly Report on Form 10-Q ("Quarterly Report") should refer to the audited financial statements and notes to consolidated financial statements of the Company for the year ended December 31, 2022, which are included in our 2022 Annual Report on Form 10-K ("2022 Annual Report"), filed with the United States Securities and Exchange Commission ("SEC") and also available on our website (nxrt.nexpoint.com), since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements in our 2022 Annual Report for further discussion of our significant accounting policies and estimates. Information contained on, or accessible through, our website is not incorporated by reference into and does not constitute a part of this Quarterly Report or any other report or documents we file or furnish with the SEC. 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 sales and acquisitions for the nine months ended September 30, 2022 to be comparative to the consolidated statement of cash flows for the nine months ended September 30, 2023 . 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 September 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 September 30, 2023 , there are four 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 $ 1.9 million of accounts receivable and prepaid and other assets, and approximately $ 5.1 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 and the consolidated statements of cash flows, respectively. 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.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Acquisitions There were no acquisitions of real estate during the nine months ended September 30, 2023. During the nine months ended September 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 The Company sold one property during the nine months ended September 30, 2023 , as detailed in the table below (in thousands). There were no dispositions during the nine months ended September 30, 2022. Property Name Location Date of Sale Sales Price Net Cash Proceeds (1) Gain on Sale Silverbrook Grand Prairie, Texas September 22, 2023 $ 70,000 $ 69,431 $ 43,090 (1) Represents sales price, net of closing costs. NXRT Captive On July 6, 2023, NexPoint Captive Insurance Company, Inc. (“NexPoint Captive”) was authorized to transact business in the State of Montana as a captive insurance company. NexPoint Captive began providing rental insurance coverage to NXRT properties and properties managed by affiliates of the Adviser on August 1, 2023. The OP purchased 100 % ownership interest and has the power to direct the activities of NexPoint Captive. NexPoint Captive is required to maintain a cash reserve of $ 250,000 to fund potential claims, which is classified as restricted cash on the consolidated balance sheet. The Company consolidates NexPoint Captive in its consolidated financial statements. Casualty Losses The Company experienced certain casualty events during the nine months ended September 30, 2023 and 2022. Certain casualty proceeds from insurance are recorded in casualty gains (loss) on the consolidated statements of operations and comprehensive income 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 and are reflected as operating cash flows in the accompanying consolidated statements of cash flows. Business interruption that has been accrued by the Company is presented in miscellaneous income in the accompanying consolidated statements of comprehensive income. 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. During the nine months ended September 30, 2022 , ten of the Company’s properties, Silverbrook, Venue at 8651, Versailles, Arbors of Brentwood, Parc500, Timber Creek, Hollister Place, The Preserve at Terrell Mill, High House at Cary and Six Forks, suffered significant property damage as a result of fires and flooding. As of September 30, 2022, 81 units were excluded from the Portfolio’s total unit count and 74 units were excluded from all same store pools due to reconstruction. During the three and nine months ended September 30, 2022 , the Company recognized approximately $ 0.0 million and $ 0.4 million in casualty loss and a $ 0.2 million and $ 0.5 million gain in business interruption income on the consolidated statement of operations and comprehensive income, respectively. During the nine months ended September 30, 2023, seven of the Company’s properties, 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 September 30, 2023 , 67 units were excluded from the Portfolio’s total unit count. During the three and nine months ended September 30, 2023 , the Company recognized approximately $ 0.1 million and $ 1.0 million in casualty loss and $ 0.1 million and $ 0.9 million in business interruption income on the consolidated statement of operations and comprehensive income , respectively. Outside of the casualty related asset write downs discussed above, as of September 30, 2023, the Company has not recorded any impairment on its real estate assets

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of September 30, 2023 (dollars in thousands): Operating Properties Type Term (months) Outstanding Interest Rate (1) Maturity Date Arbors on Forest Ridge Floating 120 $ 19,184 6.87 % 12/1/2032 Cutter's Point Floating 120 21,524 6.87 % 12/1/2032 The Summit at Sabal Park Floating 120 30,826 6.87 % 12/1/2032 Courtney Cove Floating 120 36,146 6.87 % 12/1/2032 The Preserve at Terrell Mill Floating 120 71,098 6.87 % 12/1/2032 Versailles Floating 120 40,247 6.87 % 12/1/2032 Seasons 704 Apartments Floating 120 33,132 6.87 % 12/1/2032 Madera Point Floating 120 34,457 6.87 % 12/1/2032 Venue at 8651 Floating 120 18,690 6.87 % 12/1/2032 The Venue on Camelback Floating 120 42,788 7.50 % 2/1/2033 Sabal Palm at Lake Buena Vista Floating 84 42,100 6.73 % 9/1/2025 Cornerstone Floating 120 46,804 7.41 % 12/1/2032 Parc500 Floating 120 29,416 6.87 % 12/1/2032 Rockledge Apartments Floating 120 93,129 6.87 % 12/1/2032 Atera Apartments Floating 120 46,198 6.87 % 12/1/2032 Versailles II Floating 84 12,061 6.61 % 10/1/2025 Brandywine I & II Floating 84 43,835 6.61 % 10/1/2025 Bella Vista Floating 84 29,040 6.75 % 2/1/2026 The Enclave Floating 84 25,322 6.75 % 2/1/2026 The Heritage Floating 84 24,625 6.75 % 2/1/2026 Summers Landing (2) Floating 84 10,109 6.61 % 10/1/2025 Residences at Glenview Reserve (3) Floating 84 25,645 6.87 % 10/1/2025 Residences at West Place (3) Fixed 120 33,817 4.24 % 10/1/2028 Avant at Pembroke Pines Floating 84 177,100 6.86 % 9/1/2026 Arbors of Brentwood Floating 84 34,237 6.86 % 10/1/2026 Torreyana Apartments Floating 120 50,580 6.87 % 12/1/2032 Bloom Floating 120 59,830 6.87 % 12/1/2032 Bella Solara Floating 120 40,328 6.87 % 12/1/2032 Fairways at San Marcos Floating 120 60,228 6.87 % 12/1/2032 The Verandas at Lake Norman Floating 84 34,925 7.17 % 7/1/2028 Creekside at Matthews Floating 120 29,648 6.87 % 12/1/2032 Six Forks Station Floating 120 41,180 7.03 % 10/1/2031 High House at Cary Floating 84 46,625 7.33 % 1/1/2029 The Adair Floating 84 35,115 7.29 % 4/1/2029 Estates on Maryland Floating 84 43,157 7.29 % 4/1/2029 $ 1,463,146 Fair market value adjustment 530 (4) Deferred financing costs, net of accumulated amortization of $ 3,351 ( 10,205 ) $ 1,453,471 Held For Sale Properties Old Farm Floating 84 52,886 7.11 % 7/1/2024 Stone Creek at Old Farm Floating 84 15,274 7.11 % 7/1/2024 Timber Creek Floating 84 24,100 6.69 % 10/1/2025 Radbourne Lake Floating 84 20,000 6.72 % 10/1/2025 $ 112,260 Deferred financing costs, net of accumulated amortization of $ 1,005 ( 234 ) $ 112,026 (1) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rate used in our Portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). Loans that transitioned from LIBOR to SOFR include a 0.11448 % adjustment to SOFR for the all-in rate ("fallback LIBOR"). As of September 30, 2023, SOFR was 5.32 % . (2) 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. (3) 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. (4) 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 6.87 % as of September 30, 2023 and 5.71 % as of December 31, 2022. The increase between the periods is primarily related to an increase in 30-Day Average SOFR of approximately 126 basis points to 5.32 % as of September 30, 2023 from 4.06 % as of December 31, 2022. As of September 30, 2023, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.64 % 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 fallback 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 5). 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 September 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 September 30, 2023 (dollars in thousands): Type Term (months) Outstanding Interest Rate (1) Maturity Date Corporate Credit Facility Floating 36 $ 41,000 7.57 % 6/30/2025 Deferred financing costs, net of accumulated amortization of $ 1,975 ( 1,032 ) $ 39,968 (1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of September 30, 2023 was 5.32 % . 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 September 30, 2023 , there was $ 309.0 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 September 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. For the nine months ended September 30, 2023 and 2022, amortization of deferred financing costs of approximately $ 2.2 million and $ 2.0 million , respectively, is included in interest expense on the consolidated statements of operations and comprehensive income. 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 nine months ended September 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. The Company recognized a gain of approximately $ 0.4 million for returned fees related to its refinancing activities from 2022. Additionally, the Company incurred a loss on extinguishment of debt of $ 2.2 million for prepayment penalties and write-off of deferred financing cost relating to the sale and payoff of Silverbook (see Note 3). During the nine months ended September, 2023 and 2022, the Company recognized a loss on extinguishment of debt of approximately $ 2.1 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 September 30, 2023 are as follows (in thousands): Operating Held For Sale Credit Facility Total 2023 $ 71 $ — $ — $ 71 2024 301 68,160 — 68,461 2025 133,378 44,100 41,000 218,478 2026 290,324 — — 290,324 2027 — — — — Thereafter 1,039,072 — — 1,039,072 Total $ 1,463,146 $ 112,260 $ 41,000 $ 1,616,406

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	. Fair Value of Derivatives and Financial Instruments Derivative Financial Instruments and Hedging Activities In the normal course of business, our operations are exposed to market risks, including the effect of changes in interest rates. We may enter into derivative financial instruments to offset this underlying market risk. There have been no significant changes in our policy and strategy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022. LIBOR ceased publication on June 30, 2023. On July 1, 2023, LIBOR rates were replaced with SOFR as the reference rate for most LIBOR debt and derivative instruments. For debt instruments that transitioned from LIBOR to SOFR, the adjustment included an increase of 0.11448 % to the all-in rate. For the Company's interest rate swaps, the reference transitioned from one-month LIBOR to fallback LIBOR. As of September 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 fallback LIBOR. As of September 30, 2023, fallback LIBOR was 5.43 % . (2) Represents the weighted average fixed rate of the interest rate swaps. As of September 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 fallback LIBOR. As of September 30, 2023, fallback LIBOR was 5.43 % . 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 September 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 Residences at Glenview Reserve Floating 10/1/2024 25,977 4.81 % Timber Creek Floating 10/1/2024 24,100 4.99 % Brandywine I & II Floating 10/1/2024 43,835 6.82 % Radbourne Lake Floating 10/1/2024 20,000 6.46 % Summers Landing Floating 10/1/2024 10,109 6.07 % Versailles II Floating 10/1/2024 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 2/1/2024 24,625 5.18 % The Enclave Floating 2/1/2024 25,322 5.18 % Bella Vista Floating 2/1/2024 29,040 5.18 % Sabal Palm at Lake Buena Vista Floating 9/1/2024 42,100 6.20 % 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 September 30, 2023 and December 31, 2022 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Derivatives designated as hedging instruments: Interest rate swaps Fair value of interest rate swaps $ 98,621 $ 103,440 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 6,213 7,634 — — Total $ 104,834 $ 111,074 $ — $ — The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the three and nine months ended September 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 September 30, Interest rate products $ 12,054 $ 38,406 Interest expense $ 12,796 $ 3,468 For the nine months ended September 30, Interest rate products $ 29,838 $ 105,714 Interest expense $ 34,658 $ ( 1,160 ) Location of gain Amount of gain (loss) recognized in 2023 2022 Derivatives not designated as hedging instruments: For the three months ended September 30, Interest rate products Interest expense $ 554 $ 2,161 For the nine months ended September 30, Interest rate products Interest expense $ 497 $ 3,525 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 8). 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 September 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 September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Carrying Value Estimated Carrying Value Estimated Fixed rate debt $ 33,817 $ 30,696 $ 33,817 $ 31,857 Floating rate debt (1) $ 1,582,589 $ 1,361,524 $ 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 nine months ended September 30, 2023 and 2022, the Company did no t record any impairment charges related to real estate assets.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	6. Stockholders’ Equity Common Stock During the nine months ended September 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 September 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 the Company 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 nine months ended September 30, 2023 , the Company did no t make any share repurchases. Since the inception of the Share Repurchase Program through September 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 on average. Restricted Stock Units Under the Company’s 2016 Long Term Incentive Plan (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 September 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 September 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 September 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 September 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 September 30, 2023, the Company had issued 982,204 shares of common stock under the 2016 LTIP. For the three months ended September 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 nine months ended September 30, 2023 and 2022, the Company recognized approximately $ 7.0 million and $ 5.9 million , respectively, of equity-based compensation expense related to grants of restricted stock units. As of September 30, 2023, the Company had recognized a liability of approximately $ 1.8 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 nine months ended September 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 $ 0.3 million, both of which were netted against the gross proceeds and recorded in additional paid in capital. During the nine months ended September 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	9 Months Ended
	Sep. 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 the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 8 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 September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Numerator for earnings (loss) per share: Net income (loss) $ 33,878 $ ( 599 ) $ 26,012 $ ( 13,093 ) Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership 129 ( 2 ) 99 ( 46 ) Net income (loss) attributable to common stockholders $ 33,749 $ ( 597 ) $ 25,913 $ ( 13,047 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding 25,674 25,598 25,647 25,630 Denominator for basic earnings (loss) per share 25,674 25,598 25,647 25,630 Weighted average unvested restricted stock units 628 529 581 547 Denominator for diluted earnings (loss) per share (1) 26,302 25,598 26,228 25,630 Earnings (loss) per weighted average common share: Basic $ 1.31 $ ( 0.02 ) $ 1.01 $ ( 0.51 ) Diluted $ 1.28 $ ( 0.02 ) $ 0.99 $ ( 0.51 ) (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	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	. Noncontrolling Interests Redeemable Noncontrolling Interests in the OP The following table sets forth the redeemable noncontrolling interests in the OP for the nine months ended September 30, 2023 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2022 $ 5,631 Net income attributable to redeemable noncontrolling interests in the OP 99 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP ( 18 ) Distributions to redeemable noncontrolling interests in the OP ( 136 ) Issuance of operating partnership units for purchase of noncontrolling interests 415 Redemption of operating partnership units of noncontrolling interests ( 70 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP ( 840 ) Redeemable noncontrolling interests in the OP, September 30, 2023 $ 5,081 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 Equities, LLC and its affiliates (collectively, (“BH Equity"), who was a noncontrolling interest member of the Company’s joint ventures prior to the BH purchase by the Company of 100 % of the joint venture interests in the Portfolio owned by BH Equity, representing approximately 8.4 % ownership in the portfolio (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 nine months ended September 30, 2023 and 2022 (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Fees incurred Property management fees (1) $ 2,022 $ 1,953 $ 6,064 $ 5,607 Construction supervision fees (2) 625 606 2,054 1,371 Design fees (2) 27 96 59 142 Acquisition fees (2) — — ( 83 ) 231 Reimbursements Payroll and benefits (3) 5,300 5,250 16,081 16,053 Other reimbursements (4) 1,399 1,265 4,184 3,426 (1) Included in property management fees on the consolidated statements of operations and comprehensive income . (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 . (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 .

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	9. 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 nine months ended September 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 September 30, 2023 and 2022, the Company incurred advisory and administrative fees of $ 2.0 million and $ 1.9 million , respectively. For the three months ended September 30, 2023 and 2022, the Adviser elected to voluntarily waive advisory and administrative fees of approximately $ 5.5 million and $ 5.5 million , respectively. For the nine months ended September 30, 2023 and 2022, the Company incurred advisory and administrative fees of $ 5.8 million and $ 5.6 million , respectively. For the nine months ended September 30, 2023 and 2022, the Adviser elected to voluntarily waive advisory and administrative fees of $ 16.2 million and $ 15.5 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 nine months ended September 30, 2023 and 2022 , the Company paid $ 0.2 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, to provide faster, more reliable and lower cost internet to our residents. The lease of the fiber facilities and easement is between NLMF Holdco, LLC and NLMF Leaseco, LLC, which is wholly and separately owned by NLMF Leaseco Owner, LLC, which is controlled by Matt McGraner, one of our officers. The fiber management and internet services agreement is managed by NLMF Leaseco, LLC. The Company accounts for its interest in NLMF Holdco, LLC using the equity method of accounting. As of September 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 three and nine months ended September 30, 2023 , the Company included $ 0.2 million of NLMF Holdco, LLC net income in equity in earnings of affiliate on the consolidated statement of operations and comprehensive income. The Company incurred expenses of $ 1.3 million for fiber internet service to NLMF Leaseco, LLC which is included in property operating expenses on the consolidated statement of operations and comprehensive income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. 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 September 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 September 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 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 September 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 $ 1.8 million being allocated to the Company. As of September 30, 2023 , all of the $ 1.8 million of 2023 Aggregate Amount allocated to the Company has been prepaid by the Company.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Dividends Declared On October 30, 2023 , the Company’s Board approved a quarterly dividend of $ 0.46242 per share, payable on December 29, 2023 to stockholders of record on December 15, 2023 . Signed PSA for Timber Creek The Company has entered into a purchase and sale agreement for $ 49.0 million dated October 16, 2023 for the sale of Timber Creek. The Company expects to close on the sale before December 31, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
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 sales and acquisitions for the nine months ended September 30, 2022 to be comparative to the consolidated statement of cash flows for the nine months ended September 30, 2023 .
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 September 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 September 30, 2023 , there are four 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 $ 1.9 million of accounts receivable and prepaid and other assets, and approximately $ 5.1 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 and the consolidated statements of cash flows, respectively.
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.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Summary of Acquired Properties	There were no acquisitions of real estate during the nine months ended September 30, 2023. During the nine months ended September 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
Schedule of Sale of Properties	The Company sold one property during the nine months ended September 30, 2023 , as detailed in the table below (in thousands). There were no dispositions during the nine months ended September 30, 2022. Property Name Location Date of Sale Sales Price Net Cash Proceeds (1) Gain on Sale Silverbrook Grand Prairie, Texas September 22, 2023 $ 70,000 $ 69,431 $ 43,090 (1) Represents sales price, net of closing costs.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 (dollars in thousands): Operating Properties Type Term (months) Outstanding Interest Rate (1) Maturity Date Arbors on Forest Ridge Floating 120 $ 19,184 6.87 % 12/1/2032 Cutter's Point Floating 120 21,524 6.87 % 12/1/2032 The Summit at Sabal Park Floating 120 30,826 6.87 % 12/1/2032 Courtney Cove Floating 120 36,146 6.87 % 12/1/2032 The Preserve at Terrell Mill Floating 120 71,098 6.87 % 12/1/2032 Versailles Floating 120 40,247 6.87 % 12/1/2032 Seasons 704 Apartments Floating 120 33,132 6.87 % 12/1/2032 Madera Point Floating 120 34,457 6.87 % 12/1/2032 Venue at 8651 Floating 120 18,690 6.87 % 12/1/2032 The Venue on Camelback Floating 120 42,788 7.50 % 2/1/2033 Sabal Palm at Lake Buena Vista Floating 84 42,100 6.73 % 9/1/2025 Cornerstone Floating 120 46,804 7.41 % 12/1/2032 Parc500 Floating 120 29,416 6.87 % 12/1/2032 Rockledge Apartments Floating 120 93,129 6.87 % 12/1/2032 Atera Apartments Floating 120 46,198 6.87 % 12/1/2032 Versailles II Floating 84 12,061 6.61 % 10/1/2025 Brandywine I & II Floating 84 43,835 6.61 % 10/1/2025 Bella Vista Floating 84 29,040 6.75 % 2/1/2026 The Enclave Floating 84 25,322 6.75 % 2/1/2026 The Heritage Floating 84 24,625 6.75 % 2/1/2026 Summers Landing (2) Floating 84 10,109 6.61 % 10/1/2025 Residences at Glenview Reserve (3) Floating 84 25,645 6.87 % 10/1/2025 Residences at West Place (3) Fixed 120 33,817 4.24 % 10/1/2028 Avant at Pembroke Pines Floating 84 177,100 6.86 % 9/1/2026 Arbors of Brentwood Floating 84 34,237 6.86 % 10/1/2026 Torreyana Apartments Floating 120 50,580 6.87 % 12/1/2032 Bloom Floating 120 59,830 6.87 % 12/1/2032 Bella Solara Floating 120 40,328 6.87 % 12/1/2032 Fairways at San Marcos Floating 120 60,228 6.87 % 12/1/2032 The Verandas at Lake Norman Floating 84 34,925 7.17 % 7/1/2028 Creekside at Matthews Floating 120 29,648 6.87 % 12/1/2032 Six Forks Station Floating 120 41,180 7.03 % 10/1/2031 High House at Cary Floating 84 46,625 7.33 % 1/1/2029 The Adair Floating 84 35,115 7.29 % 4/1/2029 Estates on Maryland Floating 84 43,157 7.29 % 4/1/2029 $ 1,463,146 Fair market value adjustment 530 (4) Deferred financing costs, net of accumulated amortization of $ 3,351 ( 10,205 ) $ 1,453,471 Held For Sale Properties Old Farm Floating 84 52,886 7.11 % 7/1/2024 Stone Creek at Old Farm Floating 84 15,274 7.11 % 7/1/2024 Timber Creek Floating 84 24,100 6.69 % 10/1/2025 Radbourne Lake Floating 84 20,000 6.72 % 10/1/2025 $ 112,260 Deferred financing costs, net of accumulated amortization of $ 1,005 ( 234 ) $ 112,026 (1) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rate used in our Portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). Loans that transitioned from LIBOR to SOFR include a 0.11448 % adjustment to SOFR for the all-in rate ("fallback LIBOR"). As of September 30, 2023, SOFR was 5.32 % . (2) 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. (3) 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. (4) 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 September 30, 2023 (dollars in thousands): Type Term (months) Outstanding Interest Rate (1) Maturity Date Corporate Credit Facility Floating 36 $ 41,000 7.57 % 6/30/2025 Deferred financing costs, net of accumulated amortization of $ 1,975 ( 1,032 ) $ 39,968 (1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of September 30, 2023 was 5.32 % .
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 September 30, 2023 are as follows (in thousands): Operating Held For Sale Credit Facility Total 2023 $ 71 $ — $ — $ 71 2024 301 68,160 — 68,461 2025 133,378 44,100 41,000 218,478 2026 290,324 — — 290,324 2027 — — — — Thereafter 1,039,072 — — 1,039,072 Total $ 1,463,146 $ 112,260 $ 41,000 $ 1,616,406

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of September 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 fallback LIBOR. As of September 30, 2023, fallback LIBOR was 5.43 % . (2) Represents the weighted average fixed rate of the interest rate swaps. As of September 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 fallback LIBOR. As of September 30, 2023, fallback LIBOR was 5.43 % .
Summary of Company's Outstanding Interest Rate Caps	As of September 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 Residences at Glenview Reserve Floating 10/1/2024 25,977 4.81 % Timber Creek Floating 10/1/2024 24,100 4.99 % Brandywine I & II Floating 10/1/2024 43,835 6.82 % Radbourne Lake Floating 10/1/2024 20,000 6.46 % Summers Landing Floating 10/1/2024 10,109 6.07 % Versailles II Floating 10/1/2024 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 2/1/2024 24,625 5.18 % The Enclave Floating 2/1/2024 25,322 5.18 % Bella Vista Floating 2/1/2024 29,040 5.18 % Sabal Palm at Lake Buena Vista Floating 9/1/2024 42,100 6.20 % 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 September 30, 2023 and December 31, 2022 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Derivatives designated as hedging instruments: Interest rate swaps Fair value of interest rate swaps $ 98,621 $ 103,440 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 6,213 7,634 — — Total $ 104,834 $ 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 for the three and nine months ended September 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 September 30, Interest rate products $ 12,054 $ 38,406 Interest expense $ 12,796 $ 3,468 For the nine months ended September 30, Interest rate products $ 29,838 $ 105,714 Interest expense $ 34,658 $ ( 1,160 ) Location of gain Amount of gain (loss) recognized in 2023 2022 Derivatives not designated as hedging instruments: For the three months ended September 30, Interest rate products Interest expense $ 554 $ 2,161 For the nine months ended September 30, Interest rate products Interest expense $ 497 $ 3,525
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 September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Carrying Value Estimated Carrying Value Estimated Fixed rate debt $ 33,817 $ 30,696 $ 33,817 $ 31,857 Floating rate debt (1) $ 1,582,589 $ 1,361,524 $ 1,647,711 $ 1,506,741 (1) Includes balances outstanding under our Corporate Credit Facility.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 September 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 September 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 September 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)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Numerator for earnings (loss) per share: Net income (loss) $ 33,878 $ ( 599 ) $ 26,012 $ ( 13,093 ) Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership 129 ( 2 ) 99 ( 46 ) Net income (loss) attributable to common stockholders $ 33,749 $ ( 597 ) $ 25,913 $ ( 13,047 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding 25,674 25,598 25,647 25,630 Denominator for basic earnings (loss) per share 25,674 25,598 25,647 25,630 Weighted average unvested restricted stock units 628 529 581 547 Denominator for diluted earnings (loss) per share (1) 26,302 25,598 26,228 25,630 Earnings (loss) per weighted average common share: Basic $ 1.31 $ ( 0.02 ) $ 1.01 $ ( 0.51 ) Diluted $ 1.28 $ ( 0.02 ) $ 0.99 $ ( 0.51 ) (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)	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the nine months ended September 30, 2023 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2022 $ 5,631 Net income attributable to redeemable noncontrolling interests in the OP 99 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP ( 18 ) Distributions to redeemable noncontrolling interests in the OP ( 136 ) Issuance of operating partnership units for purchase of noncontrolling interests 415 Redemption of operating partnership units of noncontrolling interests ( 70 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP ( 840 ) Redeemable noncontrolling interests in the OP, September 30, 2023 $ 5,081
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 nine months ended September 30, 2023 and 2022 (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Fees incurred Property management fees (1) $ 2,022 $ 1,953 $ 6,064 $ 5,607 Construction supervision fees (2) 625 606 2,054 1,371 Design fees (2) 27 96 59 142 Acquisition fees (2) — — ( 83 ) 231 Reimbursements Payroll and benefits (3) 5,300 5,250 16,081 16,053 Other reimbursements (4) 1,399 1,265 4,184 3,426 (1) Included in property management fees on the consolidated statements of operations and comprehensive income . (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 . (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 .

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	26,053,988
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	102,834

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) Property	Sep. 30, 2022 USD ($)	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	4
Real estate held for sale assets	$ 1,869,679,000		$ 1,953,095,000
Gain on forfeited deposits	250,000
Accounts Receivable And Prepaid And Oher Assets Member
Summary Of Significant Accounting Policies [Line Items]
Real estate held for sale assets	1,900,000
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	$ 5,100,000

Real Estate Investments - Summa

Real Estate Investments - Summary of Acquired Properties (Details) - Acquired Property $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) Property
Real Estate Properties [Line Items]
Purchase Price	$ 143,400
Mortgage Debt	$ 78,272
Number of Units | Property	562
Phoenix, Arizona
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
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%

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Sale of Properties (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Real Estate Properties [Line Items]
Net Cash Proceeds	$ 69,431
Silverbrook | Grand Prairie, Texas
Real Estate Properties [Line Items]
Date of Sale	Sep. 22, 2023
Sales Price	$ 70,000
Net Cash Proceeds	69,431
Gain on Sale of Real Estate	$ 43,090

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details)		3 Months Ended		9 Months Ended
	Jul. 06, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) Units	Sep. 30, 2023 USD ($) Units Property	Sep. 30, 2022 USD ($) Property Units
Real Estate Properties [Line Items]
Number of real estate properties sold | Property					0
Casualty loss		$ 100,000		$ 980,000	$ (357,000)
Casualty Losses
Real Estate Properties [Line Items]
Number of units in real estate property excluded from portfolio | Units				67	81
Number of units in real estate property excluded from store pools | Units			74		74
Casualty loss		100,000	$ 0	$ 1,000,000	$ 400,000
Business interruption insurance claim and recognized		$ 100,000	$ 200,000	$ 900,000	$ 500,000
NexPoint Captive
Real Estate Properties [Line Items]
Cash reserve	$ 250,000
Purchased ownership interest percentage	100%
Acquired Property
Real Estate Properties [Line Items]
Number of properties acquired | Property				0

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Mortgages payable, net	$ 1,453,471	$ 1,526,828
Mortgages Payable
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(234)
Mortgages payable, net	112,026
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	1,463,146
Fair market value adjustment	530
Deferred financing costs, net of accumulated amortization	(10,205)
Mortgages payable, net	1,453,471
Mortgages Payable | Discontinued Operations, Held-for-sale | Nonrecourse
Debt Instrument [Line Items]
Outstanding Principal	$ 112,260
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	6.87%
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	6.87%
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	6.87%
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	6.87%
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	6.87%
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	6.87%
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	6.87%
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	6.87%
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	6.87%
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	7.50%
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	7.11%
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	7.11%
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	6.69%
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	6.72%
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	6.73%
Maturity Date	Sep. 01, 2025
Mortgages Payable | Cornerstone | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 46,804
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Interest Rate	7.41%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Parc500 | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 29,416
Mortgages Payable | Parc500 | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Interest Rate	6.87%
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	6.87%
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	6.87%
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	6.61%
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	6.61%
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	6.75%
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	6.75%
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	6.75%
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	6.61%
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	$ 25,645
Interest Rate	6.87%
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	$ 177,100
Interest Rate	6.86%
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	6.86%
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	6.87%
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	6.87%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 40,328
Interest Rate	6.87%
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	6.87%
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	7.17%
Maturity Date	Jul. 01, 2028
Mortgages Payable | Creekside At Matthews | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 29,648
Interest Rate	6.87%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 41,180
Interest Rate	7.03%
Maturity Date	Oct. 01, 2031
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	7.33%
Maturity Date	Jan. 01, 2029
Mortgages Payable | The Adair | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 35,115
Interest Rate	7.29%
Maturity Date	Apr. 01, 2029
Mortgages Payable | Estates On Maryland | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,157
Interest Rate	7.29%
Maturity Date	Apr. 01, 2029

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 3,351
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 | 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 | 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%
SOFR
Debt Instrument [Line Items]
Interest rate	0.11448%
Interest Rate	5.32%
Discontinued Operations, Held-for-sale
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 1,005

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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			2,100,000	$ 0
Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing fees	$ 700,000	$ 700,000	2,200,000	$ 2,000,000
Silverbrook
Debt Instrument [Line Items]
Loss on extinguishment of debt from prepayment penalty and deferred financing cost write-off			(2,200,000)
Corporate Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	$ 309,000,000		$ 309,000,000
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	5.32%		5.32%		4.06%
Weighted average increase of spread in basis points			1.26%
Interest rate			0.11448%
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	6.87%		6.87%		5.71%
Adjusted weighted average interest rate	3.64%		3.64%
Weighted average fixed rate	1.0682%		1.0682%
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	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Credit facilities, net	$ 39,968	$ 72,644
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(1,032)
Credit facilities, net	$ 39,968
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	36 months
Interest Rate	7.57%
Maturity Date	Jun. 30, 2025
Credit facilities	$ 41,000

Debt - Summary of the Company_2

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 3,351
Corporate Credit Facility
Debt Instrument [Line Items]
Interest Rate	5.32%
Deferred financing costs, accumulated amortization	$ 1,975

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
2023	$ 71
2024	68,461
2025	218,478
2026	290,324
Thereafter	1,039,072
Total	1,616,406
Operating Properties
Debt Instrument [Line Items]
2023	71
2024	301
2025	133,378
2026	290,324
Thereafter	1,039,072
Total	1,463,146
Held For Sale Properties
Debt Instrument [Line Items]
2024	68,160
2025	44,100
Total	112,260
Credit Facility
Debt Instrument [Line Items]
2025	41,000
Total	$ 41,000

Fair Value of Derivatives and F

Fair Value of Derivatives and Financial Instruments - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment write down	$ 0	$ 0
Impairment of real estate assets	$ 0	$ 0
SOFR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate	0.11448%

Fair Value of Derivatives and_2

Fair Value of Derivatives and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details)	9 Months Ended
	Sep. 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) - Fallback LIBOR	Sep. 30, 2023
Key Bank And Truist Bank
Debt Instrument [Line Items]
LIBOR, interest rate	5.43%
KeyBank | Future Effective Dates
Debt Instrument [Line Items]
LIBOR, interest rate	5.43%

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	9 Months Ended
	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Notional	$ 1,386,876,000
Strike Rate	5.82%
Residences at Glenview Reserve
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2024
Notional	$ 25,977,000
Strike Rate	4.81%
Timber Creek
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2024
Notional	$ 24,100,000
Strike Rate	4.99%
Brandywine I & II
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2024
Notional	$ 43,835,000
Strike Rate	6.82%
Radbourne Lake
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2024
Notional	$ 20,000,000
Strike Rate	6.46%
Summers Landing
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2024
Notional	$ 10,109,000
Strike Rate	6.07%
Versailles II
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2024
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, 2024
Notional	$ 24,625,000
Strike Rate	5.18%
The Enclave
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Feb. 01, 2024
Notional	$ 25,322,000
Strike Rate	5.18%
Bella Vista
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Feb. 01, 2024
Notional	$ 29,040,000
Strike Rate	5.18%
Sabal Palm at Lake Buena Vista
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Sep. 01, 2024
Notional	$ 42,100,000
Strike Rate	6.20%
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	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 104,834	$ 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	98,621	103,440
Prepaid and Other Assets | Interest rate caps | Not Designated as Hedging Instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 6,213	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ (744)	$ 34,938	$ (4,820)	$ 106,874
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	$ 12,796	$ 3,468	$ 34,658	$ (1,160)
Interest expense | Interest rate products
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	12,054	38,406	29,838	105,714
Amount of gain (loss) recognized in income	$ 554	$ 2,161	$ 497	$ 3,525

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	Sep. 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	30,696	31,857
Floating rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Outstanding Principal	1,582,589	1,647,711
Estimated Fair Value	$ 1,361,524	$ 1,506,741

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)						3 Months Ended		9 Months Ended		88 Months Ended
	Oct. 24, 2022	Mar. 13, 2020	Mar. 04, 2020	Apr. 30, 2018	Jun. 15, 2016	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 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							$ 5,991,000		$ 11,127,000	$ 72,400,000
Share repurchase program, treasury stock, per share										$ 28.36
Aggregate sale price of common stock							$ (76,000)		3,992,000
Shares issued average price per share			$ 53.55
Proceeds from issuance of common stock			$ 62,310,967,000						$ 3,992,000
Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued						25,674,313	25,549,036	25,674,313	25,549,036	25,674,313	25,674,313	25,549,319	25,647,942	25,500,567
Common stock, shares, retired							98,906		168,473
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									300,000
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
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	$ 7,000,000	$ 5,900,000
Dividends earned on restricted stock units						$ 1,800,000		$ 1,800,000		$ 1,800,000
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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued upon vesting awards	124,994	164,851

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Granted and Vesting of Restricted Stock Units (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Mar. 04, 2020	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Gross proceeds	$ 62,310,967	$ 3,992
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 - 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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator for earnings (loss) per share:
Net income (loss)		$ 33,878	$ (599)	$ 26,012	$ (13,093)
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		129	(2)	99	(46)
Net income (loss) attributable to common stockholders		$ 33,749	$ (597)	$ 25,913	$ (13,047)
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic		25,674	25,598	25,647	25,630
Weighted average unvested restricted stock units		628	529	581	547
Weighted average common shares outstanding - diluted	[1]	26,302	25,598	26,228	25,630
Earnings (loss) per weighted average common share:
Basic		$ 1.31	$ (0.02)	$ 1.01	$ (0.51)
Diluted		$ 1.28	$ (0.02)	$ 0.99	$ (0.51)
[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 - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2022			$ 5,631
Net income attributable to redeemable noncontrolling interests in the OP			99
Other comprehensive loss attributable to redeemable noncontrolling interests in the OP			(18)
Distributions to redeemable noncontrolling interests in the OP			(136)
Issuance of operating partnership units for purchase of noncontrolling interests			415	$ 2,444
Redemption of operating partnership units of noncontrolling interests			(70)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	$ (1,122)	$ (1,286)	(840)	$ (2,597)
Redeemable noncontrolling interests in the OP, September 30, 2023	$ 5,081		$ 5,081

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 $ / h $ / Property	Jun. 30, 2017
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	15
Construction supervision fee, percent fee	5%
BH Management Services, LLC | Maximum
Minority Interest [Line Items]
Inspection of properties fee, per unit	25
Construction supervision fee, percent fee	6%
BH Equity Portfolio
Minority Interest [Line Items]
Percentage of noncontrolling interests in joint ventures acquired		100%
BH Equity Portfolio | B H Equity
Minority Interest [Line Items]
Percentage of ownership interests in portfolio		8.40%

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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fees incurred
Property management fees	[1]	$ 2,031	$ 1,960	$ 6,089	$ 5,629
BH Management Services, LLC
Fees incurred
Property management fees	[2]	2,022	1,953	6,064	5,607
Construction supervision fees	[3]	625	606	2,054	1,371
Design fees	[3]	27	96	59	142
Acquisition fees	[3]			(83)	231
Reimbursements
Payroll and benefits	[4]	5,300	5,250	16,081	16,053
Other reimbursements	[5]	$ 1,399	$ 1,265	$ 4,184	$ 3,426
[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 8). Included in property management fees on the consolidated statements of operations and comprehensive income . 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 . 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 .

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Subsidiary	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Advisory and administrative fees			$ 200,000	$ 100,000
Prepaid and other assets	$ 13,303,000		$ 13,303,000		$ 10,425,000
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	2,000,000	$ 1,900,000	$ 5,800,000	5,600,000
Advisory and administrative fees waived	5,500,000	$ 5,500,000	16,200,000	$ 15,500,000
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%
Prepaid and other assets	300,000		$ 300,000
Net income equity in earnings of affiliate	$ 200,000		200,000
NLMF Leaseco, LLC
Related Party Transaction [Line Items]
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		9 Months Ended	12 Months Ended
	Apr. 01, 2023	Mar. 01, 2022	Mar. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 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	1,800,000
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 - USD ($) $ / shares in Units, $ in Millions	Oct. 30, 2023	Oct. 16, 2023
Subsequent Event [Line Items]
Dividends payable date approved	Oct. 30, 2023
Dividends payable amount per share	$ 0.46242
Dividend payable date to be paid day month and year	Dec. 29, 2023
Dividends payable date of record day month and year	Dec. 15, 2023
Timber Creek
Subsequent Event [Line Items]
Proceeds from purchase and sale agreement to sell property		$ 49