NexPoint Residential Trust (NXRT) 10-K 23 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 23, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	0001620393
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,549,319
Entity Public Float			$ 1,402,000,000
Entity Interactive Data Current	Yes
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 Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE
Auditor Name	KPMG, LLP
Auditor Location	Dallas, Texas, United States
Auditor Firm ID	185
Documents Incorporated by Reference	Portions of the proxy statement for the registrant’s 2023 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Real Estate Investments
Land	$ 378,438	$ 375,857
Buildings and improvements	1,760,782	1,743,866
Intangible lease assets		2,576
Construction in progress	10,622	6,078
Furniture, fixtures, and equipment	152,529	120,419
Total Gross Operating Real Estate Investments	2,302,371	2,248,796
Accumulated depreciation and amortization	(349,276)	(287,096)
Total Net Operating Real Estate Investments	1,953,095	1,961,700
Real estate held for sale	89,457
Total Net Real Estate Investments	2,042,552	1,961,700
Cash and cash equivalents	16,762	49,450
Restricted cash	35,037	39,246
Accounts receivable, net	17,121	4,844
Prepaid and other assets	10,425	4,701
Fair market value of interest rate swaps	103,440	3,526
TOTAL ASSETS	2,225,337	2,063,467
Liabilities:
Mortgages payable, net	1,526,828	1,276,285
Mortgages payable held for sale, net	68,016
Credit facility, net	72,644	278,215
Accounts payable and other accrued liabilities	12,325	12,590
Accrued real estate taxes payable	7,232	13,182
Accrued interest payable	7,946	2,491
Security deposit liability	3,200	2,945
Prepaid rents	1,849	1,775
Total Liabilities	1,700,040	1,587,483
Redeemable noncontrolling interests in the Operating Partnership	5,631	6,139
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; 25,549,319 and 25,500,567 shares issued and outstanding, respectively	255	255
Additional paid-in capital	405,376	407,803
Accumulated earnings less dividends	11,880	59,209
Accumulated other comprehensive income	102,155	2,578
Total Stockholders' Equity	519,666	469,845
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,225,337	$ 2,063,467

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Net of accumulated depreciation	$ 22,017	$ 0
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	25,549,319	25,500,567
Common stock, shares, outstanding	25,549,319	25,500,567
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Rental income		$ 257,855	$ 213,505	$ 199,237
Other income		6,097	5,735	5,563
Total revenues		263,952	219,240	204,800
Expenses
Property operating expenses		58,151	47,739	47,201
Real estate taxes and insurance		37,433	33,152	31,709
Property management fees	[1]	7,636	6,334	5,971
Advisory and administrative fees	[2]	7,547	7,631	7,670
Corporate general and administrative expenses		14,670	11,966	10,035
Property general and administrative expenses		9,298	7,332	6,239
Depreciation and amortization		97,648	86,878	82,411
Total expenses		232,383	201,032	191,236
Operating income before gain on sales of real estate		31,569	18,208	13,564
Gain on sales of real estate		14,684	46,214	69,151
Operating income		46,253	64,422	82,715
Interest expense		(50,587)	(44,623)	(44,753)
Loss on extinguishment of debt and modification costs		(8,734)	(912)	(1,470)
Casualty gain		2,506	2,595	5,886
Miscellaneous income		1,271	1,624	1,772
Net income (loss)		(9,291)	23,106	44,150
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(31)	69	132
Net income (loss) attributable to common stockholders		(9,260)	23,037	44,018
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		99,915	47,073	(46,961)
Total comprehensive income (loss)		90,624	70,179	(2,811)
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		307	210	(9)
Comprehensive income (loss) attributable to common stockholders		$ 90,317	$ 69,969	$ (2,802)
Weighted average common shares outstanding - basic		25,610	25,170	24,715
Weighted average common shares outstanding - diluted	[3]	25,610	25,760	25,234
Earnings (loss) per share - basic		$ (0.36)	$ 0.92	$ 1.78
Earnings (loss) per share - diluted		$ (0.36)	$ 0.89	$ 1.74
[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 10 to our consolidated financial statements).

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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, 2019	$ 426,241	$ 251	$ 359,748	$ 63,776	$ 2,466
Beginning Balance, Shares at Dec. 31, 2019		25,245,740
Net income (loss) attributable to common stockholders	44,018			44,018
Repurchases of common stock	(44,530)					$ (44,530)
Retirement of common stock held in treasury		$ (16)	(44,514)			44,530
Retirement of common stock held in treasury, Shares		(1,644,697)
Vesting of stock-based compensation	3,773	$ 1	3,772
Vesting of stock-based compensation, Shares		137,608
Issuance of common shares through at-the-market offering, net of offering costs	57,718	$ 14	57,704
Issuance of common shares through at-the-market offering, net of offering costs, Shares		1,278,306
Common stock dividends declared	(32,564)			(32,564)
Other comprehensive income (loss)	(46,820)				(46,820)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	91			91
Ending Balance, Values at Dec. 31, 2020	407,927	$ 250	376,710	75,321	(44,354)
Ending Balance, Shares at Dec. 31, 2020		25,016,957
Net income (loss) attributable to common stockholders	$ 23,037			23,037
Retirement of common stock held in treasury, Shares	(133,097)
Vesting of stock-based compensation	$ 5,508	$ 1	5,507
Vesting of stock-based compensation, Shares		133,097
Issuance of common shares through at-the-market offering, net of offering costs	25,590	$ 4	25,586
Issuance of common shares through at-the-market offering, net of offering costs, Shares		350,513
Common stock dividends declared	(36,243)			(36,243)
Other comprehensive income (loss)	46,932				46,932
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(2,906)			(2,906)
Ending Balance, Values at Dec. 31, 2021	$ 469,845	$ 255	407,803	59,209	2,578
Ending Balance, Shares at Dec. 31, 2021	25,500,567	25,500,567
Net income (loss) attributable to common stockholders	$ (9,260)			(9,260)
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)	(168,473)
Vesting of stock-based compensation	$ 4,783	$ 1	4,782
Vesting of stock-based compensation, Shares		165,134
Issuance of common shares through at-the-market offering, net of offering costs	3,969	$ 1	3,968
Issuance of common shares through at-the-market offering, net of offering costs, Shares		52,091
Common stock dividends declared	(40,809)			(40,809)
Other comprehensive income (loss)	99,577				99,577
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	2,740			2,740
Ending Balance, Values at Dec. 31, 2022	$ 519,666	$ 255	$ 405,376	$ 11,880	$ 102,155
Ending Balance, Shares at Dec. 31, 2022	25,549,319	25,549,319

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income (loss)	$ (9,291)	$ 23,106	$ 44,150
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sales of real estate	(14,684)	(46,214)	(69,151)
Depreciation and amortization	97,648	86,878	82,411
Amortization/write-off of deferred financing costs	11,513	3,131	4,354
Change in fair value on derivative instruments included in interest expense	(10,124)	14,952	9,370
Net cash received (paid) on derivative settlements	2,329	(14,909)	(7,859)
Amortization/write-off of fair market value adjustment of assumed debt	(194)	(203)	(202)
Provision for bad debts, net	8,004	3,921	2,710
Vesting of stock-based compensation	7,902	6,997	5,504
Insurance proceeds received for business interruption	681	1,457	1,468
Insurance proceeds paid for business interruption			(605)
Casualty gains	(1,863)	(4,503)	(7,125)
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(11,317)	(3,536)	(4,866)
Operating liabilities	(1,508)	2,191	(2,933)
Net cash provided by operating activities	79,096	73,268	57,226
Cash flows from investing activities
Net proceeds from sales of real estate	36,455	90,236	140,197
Self-insurance paid for casualty loss	(1,819)	(1,591)	(1,495)
Insurance proceeds received from casualty losses	5,957	8,792	7,544
Additions to real estate investments	(62,100)	(43,006)	(49,977)
Acquisitions of real estate investments	(140,796)	(290,337)	(84,766)
Net cash provided by (used in) investing activities	(162,303)	(235,906)	11,503
Cash flows from financing activities
Mortgage proceeds received	885,825	154,630	46,464
Mortgage payments	(559,944)	(41,562)	(71,914)
Credit facilities proceeds received	55,000	340,000	35,000
Credit facilities payments	(260,500)	(243,000)	(70,000)
Deferred financing costs paid	(13,007)	(3,267)	(861)
Interest rate cap fees paid	(3,925)	(372)	(35)
Prepayment penalties on extinguished debt	(5,704)	(407)	(711)
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs	3,969	25,590	57,718
Payments for taxes related to net share settlement of stock-based compensation	(3,119)	(1,489)	(1,731)
Repurchase of common stock	(11,127)		(44,530)
Dividends paid to common stockholders	(40,639)	(35,804)	(32,296)
Distributions to redeemable noncontrolling interest in the Operating Partnership	(519)
Net cash provided by (used in) financing activities	46,310	194,319	(82,896)
Net increase (decrease) in cash, cash equivalents and restricted cash	(36,897)	31,681	(14,167)
Cash, cash equivalents and restricted cash, beginning of year	88,696	57,015	71,182
Cash, cash equivalents and restricted cash, end of year	51,799	88,696	57,015
Supplemental Disclosure of Cash Flow Information
Interest paid	52,671	27,391	34,165
Supplemental Disclosure of Noncash Activities
Issuance of operating partnership units for purchase of noncontrolling interests	2,444
Capitalized construction costs included in accounts payable and other accrued liabilities	4,721	2,913	2,713
Change in fair value on derivative instruments designated as hedges	99,915	47,073	(46,961)
Other assets acquired from acquisitions	168	164	31
Liabilities assumed from acquisitions	358	571	44
Increase in dividends payable upon vesting of restricted stock units	170	439	268
Write-off of assets due to casualty losses	7,014	2,028	1,297
Write-off of fully amortized in-place leases	5,179	3,647	12,414
Write-off of deferred financing costs	$ 1,961	$ 503	$ 756

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business NexPoint Residential Trust, Inc. (the “Company”, “we”, “our”) was incorporated in Maryland on September 19, 2014, and has elected to be taxed as a real estate investment trust (“REIT”). The Company is focused on “value-add” multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company’s business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. The Company owns its properties (the “portfolio”) through the OP and its wholly owned taxable REIT subsidiary (“TRS”). The OP owns approximately 99.9% of the portfolio; the TRS owns approximately 0.1% of the portfolio. The Company’s wholly owned subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC (the “OP GP”), is the sole general partner of the OP. As of December 31, 2022, there were 26,050,945 common units in the OP (“OP Units”) outstanding, of which 25,951,154, or 99.6%, were owned by the Company and 99,791, or 0.4%, were owned by a noncontrolling limited partner (see Note 10 to our consolidated financial statements). 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	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 2022. Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. The Company records an allowance to reflect revenue that may not be collectable. This is recorded through a provision for bad debts which is included in rental income in the accompanying consolidated statements of operations and comprehensive income (loss). Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, and pets, administrative, application and other fees and are recognized when earned. Purchase Price Allocation Upon acquisition of a property considered to be an asset acquisition, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and 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. 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 December 31, 2022, the Company has not 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 December 31, 2022 , there are two properties held for sale. In addition to the net real estate and mortgages payable held for sale, the consolidated balance sheet also includes approximately $ 0.7 million of accounts receivable and prepaid and other assets, and approximately $ million of accounts payable, real estate taxes payable, security deposits, prepaid rents, and other accrued liabilities. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to U.S. federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the years ended December 31, 2022, 2021 and 2020. If the Company fails to meet these requirements, it could be subject to U.S. federal income tax on all of the Company’s taxable income at corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 31, 2022, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of December 31, 2022. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of various state and local jurisdictions. The 2021, 2020 and 2019 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss). Recent In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform one-month one-month one-month 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. ASU 2022-06 will have no impact on the Company’s consolidated financial statements for the year ended December 31, 2022.

Investments in Subsidiaries

Investments in Subsidiaries	12 Months Ended
	Dec. 31, 2022
Schedule Of Investments [Abstract]
Investments in Subsidiaries	3. Investments in Subsidiaries The Company conducts its operations through the OP, which owns properties through single asset limited liability companies that are special purpose entities (“SPEs”). The Company consolidates the SPEs that it controls as well as any VIEs where it is the primary beneficiary. The Company controls and consolidates the OP as a VIE. In connection with its indirect equity investments in the properties acquired, the Company, through the OP and the TRS, directly or indirectly holds 100% of the membership interests in SPEs that directly own the properties. All of the properties the SPEs own are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company. Additionally, the Company has in the past and may in the future enter into purchase and sale transactions structured as reverse like-kind exchanges (“Reverse 1031 Exchanges”) under Section 1031 of the Code. For a Reverse 1031 Exchange in which the Company purchases a new property prior to selling the property to be matched in the like-kind exchange (the Company refers to the new property being acquired in the Reverse 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by an Exchange Accommodation Titleholder (“EAT”) engaged to execute the Reverse 1031 Exchange until the sale transaction and the Reverse 1031 Exchange are completed. The Company, through a wholly owned subsidiary, enters into a master lease agreement with the EAT whereby the EAT leases the acquired property and all other rights acquired in connection with the acquisition to the Company. The term of the master lease agreement is the earlier of the completion of the Reverse 1031 Exchange or 180 days from the date that the property was acquired. The EAT is classified as a VIE as it does not have sufficient equity investment at risk to finance its activities without additional subordinated financial support. The Company consolidates the EAT as its primary beneficiary because it has the ability to control the activities that most significantly impact the EAT’s economic performance and the Company retains all of the legal and economic benefits and obligations related to the Parked Assets prior to completion of the Reverse 1031 Exchange. As such, the Parked Assets are included in the Company’s consolidated financial statements as VIEs until legal title and control is transferred to the Company upon either completion of the Reverse 1031 Exchange or termination of the master lease agreement, at which time they will be consolidated as wholly owned subsidiaries. As of December 31, 2022, the Company, through the OP and the wholly owned TRS, owned 40 properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the SPEs that directly own the title to each property as of December 31, 2022 and 2021: Effective Ownership Percentage at December 31, Property Name Location Year 2022 2021 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback Phoenix, Arizona 2016 100 % 100 % Old Farm (1) Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm (1) Houston, Texas 2016 100 % 100 % Hollister Place (2) Houston, Texas 2017 — 100 % Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments Dallas, Texas 2017 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista Phoenix, Arizona 2019 100 % 100 % The Enclave Tempe, Arizona 2019 100 % 100 % The Heritage Phoenix, Arizona 2019 100 % 100 % Summers Landing Fort Worth, Texas 2019 100 % 100 % Residences at Glenview Reserve Nashville, Tennessee 2019 100 % 100 % Residences at West Place Orlando, Florida 2019 100 % 100 % Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % 100 % Arbors of Brentwood Nashville, Tennessee 2019 100 % 100 % Torreyana Apartments Las Vegas, Nevada 2019 100 % 100 % Bloom Las Vegas, Nevada 2019 100 % 100 % Bella Solara Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, Arizona 2020 100 % 100 % The Verandas at Lake Norman (3) Charlotte, North Carolina 2021 100 % 100 % Creekside at Matthews (3) Charlotte, North Carolina 2021 100 % 100 % Six Forks Station Raleigh, North Carolina 2021 100 % 100 % High House at Cary Cary, North Carolina 2021 100 % 100 % The Adair (4) Sandy Springs, Georgia 2022 100 % — Estates on Maryland (4) Phoenix, Arizona 2022 100 % — (1) Properties classified as held for sale as of December 31, 2022. (2) Property was sold in 2022. (3) The EAT that directly owned The Verandas at Lake Norman and Creekside at Matthews was consolidated as a VIE at June 30, 2021 giving the Company an effective 100% ownership interest. The master lease agreement with the EAT that directly owned these properties terminated on December 28, 2021, at which time legal title and control transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. (4) Properties were acquired in 2022; therefore, no ownership as of December 31, 2021.

Real Estate Investments Statist

Real Estate Investments Statistics	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of December 31, 2022, the Company was invested in a total of 40 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31,*(1) % Occupied as of December 31,*(2) Property Name Rentable Square Footage (in thousands)* Number of Units*(3) Date Acquired 2022 2021 2022 2021 Arbors on Forest Ridge 155 210 1/31/2014 $ 1,180 $ 1,021 92.4 % 96.2 % Cutter's Point 198 196 1/31/2014 1,497 1,219 93.9 % 95.4 % Silverbrook 526 642 1/31/2014 1,214 1,043 90.3 % 94.1 % The Summit at Sabal Park 205 252 8/20/2014 1,503 1,198 94.0 % 96.0 % Courtney Cove 225 324 8/20/2014 1,490 1,132 94.4 % 93.8 % Radbourne Lake 247 225 9/30/2014 1,385 1,227 93.3 % 94.2 % Timber Creek 248 352 9/30/2014 1,244 1,032 92.3 % 96.1 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,786 1,377 95.5 % 97.8 % Cornerstone 318 430 1/15/2015 1,453 1,152 90.0 % 95.6 % The Preserve at Terrell Mill 692 752 2/6/2015 1,321 1,156 91.9 % 90.9 % Versailles 301 388 2/26/2015 1,261 1,024 93.0 % 96.4 % Seasons 704 Apartments 217 222 4/15/2015 1,837 1,410 94.1 % 96.8 % Madera Point 193 256 8/5/2015 1,345 1,140 95.7 % 94.5 % Venue at 8651 289 333 10/30/2015 1,182 1,006 91.6 % 94.5 % Parc500 266 217 7/27/2016 1,927 1,543 95.9 % 96.3 % The Venue on Camelback 256 415 10/11/2016 1,080 915 91.8 % 92.3 % Old Farm (4) 697 734 12/29/2016 1,326 1,207 95.2 % 93.9 % Stone Creek at Old Farm (4) 186 190 12/29/2016 1,343 1,248 93.2 % 96.8 % Rockledge Apartments 802 708 6/30/2017 1,550 1,408 92.7 % 93.9 % Atera Apartments 334 380 10/25/2017 1,524 1,310 96.1 % 93.9 % Crestmont Reserve 199 242 9/26/2018 1,252 985 95.0 % 95.5 % Brandywine I & II 414 632 9/26/2018 1,252 1,031 94.5 % 95.6 % Bella Vista 243 248 1/28/2019 1,791 1,515 98.0 % 96.0 % The Enclave 194 204 1/28/2019 1,851 1,507 96.6 % 96.6 % The Heritage 199 204 1/28/2019 1,653 1,432 95.1 % 95.6 % Summers Landing 139 196 6/7/2019 1,203 1,033 93.9 % 93.9 % Residences at Glenview Reserve 344 360 7/17/2019 1,233 1,074 95.8 % 95.6 % Residences at West Place 345 342 7/17/2019 1,586 1,345 93.0 % 93.0 % Avant at Pembroke Pines 1,442 1520 8/30/2019 2,106 1,695 95.1 % 93.9 % Arbors of Brentwood 325 346 9/10/2019 1,423 1,284 89.0 % 95.1 % Torreyana Apartments 309 316 11/22/2019 1,557 1,365 93.7 % 93.7 % Bloom 498 528 11/22/2019 1,315 1,238 89.8 % 89.2 % Bella Solara 271 320 11/22/2019 1,371 1,309 88.8 % 91.3 % Fairways at San Marcos 340 352 11/2/2020 1,576 1,425 93.5 % 96.3 % The Verandas at Lake Norman 241 264 6/30/2021 1,316 1,215 94.3 % 93.2 % Creekside at Matthews 263 240 6/30/2021 1,397 1,350 94.6 % 94.2 % Six Forks Station 360 323 9/10/2021 1,416 1,228 92.6 % 95.4 % High House at Cary 293 302 12/7/2021 1,636 1,361 95.4 % 94.7 % The Adair 328 232 4/1/2022 1,807 — (5) 94.4 % — (5) Estates on Maryland 324 330 4/1/2022 1,459 — (5) 92.7 % — (5) 13,797 15,127 * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 2022 and December 31, 2021, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31, 2022 and December 31, 2021, respectively. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2022 and 2021, divided by the total number of units, expressed as a percentage. (3) Includes 113 down units due to casualty events as of December 31, 2022 (see Note 5 to our consolidated financial statements). (4) Properties classified as held for sale as of December 31, 2022. ( 5 ) Properties were acquired in 2022.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of December 31, 2022, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,809 $ — $ 2 $ 2,029 $ 16,170 Cutter's Point 3,330 13,147 — — 7,562 24,039 Silverbrook 4,860 25,927 — 1,962 6,201 38,950 The Summit at Sabal Park 5,770 13,990 — 38 2,326 22,124 Courtney Cove 5,880 14,920 — — 2,883 23,683 Radbourne Lake 2,440 23,040 — — 3,237 28,717 Timber Creek 11,260 13,504 — 2,823 4,337 31,924 Sabal Palm at Lake Buena Vista 7,580 42,809 — 314 3,776 54,479 Cornerstone 1,500 31,014 — 146 4,440 37,100 The Preserve at Terrell Mill 10,170 53,429 — — 11,177 74,776 Versailles 6,720 21,594 — 124 4,618 33,056 Seasons 704 Apartments 7,480 15,042 — 9 3,095 25,626 Madera Point 4,920 18,294 — — 3,174 26,388 Venue at 8651 2,350 17,977 — 1,036 4,394 25,757 Parc500 3,860 21,352 — 4 4,893 30,109 The Venue on Camelback 8,340 38,860 — 27 4,277 51,504 Rockledge Apartments 17,451 96,896 — 912 8,241 123,500 Atera Apartments 22,371 38,942 — — 2,956 64,269 Crestmont Reserve 4,124 21,105 — 6 1,954 27,189 Brandywine I & II 6,237 73,920 — — 7,156 87,313 Bella Vista 10,942 37,493 — 8 3,416 51,859 The Enclave 11,046 30,777 — 16 3,037 44,876 The Heritage 6,835 35,286 — — 3,166 45,287 Summers Landing 1,798 18,669 — — 1,124 21,591 Residences at Glenview Reserve 3,367 42,563 — — 3,867 49,797 Residences at West Place 3,345 52,712 — 12 3,195 59,264 Avant at Pembroke Pines 48,436 278,736 — 2,139 15,780 345,091 Arbors of Brentwood 6,346 54,239 — 121 3,126 63,832 Torreyana Apartments 23,824 43,861 — — 1,965 69,650 Bloom 23,803 82,802 — 37 4,226 110,868 Bella Solara 12,605 52,351 — — 2,687 67,643 Fairways at San Marcos 10,993 73,007 — — 3,397 87,397 The Verandas at Lake Norman 9,510 53,061 — 25 1,726 64,322 Creekside at Matthews 11,515 45,779 — 78 2,133 59,505 Six Forks Station 11,357 62,816 — 116 2,111 76,400 High House at Cary 23,809 67,855 — 52 1,789 93,505 The Adair 8,361 56,163 — 525 1,453 66,502 Estates on Maryland 11,573 65,041 — 90 1,605 78,309 378,438 1,760,782 $ — 10,622 152,529 2,302,371 Accumulated depreciation and amortization — (245,093 ) — — (104,183 ) (349,276 ) Total Operating Properties $ 378,438 $ 1,515,689 $ — $ 10,622 $ 48,346 $ 1,953,095 Held For Sale Properties Old Farm 11,078 71,305 — 12 4,686 87,081 Stone Creek at Old Farm 3,493 19,772 — 3 1,125 24,393 Accumulated depreciation and amortization — (17,339 ) — — (4,678 ) (22,017 ) Total Held For Sale Property $ 14,571 $ 73,738 $ — $ 15 $ 1,133 $ 89,457 Total $ 393,009 $ 1,589,427 $ — $ 10,637 $ 49,479 $ 2,042,552 As of December 31, 2021, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,755 $ — $ — $ 1,821 $ 15,906 Cutter's Point 3,330 13,091 — — 7,379 23,800 Silverbrook 4,860 27,495 — — 5,566 37,921 The Summit at Sabal Park 5,770 13,882 — — 1,978 21,630 Courtney Cove 5,880 14,350 — — 2,444 22,674 Radbourne Lake 2,440 22,744 — 64 2,455 27,703 Timber Creek 11,260 13,310 — 239 3,827 28,636 Sabal Palm at Lake Buena Vista 7,580 42,456 — 2 2,758 52,796 Cornerstone 1,500 30,901 — 21 3,722 36,144 The Preserve at Terrell Mill 10,170 53,080 — — 8,997 72,247 Versailles 6,720 21,887 — — 4,075 32,682 Seasons 704 Apartments 7,480 14,644 — — 2,078 24,202 Madera Point 4,920 18,090 — 48 2,612 25,670 Venue at 8651 2,350 17,495 — 334 3,843 24,022 Parc500 3,860 21,172 — — 4,147 29,179 The Venue on Camelback 8,340 38,328 — 306 3,248 50,222 Old Farm 11,078 70,993 — 99 3,902 86,072 Stone Creek at Old Farm 3,493 19,714 — 2 899 24,108 Hollister Place 2,782 21,196 — 1,308 2,739 28,025 Rockledge Apartments 17,451 97,374 — — 5,968 120,793 Atera Apartments 22,371 36,857 — 1,824 2,384 63,436 Crestmont Reserve 4,124 21,067 — — 1,515 26,706 Brandywine I & II 6,237 73,737 — — 5,160 85,134 Bella Vista 10,942 37,193 — 51 2,687 50,873 The Enclave 11,046 30,469 — 11 2,403 43,929 The Heritage 6,835 35,011 — 68 2,386 44,300 Summers Landing 1,798 18,433 — 1 790 21,022 Residences at Glenview Reserve 3,367 42,306 — — 2,366 48,039 Residences at West Place 3,345 52,310 — — 1,591 57,246 Avant at Pembroke Pines 48,434 275,968 — 1,414 11,611 337,427 Arbors of Brentwood 6,346 56,040 — — 2,235 64,621 Torreyana Apartments 23,824 43,700 — 25 1,371 68,920 Bloom 23,805 82,545 — 16 2,697 109,063 Bella Solara 12,605 53,415 — 24 1,854 67,898 Fairways at San Marcos 10,993 72,920 — 2 1,989 85,904 The Verandas at Lake Norman 9,510 52,884 — 6 650 63,050 Creekside at Matthews 11,515 45,271 — 18 756 57,560 Six Forks Station 11,357 62,129 1,200 195 748 75,629 Hudson High House 23,809 67,654 1,376 — 768 93,607 $ 375,857 $ 1,743,866 $ 2,576 $ 6,078 $ 120,419 $ 2,248,796 Accumulated depreciation and amortization — (203,125 ) (1,029 ) — (82,942 ) (287,096 ) Total Operating Properties $ 375,857 $ 1,540,741 $ 1,547 $ 6,078 $ 37,477 $ 1,961,700 Depreciation expense was $93.5 million, $82.8 million and $75.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense related to the Company’s intangible lease assets was $4.1 million, $4.1 million and $6.8 for the years ended December 31, 2022, 2021 and 2020, respectively. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to June 30, 2022 has been fully amortized and the assets and related accumulated amortization have been written off as of December 31, 2022. Acquisitions The Company acquired two properties during the year ended December 31, 2022, as detailed in the table below (dollars in thousands). The Company acquired four properties for a combined purchase price of approximately $289.5 million during the year ended December 31, 2021. See Notes 3, 4 and 6 to our consolidated financial statements for additional information. 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 (1) For additional information regarding the Company’s debt, see Note 6 to our consolidated financial statements. Dispositions The Company sold one property during the year ended December 31, 2022, as detailed in the table below (in thousands). The Company sold two properties for approximately $91.3 million during the year ended December 31, 2021. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate Hollister Place Houston, Texas December 29, 2022 $ 36,750 $ 21,496 $ 14,684 (1) Represents sales price, net of closing costs. Casualty Losses As of December 31, 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 damages as a result of fires, flooding, and winter storms. As of December 31, 2022, 113 units were excluded from the portfolio’s total unit count. Business interruption proceeds for lost rent are included in miscellaneous income in the consolidated statements of operations and comprehensive income (loss) in relation to these events. Cash flows from business interruption are included on the Company’s consolidated statements of cash flows as operating activities. Certain casualty proceeds from insurance are recorded in casualty gains (loss) on the consolidated statements of operations and comprehensive income (loss) in relation to these events. Events that are considered to be small, standard and not extraordinary are recorded through property operating expense. Insurance proceeds received from casualty losses are recognized on the Company’s consolidated statements of cash flows as investing activities. The Company differentiates proceeds received from business interruption and casualty gains/(losses) in accounting for the transactions. Business interruption proceeds are specifically insurance proceeds to recoup lost rents due to a qualifying event(s) (i.e., fires, floods, storms, etc.) as determined by the insurance policy. Casualty gains/(losses) are distinctly attributable to damage and subsequent write down of the property (loss), and the recoupment of funds from the insurance policy, as it relates to the damage. Such proceeds received from the damage to the property are accounted for as a gain to the Company, and potentially offset losses attributable to net write off of damaged assets. For the year ended December 31, 2022, the Company recognized $2.5 million in casualty gains and $1.3 million

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of December 31, 2022 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 120 $ 19,184 5.61% 12/1/2032 Cutter's Point (3) Floating 120 21,524 5.61% 12/1/2032 Silverbrook (3) Floating 120 46,088 5.61% 12/1/2032 The Summit at Sabal Park (3) Floating 120 30,826 5.61% 12/1/2032 Courtney Cove (3) Floating 120 36,146 5.61% 12/1/2032 The Preserve at Terrell Mill (3) Floating 120 71,098 5.61% 12/1/2032 Versailles (3) Floating 120 40,247 5.61% 12/1/2032 Seasons 704 Apartments (3) Floating 120 33,132 5.61% 12/1/2032 Madera Point (3) Floating 120 34,457 5.61% 12/1/2032 Venue at 8651 (3) Floating 120 18,690 5.61% 12/1/2032 The Venue on Camelback (4) Floating 84 28,093 6.07% 7/1/2024 Timber Creek (4) Floating 84 24,100 5.65% 10/1/2025 Radbourne Lake (4) Floating 84 20,000 5.68% 10/1/2025 Sabal Palm at Lake Buena Vista (4) Floating 84 42,100 5.69% 9/1/2025 Cornerstone (3) Floating 120 46,804 6.15% 12/1/2032 Parc500 (3) Floating 120 29,416 5.61% 12/1/2032 Rockledge Apartments (3) Floating 120 93,129 5.61% 12/1/2032 Atera Apartments (3) Floating 120 46,198 5.61% 12/1/2032 Crestmont Reserve (4) Floating 84 12,061 5.57% 10/1/2025 Brandywine I & II (4) Floating 84 43,835 5.57% 10/1/2025 Bella Vista (4) Floating 84 29,040 5.71% 2/1/2026 The Enclave (4) Floating 84 25,322 5.71% 2/1/2026 The Heritage (4) Floating 84 24,625 5.71% 2/1/2026 Summers Landing (5) Floating 84 10,109 5.57% 10/1/2025 Residences at Glenview Reserve (6) Floating 84 25,873 5.83% 10/1/2025 Residences at West Place (6) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (4) Floating 84 177,101 5.82% 9/1/2026 Arbors of Brentwood (4) Floating 84 34,237 5.82% 10/1/2026 Torreyana Apartments (3) Floating 120 50,580 5.61% 12/1/2032 Bloom (3) Floating 120 59,830 5.61% 12/1/2032 Bella Solara (3) Floating 120 40,328 5.61% 12/1/2032 Fairways at San Marcos (3) Floating 120 60,228 5.61% 12/1/2032 The Verandas at Lake Norman (7) Floating 84 34,925 5.91% 7/1/2028 Creekside at Matthews (3) Floating 120 29,648 5.61% 12/1/2032 Six Forks Station (8) Floating 120 41,180 5.78% 10/1/2031 High House at Cary (7) Floating 84 46,625 6.07% 1/1/2029 The Adair (4) Floating 84 35,115 6.03% 4/1/2029 Estates on Maryland (4) Floating 84 43,157 6.03% 4/1/2029 $ 1,538,868 Fair market value adjustment 609 (9) Deferred financing costs, net of accumulated amortization of $2,618 (12,649 ) 1,526,828 Held For Sale Properties Old Farm (4) Floating 84 52,886 6.07% 7/1/2024 Stone Creek at Old Farm (4) Floating 84 15,274 6.07% 7/1/2024 68,160 Deferred financing costs, net of accumulated amortization of $528 (144 ) $ 68,016 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. Reference rates used in our portfolio include one-month LIBOR and 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of December 31, 2022, one-month LIBOR was 4.392% and SOFR was 4.062%. (3) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00 %. Starting in the 25th month of the term through the 117 th month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. ( 4 ) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st ( 5 ) Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. ( 6 ) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term. ( 7 ) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 36th month of the term, the loan can be pre-paid at par plus 2% of the unpaid principal balance. Starting in the 37th month of the term, the loan can be pre-paid at par plus 1% of the unpaid principal balance. The loan is open to pre-payment in the last three months of the term. ( 8 ) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 116th of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term. ( 9 ) The Company reflected a valuation adjustment on its fixed rate debt for Residences at West Place to adjust it to fair market value on their respective dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages. During the year ended December 31, 2022, the Company sold one property and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) Hollister Place December 29, 2022 Floating $ 14,811 (1) Represents the outstanding principal balance when the loan was repaid. The weighted average interest rate of the Company’s mortgage indebtedness was 5.71% as of December 31, 2022 and 1.81% as of December 31, 2021. The increase between the periods is primarily related to an increase in one-month LIBOR of approximately 429 basis points to 4.392% as of December 31, 2022 from 0.1013% as of December 31, 2021. As of December 31, 2022, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.29%. For purposes of calculating the adjusted weighted average interest rate of the outstanding mortgage indebtedness, the Company has included the weighted average fixed rate of 1.0682% for one-month LIBOR on its combined $1.2 billion notional amount of interest rate swap agreements, which effectively fix the interest rate on $1.2 billion of $1.6 billion of the Company’s floating rate mortgage debt (see Note 7 to our consolidated financial statements). 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 December 31, 2022, the Company believes it is in compliance with all provisions. During the fourth quarter of 2022, the Company completed a cash out refinance on 19 of its properties, increasing outstanding principal on the mortgage debt from approximately $544 million to $808 million. The Company accounted for each refinance as a debt extinguishment in accordance with ASC 470-50. The Company incurred prepayment penalties of approximately $5.7 million, refinance expenses of approximately $1.3 million, and wrote-off deferred financing costs of approximately $1.7 million in connection with the refinance in the fourth quarter of 2022 which are included in loss on extinguishment of debt and modification costs in the consolidated statements of operations and comprehensive income (loss). Credit Facility The following table contains summary information concerning the Company’s credit facility as of December 31, 2022 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 36 $ 74,500 6.31% 6/30/2025 Deferred financing costs, net of accumulated amortization of $1,151 (1,856 ) $ 72,644 (1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of December 31, 2022 was 4.358%. On June 30, 2021, the Company, through the OP, entered into a secured $250.0 million credit facility with Truist Bank (“Truist Bank”), as administrative agent, and the lenders from time to time party thereto (the “Amended and Restated Corporate Credit Facility”). In connection with entering into the Amended and Restated Corporate Credit Facility, the Company, through the OP, terminated its $225.0 million Corporate Credit Facility with Truist Bank, as administrative agent, and the lenders from time to time party thereto, prior to the maturity date of January 28, 2022. On September 9, 2021, the Company, through the OP, modified the Amended and Restated Corporate Credit Facility to provide for an additional $35.0 million term loan with a maturity date of December 31, 2021, increasing the Amended and Restated Corporate Credit Facility from $250 million to $285 million. In conjunction with the increase in the facility, the Company incurred costs of $0.3 million in obtaining the additional financing through the modification. On September 30, 2021, the Company made a $10.0 million principal payment on the term loans resulting in $275.0 million in aggregate principal outstanding as of September 30, 2021 on the Amended and Restated Corporate Credit Facility. On November 3, 2021, the Company made a $50.0 million principal payment on the remaining term loans maturing December 31, 2021. On December 6, 2021, the Company, through the OP, increased the amount of the Amended and Restated Corporate Credit Facility by $55.0 million, and incurred costs of $0.4 million of deferred financing costs in conjunction with the increase in the facility. As of December 31, 2021, there was $280.0 million in aggregate principal outstanding on the Corporate Credit Facility. On March 25, 2022, the Company entered into a loan modification agreement by and among the Company, the OP, Truist Bank and the Lenders party thereto, which modified the Company’s existing credit facility, dated as of June 30, 2021 (as modified, amended and supplemented, 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. On March 25, 2022, the Company drew on $55.0 million of the Corporate Credit Facility. 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 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 years ended December 31, 2022, 2021 and 2020, amortization of deferred financing costs of approximately $2.8 million, $2.2 million and $2.8 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). 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. 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. For the years ended December 31, 2022, 2021 and 2020, the Company wrote-off deferred financing costs of approximately $2.0 million, $0.5 million and $0.8 million, and incurred prepayment penalties of approximately $5.7 million, $0.4 million, and $0.7 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income (loss). The following table contains summary information concerning the loss on extinguishment of debt and medication costs as of December 31, 2022 (dollars in thousands): For the Year Ended December 31, 2022 2021 2020 Prepayment penalties and defeasance costs $ 5,702 $ 407 $ 711 Write-off of deferred financing costs 1,961 503 756 Write-off of fair market value adjustment of assumed debt $ (256 ) $ — $ — Debt modification and other extinguishment costs 1,327 2 3 Total $ 8,734 $ 912 $ 1,470 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2022 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2023 $ 307 $ — $ — $ 307 2024 28,464 68,160 — 96,624 2025 177,400 — 74,500 251,900 2026 290,324 — — 290,324 2027 — — — — Thereafter 1,042,373 — — 1,042,373 Total $ 1,538,868 $ 68,160 $ 74,500 $ 1,681,528

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measures and Derivative Financial Instruments	7. Fair Value of Derivatives and Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes independent third parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments are fair and consistent as of the measurement date. Derivative Financial Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. In order to minimize counterparty credit risk, the Company enters into and expects to enter into hedging arrangements only with major financial institutions that have high credit ratings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of December 31, 2022, 2021 and 2020 were classified as Level 2 of the fair value hierarchy. The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The interest rate swaps have terms ranging from four to five years. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The interest rate caps have terms ranging from three to four years. During the years ended December 31, 2022, 2021 and 2020, interest rate cap derivatives were used to hedge the variable cash flows associated with a portion of the Company’s floating rate debt. The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR and SOFR on $1.3 billion of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.81%. The Company determined at inception of each of the interest rate caps that they do not meet the hedge accounting criteria, and therefore the Company recognizes market-to-market movements of the interest rate caps against interest expense on the consolidated statement of operations and in prepaid and other assets on the consolidated balance sheet. In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness when repaid early or refinanced), the Company, through the OP, has entered into six interest rate swap transactions with KeyBank National Association (“KeyBank”) and four with Truist Bank with a combined notional amount of $1.2 billion. The interest rate swaps the Company has entered into effectively replace the floating interest rate (one-month LIBOR) with respect to that amount with a weighted average fixed rate of 1.0682%. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of December 31, 2022, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) June 1, 2019 June 1, 2024 KeyBank 50,000 2.0020 % June 1, 2019 June 1, 2024 Truist 50,000 2.0020 % September 1, 2019 September 1, 2026 KeyBank 100,000 1.4620 % September 1, 2019 September 1, 2026 KeyBank 125,000 1.3020 % January 3, 2020 September 1, 2026 KeyBank 92,500 1.6090 % March 4, 2020 June 1, 2026 Truist 100,000 0.8200 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.8450 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.9530 % March 1, 2022 March 1, 2025 Truist 145,000 0.5730 % March 1, 2022 March 1, 2025 Truist 105,000 0.6140 % $ 1,167,500 1.0682 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2022, one-month LIBOR was 4.392%. (2) Represents the weighted average fixed rate of the interest rate swaps. As of December 31, 2022, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk with future effective dates (dollars in thousands): Future Swaps Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) September 1, 2026 January 1, 2027 KeyBank $ 92,500 1.7980 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2022, one-month LIBOR was 4.392%. ( 2 ) Represents the weighted average fixed rate of the interest rate swaps. 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 As of December 31, 2022, 2021 and 2020, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of December 31, Number of Instruments Notional Amount 2022 36 $ 1,344,088 2021 15 $ 458,846 2020 16 $ 393,006 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 December 31, 2022 and 2021 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 103,440 $ 11,045 $ — $ 7,519 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 7,634 263 — — Total $ 111,074 $ 11,308 $ — $ 7,519 The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020 (in thousands): Amount of gain (loss) recognized in OCI Location of gain (loss) reclassified from accumulated Amount of gain (loss) reclassified from OCI into income 2022 2021 2020 OCI into income 2022 2021 2020 Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products $ 106,593 $ 32,164 $ (56,299 ) Interest expense $ 6,678 $ (14,909 ) $ (9,337 ) Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2022 2021 2020 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense $ 3,446 $ (112 ) $ (33 ) 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 10 to our consolidated financial statements). 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 December 31, 2022 and 2021, 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. Long-term indebtedness is carried at amounts that reasonably approximate their fair value. 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 and estimated fair value of our debt at December 31, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate debt $ 33,817 $ 31,857 $ 69,285 $ 71,141 Floating rate debt (1) $ 1,647,711 $ 1,506,741 $ 1,491,861 $ 1,525,298 (1) Includes balances outstanding under our Amended and Restated 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. The Company did not record any impairment charges related to real estate assets for the years ended December 31, 2022, 2021 and 2020.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock During the years ended December 31, 2022, 2021 and 2020 As of December 31, 2022, the Company had 25,549,319 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 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 year ended December 31, 2022, the Company repurchased 168,473 shares of its common stock for approximately $11.1 million, or $66.04 per share. During the year ended December 31, 2021, the Company did not repurchase any shares of its common stock. Since the inception of the Share Repurchase Program through December 31, 2022, the Company has repurchased 2,550,628 shares of its common stock, par value $0.01 per share, at a total cost of approximately $72.3 million, or $28.36 per share. Treasury Shares From time to time, in accordance with the Company’s Share Repurchase Program, the Company may repurchase shares of its common stock in the open market. Until any such shares are retired, the cost of the shares is included in common stock held in treasury at cost on the consolidated balance sheet. The number of shares of common stock classified as treasury shares reduces the number of shares of the Company’s common stock outstanding and, accordingly, are considered in the weighted average number of shares outstanding during the period. During the year ended December 31, 2022 and 2021, the Company retired 168,473 and 133,097 shares of common stock, respectively. As of December 31, 2022 and 2021, the Company did not have any shares of common stock held in treasury. Long Term Incentive Plan On June 15, 2016, the Company’s stockholders approved a long-term incentive plan (the “2016 LTIP”) and the Company filed a registration statement on Form S-8 registering 2,100,000 shares of common stock, par value $0.01 per share, which the Company may issue pursuant to the 2016 LTIP. The 2016 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards, for the purpose of providing the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries), the Company’s non-employee directors, and potentially certain non-employees who perform employee-type functions, incentives and rewards for performance. Restricted Stock Units . Under the 2016 LTIP, restricted stock units may be granted to the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries) and typically vest over a three to five-year period for officers, employees and certain key employees of the Adviser and annually for directors. On February 20, 2020, pursuant to the 2016 LTIP, the Company granted 168,183 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On May 11, 2020, pursuant to the 2016 LTIP, the Company granted 116,852 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On February 18, 2021, pursuant to the 2016 LTIP, the Company granted 204,663 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. During the year ended December 31, 2022, pursuant to the 2016 LTIP, the Company granted 142,159 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of December 31, 2022: 2022 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 589,283 $ 39.17 Granted 142,159 83.88 Vested (202,927 ) (1) 23.44 Forfeited (589 ) 33.99 Outstanding December 31, 527,926 $ 52.66 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 165,134 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 December 31, 2022: Shares Vesting February May Total 2023 138,964 21,879 160,843 2024 132,568 21,877 154,445 2025 97,680 21,877 119,557 2026 65,984 — 65,984 2027 27,097 — 27,097 Total 462,293 65,633 527,926 As of December 31, 2022, the Company had issued 857,210 shares of common stock under the 2016 LTIP. For the years ended December 31, 2022, 2021 and 2020, the Company recognized approximately $7.9 million, $7.0 million and $5.1 million, respectively, of equity-based compensation expense related to grants of restricted stock units. As of December 31, 2022, the Company had recognized a liability of approximately $1.7 million related to dividends earned on restricted stock units that are payable in cash upon vesting. At-the-Market Offering On February 20, 2019, 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”) and Truist Securities, Inc. f/k/a SunTrust Robinson Humphrey, Inc. (“Truist”, and together with Raymond James and Jefferies, the “2019 ATM Sales Agents”), pursuant to which the Company could issue and sell from time to time shares of the Company’s common stock, par value $0.01 per share, having an aggregate sales price of up to $100,000,000 (the “2019 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 and Raymond James, or their respective affiliates, through the 2019 ATM Program. During the year ended December 31, 2019, the Company issued 1,565,322 shares of common stock at an average price of $45.98 per share for gross proceeds of approximately $72.0 million. The Company paid approximately $1.1 million in fees to the 2019 Sales Agents with respect to such sales and incurred other issuance costs of approximately $1.0 million, both of which were netted against the gross proceeds and recorded in additional paid in capital. During the three months ended March 31, 2020, the Company issued 560,000 shares of common stock at an average price of $50.00 per share for gross proceeds of $28.0 million under the 2019 ATM Program. The Company paid approximately $0.4 million in fees to the 2019 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. On February 27, 2020, the 2019 ATM Program reached aggregate sales of $100,000,000 and therefore expired. The following table contains summary information of the 2019 ATM Program since its inception: Gross proceeds $ 99,973,433 Common shares issued 2,125,322 Gross average sale price per share $ 47.04 Sales commissions $ 1,144,579 Offering costs 1,293,298 Net proceeds 97,535,556 Average price per share, net $ 45.89 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,” 2020 ATM Program. During the year ended December 31 , 2020, the Company issued 718,306 shares of common stock at an average price of $ 43.92 per share for gross proceeds of $ 31.5 million under the 2020 ATM Program. The Company paid approximately $ million in fees to the 2020 ATM Sales Agents with respect to such sales and incurred other issuance costs of approximately $ million, both of which were netted against the gross proceeds and recorded in additional paid in capital. During the year ended December 31, 2021, the Company issued 350,513 shares of common stock at an average price of $ 75.41 per share for gross proceeds of $ 26.4 million under the 2020 ATM Program. The Company paid approximately $ 0.4 million in fees to the 2020 ATM Sales Agents with respect to such sales and incurred other issuance costs of approximately $ 0.4 million, both of which were netted against the gross proceeds and recorded in additional paid in capital. During the year ended December 31, 2022, the Company issued 52,091 shares of common stock at a gross average sales price of $ 83.16 for gross proceeds of approximately $ 4.3 million under the 2020 ATM Program. The Company incurred sales commission fees and offering cost of $ 0.1 million and $ 0.3 million for the period ended December 31, 2022. 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 Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (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 earnings (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not included in the calculation of earnings (loss) per share. The effect of the conversion of OP Units held by noncontrolling limited partners is not reflected in the computation of basic and diluted earnings (loss) per share, as they are exchangeable for common stock on a one-for-one The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Year Ended December 31, 2022 2021 2020 Numerator for earnings (loss) per share: Net income (loss) $ (9,291 ) $ 23,106 $ 44,150 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership (31 ) 69 132 Net income (loss) attributable to common stockholders $ (9,260 ) $ 23,037 $ 44,018 Denominator for earnings (loss) per share: Weighted average common shares outstanding 25,610 25,170 24,715 Denominator for basic earnings (loss) per share 25,610 25,170 24,715 Weighted average unvested restricted stock units 542 590 519 Denominator for diluted earnings (loss) per share (1) 25,610 25,760 25,234 Earnings (loss) per weighted average common share: Basic $ (0.36 ) $ 0.92 $ 1.78 Diluted $ (0.36 ) $ 0.89 $ 1.74 ( 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	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interests	10. Noncontrolling Interests Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. Net income (loss) is allocated to holders of OP Units based upon net income (loss) attributable to common stockholders and the weighted average number of OP Units outstanding to total common shares plus OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to OP Units in accordance with the terms of the partnership agreement of the OP. Each time the OP distributes cash to the Company, outside limited partners of the OP receive their pro-rata share of the distribution. On April 1, 2022, the Company acquired The Adair and Estates on Maryland, from investors in a Delaware Statutory Trust managed by an entity affiliated with the Adviser, for total consideration of $143.4 million (the “Purchase Price”). The Purchase Price consisted of 26,558 OP Units (valued at $2.4 million) that were issued on April 1, 2022 and approximately $71.1 million in cash and debt. The fair value of the OP Units was determined based on the April 1, 2022 share price of NXRT as the OP units are convertible to common stock on a one to one basis. On June 30, 2017, the Company and the OP entered into a contribution agreement with BH Equities, LLC and its affiliates (collectively, “BH Equity”), whereby the Company purchased 100% of the joint venture interests in the portfolio owned by BH Equity, representing approximately 8.4% ownership in the portfolio (the “BH Buyout”), for total consideration of approximately $51.7 million (the “Purchase Amount”). The Purchase Amount consisted of approximately $49.7 million in cash that was paid on June 30, 2017 and 73,233 OP Units (initially valued at $2.0 million) that were issued on August 1, 2017. The number of OP Units issued was calculated by dividing $2.0 million by the midpoint of the range of the Company’s net asset value as publicly disclosed in connection with the Company’s release of its second quarter of 2017 earnings results, which was $27.31 per share. In connection with the issuance of OP Units to BH Equity on August 1, 2017, the Company and the OP amended the partnership agreement of the OP (the “Amendment”). Pursuant to the Amendment, limited partners holding OP Units have the right to cause the OP to redeem their units at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the OP), provided that such OP Units have been outstanding for at least one year. The Company, through the OP GP, as the general partner of the OP may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (one share of common stock of the Company for each OP Unit), as defined in the partnership agreement of the OP. Notwithstanding the foregoing, a limited partner will not be entitled to exercise its redemption right to the extent the issuance of the Company’s common stock to the redeeming limited partner would (1) be prohibited, as determined in the Company’s sole discretion, under the Company’s charter or (2) cause the acquisition of common stock by such redeeming limited partner to be “integrated” with any other distribution of the Company’s common stock for purposes of complying with the Securities Act. Accordingly, the Company records the OP Units held by noncontrolling limited partners outside of permanent equity and reports the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth the redeemable noncontrolling interests in the OP for the year ended December 31, 2022 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2021 $ 6,139 Net loss attributable to redeemable noncontrolling interests in the OP (31 ) Other comprehensive income attributable to redeemable noncontrolling interests in the OP 338 Distributions to redeemable noncontrolling interests in the OP (519 ) Issuance of operating partnership units for purchase of noncontrolling interests 2,444 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP (2,740 ) Redeemable noncontrolling interests in the OP, December 31, 2022 $ 5,631 Noncontrolling Interests Noncontrolling interests have in the past and may in the future be comprised of joint venture partners’ interests in joint ventures the Company consolidates. When applicable, the Company reports its joint venture partners’ interests in its consolidated joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investment’s net income or loss, equity contributions, return of capital, and distributions. The adjustment to reflect redemption value of redeemable noncontrolling interests in the OP records the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. Generally, these noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic ownership percentage. Fees and Reimbursements to BH and its Affiliates The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager and an independently owned third party, who manages the Company’s properties and supervises the implementation of the Company’s value-add program. BH is an affiliate of BH Equity, who was a noncontrolling interest member of the Company’s joint ventures prior to the BH Buyout on June 30, 2017. Through BH Equity’s noncontrolling interests in such joint ventures, BH Equity was deemed to be a related party. With the completion of the BH Buyout, BH Equity is no longer deemed to be a related party. BH Equity became a noncontrolling limited partner of the OP upon execution of the Amendment. BH and its affiliates do not have common ownership in any joint venture with the Adviser; there is also no common ownership between BH and its affiliates and the Adviser. The property management fee paid to BH is approximately 3% of the monthly gross income from each property managed. Currently, BH manages all of the Company’s properties. Additionally, the Company may pay BH certain other fees, including: (1) a fee of $15-25 per unit for the one-time setup and inspection of properties, (2) a construction supervision fee of 5-6% of total project costs, which is capitalized, (3) acquisition fees and due diligence costs reimbursements, and (4) other owner approved fees at $55 per hour. BH also acts as a paymaster for the properties and is reimbursed at cost for various operating expenses it pays on behalf of the properties. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the years ended December 31, 2022, 2021 and 2020 (in thousands): For the Year Ended December 31, 2022 2021 2020 Fees incurred Property management fees (1) $ 7,606 $ 6,308 $ 5,949 Construction supervision fees (2) 2,000 1,098 1,848 Design fees (2) 198 88 666 Acquisition fees (3) 45 677 201 Reimbursements Payroll and benefits (4) 21,310 18,802 18,284 Other reimbursements (5) 4,695 3,574 3,253 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	11. 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 years ended December 31, 2022, 2021 and 2020, 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 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 years ended December 31, 2022, 2021 and 2020, the Company incurred advisory and administrative fees of $7.5 million, $7.6 million and $7.7 million, respectively. For the years ended December 31, 2022, 2021 and 2020, the Adviser elected to voluntarily waive the advisory and administrative fees of $21.0 million, $15.4 million and $9.1 million, respectively. The advisory and administrative fees waived by the Adviser for the years ended December 31, 2022, 2021 and 2020 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 years ended December 31, 2022, 2021 and 2020, the Company paid approximately $0.8 million, $0.0 million and $0.2 million, respectively, 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”). NexBank is an affiliate of the Adviser through common beneficial ownership. On July 30, 2021, three of our property-owning subsidiaries entered into agreements with NLMF Holdco, LLC, an entity under common control with our Adviser and in which we own a 10% equity interest. As of December 31, 2022, 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 year ended December 31, 2022, the Company incurred expenses of $0.1 million for fiber internet service which is included in property operating expenses on the consolidated statement of operations and comprehensive income (loss). Additionally, on July 30, 2021, we entered into agreements with NLMF Leaseco, LLC, which is controlled by Matt McGraner, one of our officers. We expect that these actions will provide faster, more reliable and lower cost internet to our residents. On April 1, 2022, the Company acquired The Adair and Estates on Maryland, from investors in a Delaware Statutory Trust managed by an entity affiliated with the Adviser, for total consideration of $143.4 million (the “Purchase Price”). The Purchase Price consisted of 26,558 OP Units (valued at $2.4 million) that were issued on April 1, 2022 and approximately $71.1 million in cash and debt. The fair value of the OP Units was determined based on the April 1, 2022 share price of NXRT as the OP units are convertible to common stock on a one to one basis.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. 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 December 31, 2022, 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 December 31, 2022, the Company has funded approximately $0.3 million to NLMF Holdco, LLC which is included in prepaid and other assets on the consolidated balance sheet of the Company. Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive income (loss) of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries. Environmental liabilities could have a material adverse effect on the Company’s business, assets, cash flows or results of operations. As of December 31, 2022, the Company was not aware of any environmental liabilities. There can be no assurance that material environmental liabilities do not exist. Self-Insurance Program Effective March 1, 2019, the Company maintains a partial self-insurance program for property and casualty claims whereby it incurs the “first-loss” portion of a claim up to an aggregate loss amount. Claims resulting in losses in excess of a $100,000 per occurrence property deductible will be paid by the Company up to an aggregate amount of $1.2 million (the “2019 Aggregate Amount”). For the period from March 1, 2019 to February 29, 2020, the Company incurred a claim related to Cutter’s Point (see Note 5 to our consolidated financial statements) as part of the 2019 Aggregate Amount. The claim related to Cutter’s Point required the Company to fund the full 2019 Aggregate Amount with $0.6 million being funded in December 2019 and the remaining $0.6 million funded during the three months ended March 31, 2020. For the period from March 1, 2019 to February 29, 2020, there were no other potential claims, besides the claim involving Cutter’s Point, that met the criteria as set forth under ASC 450-20. On March 1, 2020, the Adviser entered into a self-insurance policy resulting in an aggregate amount of $2,365,000 (the “2020 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $1.5 million being allocated to the Company. As of December 30, 2020, all of the $1.5 million of the 2020 Aggregate Amount allocated to the Company has been funded. Under ASC 450-20 “ Loss Contingencies On March 1, 2021, the Adviser entered into a new policy resulting in a new 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 December 31, 2022, 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 December 31, 2022, all of the 2022 Aggregate Amount allocated to the Company has been funded (see Note 5 to our consolidated financial statements).

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Sale of Old Farm and Stone Creek at Old Farm On January 24, 2023, the Company signed a purchase and sale agreement to sell Old Farm and Stone Creek for a combined sales price of $135.0 million. Refinance of Venue on Camelback Mortgage On January 31, 2023, the Company completed a refinance on the mortgage debt for Venue on Camelback. The refinance increased the outstanding principal balance from approximately $28.1 million to $42.8 million, and effectively pushed the maturity date of the mortgage debt from July 1, 2024 to February 1, 2033 Principal Paydown on Corporate Credit Facility On February 2, 2023, the Company paid down $17.5 million of its outstanding principal balance on the Corporate Credit Facility. Dividends Declared On February 22, 2023, the Company’s board of directors declared a quarterly dividend of $0.42 per share, payable on March 31, 2023 to stockholders of record on March 15, 2023.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2022
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (in thousands) Initial Cost to Company Costs Capitalized Gross Amount Carried at December 31, 2022 Accumulated Property Name Location Encumbrances (1) Land Buildings and Improvements (2) Total Subsequent to Acquisition Land Buildings and Improvements (3) Total (4) Depreciation and Amortization (5) (6) Date Acquired Arbors on Forest Ridge Bedford, Texas $ 19,184 $ 2,330 $ 10,475 $ 12,805 $ 3,677 $ 2,330 $ 13,840 $ 16,170 $ (5,735 ) 1/31/2014 Cutter's Point Richardson, Texas 21,524 3,330 12,515 15,845 8,546 3,330 20,709 24,039 (6,992 ) 1/31/2014 Silverbrook Grand Prairie, Texas 46,088 4,860 25,540 30,400 9,343 4,860 34,090 38,950 (13,536 ) 1/31/2014 The Summit at Sabal Park Tampa, Florida 30,826 5,770 13,280 19,050 3,478 5,770 16,354 22,124 (6,219 ) 8/20/2014 Courtney Cove Tampa, Florida 36,146 5,880 13,070 18,950 5,164 5,880 17,803 23,683 (6,628 ) 8/20/2014 Radbourne Lake Charlotte, North Carolina 20,000 2,440 21,810 24,250 5,119 2,440 26,277 28,717 (9,127 ) 9/30/2014 Timber Creek Charlotte, North Carolina 24,100 11,260 11,490 22,750 9,973 11,260 20,664 31,924 (8,307 ) 9/30/2014 Sabal Palm at Lake Buena Vista Orlando, Florida 42,100 7,580 41,920 49,500 6,366 7,580 46,899 54,479 (14,731 ) 11/5/2014 Cornerstone Orlando, Florida 46,804 1,500 30,050 31,550 6,444 1,500 35,600 37,100 (12,285 ) 1/15/2015 The Preserve at Terrell Mill Marietta, Georgia 71,098 10,170 47,830 58,000 18,581 10,170 64,597 74,767 (22,908 ) 2/6/2015 Versailles Dallas, Texas 40,247 6,720 19,445 26,165 7,481 6,720 26,345 33,065 (9,994 ) 2/26/2015 Seasons 704 Apartments West Palm Beach, Florida 33,132 7,480 13,520 21,000 5,027 7,480 18,146 25,626 (6,265 ) 4/15/2015 Madera Point Mesa, Arizona 34,457 4,920 17,605 22,525 4,492 4,920 21,468 26,388 (7,230 ) 8/5/2015 Venue at 8651 Fort Worth, Texas 18,690 2,350 16,900 19,250 7,018 2,350 23,407 25,757 (8,083 ) 10/30/2015 Parc500 West Palm Beach, Florida 29,416 3,860 19,424 23,284 7,316 3,860 26,249 30,109 (8,853 ) 7/27/2016 The Venue on Camelback Phoenix, Arizona 28,093 8,340 36,520 44,860 7,367 8,340 43,164 51,504 (11,577 ) 10/11/2016 Old Farm Houston, Texas 52,886 11,078 73,986 85,064 5,371 11,078 76,003 87,081 (17,393 ) 12/29/2016 Stone Creek at Old Farm Houston, Texas 15,274 3,493 19,937 23,430 1,535 3,493 20,900 24,393 (4,625 ) 12/29/2016 Rockledge Apartments Marietta, Georgia 93,129 17,451 96,577 114,028 12,493 17,451 106,049 123,500 (24,825 ) 6/30/2017 Atera Apartments Dallas, Texas 46,198 22,371 37,090 59,461 6,148 22,371 41,898 64,269 (9,378 ) 10/25/2017 Crestmont Reserve Dallas, Texas 12,061 4,124 20,667 24,791 3,085 4,124 23,065 27,189 (4,782 ) 9/26/2018 Brandywine I & II Nashville, Tennessee 43,835 6,237 73,870 80,107 8,968 6,237 81,076 87,313 (15,920 ) 9/26/2018 Bella Vista Phoenix, Arizona 29,040 10,942 37,661 48,603 4,175 10,942 40,917 51,859 (7,717 ) 1/28/2019 The Enclave Tempe, Arizona 25,322 11,046 30,933 41,979 3,666 11,046 33,830 44,876 (6,508 ) 1/28/2019 The Heritage Phoenix, Arizona 24,625 6,835 35,244 42,079 3,958 6,835 38,452 45,287 (7,072 ) 1/28/2019 Summers Landing Fort Worth, Texas 10,109 1,798 17,628 19,426 2,698 1,798 19,793 21,591 (3,073 ) 6/7/2019 Residences at Glenview Reserve Nashville, Tennessee 25,873 3,367 41,652 45,019 5,760 3,367 46,430 49,797 (7,367 ) 7/17/2019 Residences at West Place Orlando, Florida 33,817 3,345 52,657 56,002 4,440 3,345 55,919 59,264 (7,758 ) 7/17/2019 Avant at Pembroke Pines Pembroke Pines, Florida 177,101 48,436 275,671 324,107 27,973 48,436 296,655 345,091 (42,167 ) 8/30/2019 Arbors of Brentwood Nashville, Tennessee 34,237 6,346 56,409 62,755 2,291 6,346 57,486 63,832 (7,910 ) 9/10/2019 Torreyana Apartments Las Vegas, Nevada 50,580 23,824 44,560 68,384 2,467 23,824 45,826 69,650 (5,970 ) 11/22/2019 Bloom Las Vegas, Nevada 59,830 23,803 83,290 107,093 5,626 23,803 87,065 110,868 (11,269 ) 11/22/2019 Bella Solara Las Vegas, Nevada 40,328 12,605 54,262 66,867 1,935 12,605 55,038 67,643 (7,133 ) 11/22/2019 Fairways at San Marcos Chandler, Arizona 60,228 10,993 73,785 84,778 4,294 10,993 76,404 87,397 (6,561 ) 11/2/2020 The Verandas at Lake Norman Charlotte, North Carolina 34,925 9,510 54,270 63,780 1,513 9,510 54,812 64,322 (3,218 ) 6/30/2021 Creekside at Matthews Charlotte, North Carolina 29,648 11,515 46,741 58,256 2,250 11,515 47,990 59,505 (2,943 ) 6/30/2021 Six Forks Station Raleigh, North Carolina 41,180 11,357 63,748 75,105 2,495 11,357 65,043 76,400 (3,273 ) 9/10/2021 High House at Cary Cary, North Carolina 46,625 23,809 69,793 93,602 1,279 23,809 69,696 93,505 (2,741 ) 12/7/2021 The Adair Sandy Springs, Georgia 35,115 8,361 57,139 65,500 1,002 8,361 58,141 66,502 (1,498 ) 4/1/2022 Estates on Maryland Phoenix, Arizona 43,157 11,573 66,327 77,900 409 11,573 66,736 78,309 (1,722 ) 4/1/2022 $ 1,607,028 $ 393,009 $ 1,835,291 $ 2,228,300 $ 231,223 $ 393,009 $ 2,020,836 $ 2,413,845 $ (371,293 ) (1) Encumbrances includes mortgage debt. (2) Includes gross intangible lease assets of approximately $48.3 million and buildings, improvements and furniture, fixtures and equipment of approximately $1.8 billion, which includes total acquisition costs of approximately $8.2 million incurred on the acquisitions of The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Crestmont Reserve, Brandywine I & II, Bella Vista, The Enclave, The Heritage, Summers Landing, Residences at Glenview Reserve, Residences at West Place, Avant at Pembroke Pines, Arbors of Brentwood, Torreyana, Bloom, Bella Solara, Fairways at San Marcos, Verandas at Lake Norman, Creekside at Matthews, Six Forks Station, and Hudson High House and a fair market value adjustment, a premium of approximately $0.9 million, related to the assumption of debt in connection with the acquisition of Parc500. (3) Includes construction in progress of approximately $10.6 million and furniture, fixtures and equipment of approximately $158.3 million. (4) The aggregate cost, net of accumulated depreciation, for U.S. federal income tax purposes as of December 31, 2022 was approximately $2.0 billion (unaudited). (5) Includes accumulated amortization of intangible lease assets of approximately $0.0 million. (6) Depreciation and amortization are computed on a straight-line basis over the estimated useful lives. The estimated useful life to compute depreciation for buildings is 30 years, for improvements is 15 years, and for furniture, fixtures and equipment is three years. The estimated useful life to compute amortization for intangible lease assets is six months. NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands): For the Year Ended December 31, 2022 2021 2020 Real Estate: Balance, beginning of year $ 2,248,796 $ 1,976,243 $ 1,942,221 Additions: Real estate acquired 143,400 290,743 84,778 Improvements 58,715 43,202 48,933 Deductions: Real estate sold (28,239 ) (55,045 ) (85,588 ) Write-off of fully amortized assets and other (8,827 ) (6,347 ) (14,101 ) Balance, end of year $ 2,413,845 $ 2,248,796 $ 1,976,243 Accumulated Depreciation and Amortization: Balance, beginning of year $ 287,096 $ 215,494 $ 160,411 Depreciation expense 93,499 82,760 75,609 Amortization expense 4,149 4,118 6,802 Accumulated depreciation on sales (6,459 ) (11,028 ) (14,523 ) Write-off of fully amortized assets and other (6,992 ) (4,248 ) (12,805 ) Balance, end of year $ 371,293 $ 287,096 $ 215,494

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 2022.
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation
Revenue Recognition	Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. The Company records an allowance to reflect revenue that may not be collectable. This is recorded through a provision for bad debts which is included in rental income in the accompanying consolidated statements of operations and comprehensive income (loss). Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, and pets, administrative, application and other fees and are recognized when earned.
Purchase Price Allocation	Purchase Price Allocation Upon acquisition of a property considered to be an asset acquisition, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above.
Impairment	Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and 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. 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 December 31, 2022, the Company has not 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 December 31, 2022 , there are two properties held for sale. In addition to the net real estate and mortgages payable held for sale, the consolidated balance sheet also includes approximately $ 0.7 million of accounts receivable and prepaid and other assets, and approximately $ million of accounts payable, real estate taxes payable, security deposits, prepaid rents, and other accrued liabilities.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to U.S. federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the years ended December 31, 2022, 2021 and 2020. If the Company fails to meet these requirements, it could be subject to U.S. federal income tax on all of the Company’s taxable income at corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 31, 2022, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of December 31, 2022. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of various state and local jurisdictions. The 2021, 2020 and 2019 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss).
Recent Accounting Pronouncements	Recent In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform one-month one-month one-month 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. ASU 2022-06 will have no impact on the Company’s consolidated financial statements for the year ended December 31, 2022.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Estimated Useful Lives of Assets	Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of December 31, 2022, the Company, through the OP and the wholly owned TRS, owned 40 properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the SPEs that directly own the title to each property as of December 31, 2022 and 2021: Effective Ownership Percentage at December 31, Property Name Location Year 2022 2021 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback Phoenix, Arizona 2016 100 % 100 % Old Farm (1) Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm (1) Houston, Texas 2016 100 % 100 % Hollister Place (2) Houston, Texas 2017 — 100 % Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments Dallas, Texas 2017 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista Phoenix, Arizona 2019 100 % 100 % The Enclave Tempe, Arizona 2019 100 % 100 % The Heritage Phoenix, Arizona 2019 100 % 100 % Summers Landing Fort Worth, Texas 2019 100 % 100 % Residences at Glenview Reserve Nashville, Tennessee 2019 100 % 100 % Residences at West Place Orlando, Florida 2019 100 % 100 % Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % 100 % Arbors of Brentwood Nashville, Tennessee 2019 100 % 100 % Torreyana Apartments Las Vegas, Nevada 2019 100 % 100 % Bloom Las Vegas, Nevada 2019 100 % 100 % Bella Solara Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, Arizona 2020 100 % 100 % The Verandas at Lake Norman (3) Charlotte, North Carolina 2021 100 % 100 % Creekside at Matthews (3) Charlotte, North Carolina 2021 100 % 100 % Six Forks Station Raleigh, North Carolina 2021 100 % 100 % High House at Cary Cary, North Carolina 2021 100 % 100 % The Adair (4) Sandy Springs, Georgia 2022 100 % — Estates on Maryland (4) Phoenix, Arizona 2022 100 % — (1) Properties classified as held for sale as of December 31, 2022. (2) Property was sold in 2022. (3) The EAT that directly owned The Verandas at Lake Norman and Creekside at Matthews was consolidated as a VIE at June 30, 2021 giving the Company an effective 100% ownership interest. The master lease agreement with the EAT that directly owned these properties terminated on December 28, 2021, at which time legal title and control transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. (4) Properties were acquired in 2022; therefore, no ownership as of December 31, 2021.

Real Estate Investments Stati_2

Real Estate Investments Statistics (Tables)	12 Months Ended
	Dec. 31, 2022
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of December 31, 2022, the Company was invested in a total of 40 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31,*(1) % Occupied as of December 31,*(2) Property Name Rentable Square Footage (in thousands)* Number of Units*(3) Date Acquired 2022 2021 2022 2021 Arbors on Forest Ridge 155 210 1/31/2014 $ 1,180 $ 1,021 92.4 % 96.2 % Cutter's Point 198 196 1/31/2014 1,497 1,219 93.9 % 95.4 % Silverbrook 526 642 1/31/2014 1,214 1,043 90.3 % 94.1 % The Summit at Sabal Park 205 252 8/20/2014 1,503 1,198 94.0 % 96.0 % Courtney Cove 225 324 8/20/2014 1,490 1,132 94.4 % 93.8 % Radbourne Lake 247 225 9/30/2014 1,385 1,227 93.3 % 94.2 % Timber Creek 248 352 9/30/2014 1,244 1,032 92.3 % 96.1 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,786 1,377 95.5 % 97.8 % Cornerstone 318 430 1/15/2015 1,453 1,152 90.0 % 95.6 % The Preserve at Terrell Mill 692 752 2/6/2015 1,321 1,156 91.9 % 90.9 % Versailles 301 388 2/26/2015 1,261 1,024 93.0 % 96.4 % Seasons 704 Apartments 217 222 4/15/2015 1,837 1,410 94.1 % 96.8 % Madera Point 193 256 8/5/2015 1,345 1,140 95.7 % 94.5 % Venue at 8651 289 333 10/30/2015 1,182 1,006 91.6 % 94.5 % Parc500 266 217 7/27/2016 1,927 1,543 95.9 % 96.3 % The Venue on Camelback 256 415 10/11/2016 1,080 915 91.8 % 92.3 % Old Farm (4) 697 734 12/29/2016 1,326 1,207 95.2 % 93.9 % Stone Creek at Old Farm (4) 186 190 12/29/2016 1,343 1,248 93.2 % 96.8 % Rockledge Apartments 802 708 6/30/2017 1,550 1,408 92.7 % 93.9 % Atera Apartments 334 380 10/25/2017 1,524 1,310 96.1 % 93.9 % Crestmont Reserve 199 242 9/26/2018 1,252 985 95.0 % 95.5 % Brandywine I & II 414 632 9/26/2018 1,252 1,031 94.5 % 95.6 % Bella Vista 243 248 1/28/2019 1,791 1,515 98.0 % 96.0 % The Enclave 194 204 1/28/2019 1,851 1,507 96.6 % 96.6 % The Heritage 199 204 1/28/2019 1,653 1,432 95.1 % 95.6 % Summers Landing 139 196 6/7/2019 1,203 1,033 93.9 % 93.9 % Residences at Glenview Reserve 344 360 7/17/2019 1,233 1,074 95.8 % 95.6 % Residences at West Place 345 342 7/17/2019 1,586 1,345 93.0 % 93.0 % Avant at Pembroke Pines 1,442 1520 8/30/2019 2,106 1,695 95.1 % 93.9 % Arbors of Brentwood 325 346 9/10/2019 1,423 1,284 89.0 % 95.1 % Torreyana Apartments 309 316 11/22/2019 1,557 1,365 93.7 % 93.7 % Bloom 498 528 11/22/2019 1,315 1,238 89.8 % 89.2 % Bella Solara 271 320 11/22/2019 1,371 1,309 88.8 % 91.3 % Fairways at San Marcos 340 352 11/2/2020 1,576 1,425 93.5 % 96.3 % The Verandas at Lake Norman 241 264 6/30/2021 1,316 1,215 94.3 % 93.2 % Creekside at Matthews 263 240 6/30/2021 1,397 1,350 94.6 % 94.2 % Six Forks Station 360 323 9/10/2021 1,416 1,228 92.6 % 95.4 % High House at Cary 293 302 12/7/2021 1,636 1,361 95.4 % 94.7 % The Adair 328 232 4/1/2022 1,807 — (5) 94.4 % — (5) Estates on Maryland 324 330 4/1/2022 1,459 — (5) 92.7 % — (5) 13,797 15,127 * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 2022 and December 31, 2021, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31, 2022 and December 31, 2021, respectively. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2022 and 2021, divided by the total number of units, expressed as a percentage. (3) Includes 113 down units due to casualty events as of December 31, 2022 (see Note 5 to our consolidated financial statements). (4) Properties classified as held for sale as of December 31, 2022. ( 5 ) Properties were acquired in 2022.

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of December 31, 2022, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,809 $ — $ 2 $ 2,029 $ 16,170 Cutter's Point 3,330 13,147 — — 7,562 24,039 Silverbrook 4,860 25,927 — 1,962 6,201 38,950 The Summit at Sabal Park 5,770 13,990 — 38 2,326 22,124 Courtney Cove 5,880 14,920 — — 2,883 23,683 Radbourne Lake 2,440 23,040 — — 3,237 28,717 Timber Creek 11,260 13,504 — 2,823 4,337 31,924 Sabal Palm at Lake Buena Vista 7,580 42,809 — 314 3,776 54,479 Cornerstone 1,500 31,014 — 146 4,440 37,100 The Preserve at Terrell Mill 10,170 53,429 — — 11,177 74,776 Versailles 6,720 21,594 — 124 4,618 33,056 Seasons 704 Apartments 7,480 15,042 — 9 3,095 25,626 Madera Point 4,920 18,294 — — 3,174 26,388 Venue at 8651 2,350 17,977 — 1,036 4,394 25,757 Parc500 3,860 21,352 — 4 4,893 30,109 The Venue on Camelback 8,340 38,860 — 27 4,277 51,504 Rockledge Apartments 17,451 96,896 — 912 8,241 123,500 Atera Apartments 22,371 38,942 — — 2,956 64,269 Crestmont Reserve 4,124 21,105 — 6 1,954 27,189 Brandywine I & II 6,237 73,920 — — 7,156 87,313 Bella Vista 10,942 37,493 — 8 3,416 51,859 The Enclave 11,046 30,777 — 16 3,037 44,876 The Heritage 6,835 35,286 — — 3,166 45,287 Summers Landing 1,798 18,669 — — 1,124 21,591 Residences at Glenview Reserve 3,367 42,563 — — 3,867 49,797 Residences at West Place 3,345 52,712 — 12 3,195 59,264 Avant at Pembroke Pines 48,436 278,736 — 2,139 15,780 345,091 Arbors of Brentwood 6,346 54,239 — 121 3,126 63,832 Torreyana Apartments 23,824 43,861 — — 1,965 69,650 Bloom 23,803 82,802 — 37 4,226 110,868 Bella Solara 12,605 52,351 — — 2,687 67,643 Fairways at San Marcos 10,993 73,007 — — 3,397 87,397 The Verandas at Lake Norman 9,510 53,061 — 25 1,726 64,322 Creekside at Matthews 11,515 45,779 — 78 2,133 59,505 Six Forks Station 11,357 62,816 — 116 2,111 76,400 High House at Cary 23,809 67,855 — 52 1,789 93,505 The Adair 8,361 56,163 — 525 1,453 66,502 Estates on Maryland 11,573 65,041 — 90 1,605 78,309 378,438 1,760,782 $ — 10,622 152,529 2,302,371 Accumulated depreciation and amortization — (245,093 ) — — (104,183 ) (349,276 ) Total Operating Properties $ 378,438 $ 1,515,689 $ — $ 10,622 $ 48,346 $ 1,953,095 Held For Sale Properties Old Farm 11,078 71,305 — 12 4,686 87,081 Stone Creek at Old Farm 3,493 19,772 — 3 1,125 24,393 Accumulated depreciation and amortization — (17,339 ) — — (4,678 ) (22,017 ) Total Held For Sale Property $ 14,571 $ 73,738 $ — $ 15 $ 1,133 $ 89,457 Total $ 393,009 $ 1,589,427 $ — $ 10,637 $ 49,479 $ 2,042,552 As of December 31, 2021, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,755 $ — $ — $ 1,821 $ 15,906 Cutter's Point 3,330 13,091 — — 7,379 23,800 Silverbrook 4,860 27,495 — — 5,566 37,921 The Summit at Sabal Park 5,770 13,882 — — 1,978 21,630 Courtney Cove 5,880 14,350 — — 2,444 22,674 Radbourne Lake 2,440 22,744 — 64 2,455 27,703 Timber Creek 11,260 13,310 — 239 3,827 28,636 Sabal Palm at Lake Buena Vista 7,580 42,456 — 2 2,758 52,796 Cornerstone 1,500 30,901 — 21 3,722 36,144 The Preserve at Terrell Mill 10,170 53,080 — — 8,997 72,247 Versailles 6,720 21,887 — — 4,075 32,682 Seasons 704 Apartments 7,480 14,644 — — 2,078 24,202 Madera Point 4,920 18,090 — 48 2,612 25,670 Venue at 8651 2,350 17,495 — 334 3,843 24,022 Parc500 3,860 21,172 — — 4,147 29,179 The Venue on Camelback 8,340 38,328 — 306 3,248 50,222 Old Farm 11,078 70,993 — 99 3,902 86,072 Stone Creek at Old Farm 3,493 19,714 — 2 899 24,108 Hollister Place 2,782 21,196 — 1,308 2,739 28,025 Rockledge Apartments 17,451 97,374 — — 5,968 120,793 Atera Apartments 22,371 36,857 — 1,824 2,384 63,436 Crestmont Reserve 4,124 21,067 — — 1,515 26,706 Brandywine I & II 6,237 73,737 — — 5,160 85,134 Bella Vista 10,942 37,193 — 51 2,687 50,873 The Enclave 11,046 30,469 — 11 2,403 43,929 The Heritage 6,835 35,011 — 68 2,386 44,300 Summers Landing 1,798 18,433 — 1 790 21,022 Residences at Glenview Reserve 3,367 42,306 — — 2,366 48,039 Residences at West Place 3,345 52,310 — — 1,591 57,246 Avant at Pembroke Pines 48,434 275,968 — 1,414 11,611 337,427 Arbors of Brentwood 6,346 56,040 — — 2,235 64,621 Torreyana Apartments 23,824 43,700 — 25 1,371 68,920 Bloom 23,805 82,545 — 16 2,697 109,063 Bella Solara 12,605 53,415 — 24 1,854 67,898 Fairways at San Marcos 10,993 72,920 — 2 1,989 85,904 The Verandas at Lake Norman 9,510 52,884 — 6 650 63,050 Creekside at Matthews 11,515 45,271 — 18 756 57,560 Six Forks Station 11,357 62,129 1,200 195 748 75,629 Hudson High House 23,809 67,654 1,376 — 768 93,607 $ 375,857 $ 1,743,866 $ 2,576 $ 6,078 $ 120,419 $ 2,248,796 Accumulated depreciation and amortization — (203,125 ) (1,029 ) — (82,942 ) (287,096 ) Total Operating Properties $ 375,857 $ 1,540,741 $ 1,547 $ 6,078 $ 37,477 $ 1,961,700
Summary of Acquired Properties	The Company acquired two properties during the year ended December 31, 2022, as detailed in the table below (dollars in thousands). The Company acquired four properties for a combined purchase price of approximately $289.5 million during the year ended December 31, 2021. See Notes 3, 4 and 6 to our consolidated financial statements for additional information. 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 (1) For additional information regarding the Company’s debt, see Note 6 to our consolidated financial statements.
Schedule of Sale of Properties	The Company sold one property during the year ended December 31, 2022, as detailed in the table below (in thousands). The Company sold two properties for approximately $91.3 million during the year ended December 31, 2021. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate Hollister Place Houston, Texas December 29, 2022 $ 36,750 $ 21,496 $ 14,684 (1) Represents sales price, net of closing costs.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
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 December 31, 2022 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 120 $ 19,184 5.61% 12/1/2032 Cutter's Point (3) Floating 120 21,524 5.61% 12/1/2032 Silverbrook (3) Floating 120 46,088 5.61% 12/1/2032 The Summit at Sabal Park (3) Floating 120 30,826 5.61% 12/1/2032 Courtney Cove (3) Floating 120 36,146 5.61% 12/1/2032 The Preserve at Terrell Mill (3) Floating 120 71,098 5.61% 12/1/2032 Versailles (3) Floating 120 40,247 5.61% 12/1/2032 Seasons 704 Apartments (3) Floating 120 33,132 5.61% 12/1/2032 Madera Point (3) Floating 120 34,457 5.61% 12/1/2032 Venue at 8651 (3) Floating 120 18,690 5.61% 12/1/2032 The Venue on Camelback (4) Floating 84 28,093 6.07% 7/1/2024 Timber Creek (4) Floating 84 24,100 5.65% 10/1/2025 Radbourne Lake (4) Floating 84 20,000 5.68% 10/1/2025 Sabal Palm at Lake Buena Vista (4) Floating 84 42,100 5.69% 9/1/2025 Cornerstone (3) Floating 120 46,804 6.15% 12/1/2032 Parc500 (3) Floating 120 29,416 5.61% 12/1/2032 Rockledge Apartments (3) Floating 120 93,129 5.61% 12/1/2032 Atera Apartments (3) Floating 120 46,198 5.61% 12/1/2032 Crestmont Reserve (4) Floating 84 12,061 5.57% 10/1/2025 Brandywine I & II (4) Floating 84 43,835 5.57% 10/1/2025 Bella Vista (4) Floating 84 29,040 5.71% 2/1/2026 The Enclave (4) Floating 84 25,322 5.71% 2/1/2026 The Heritage (4) Floating 84 24,625 5.71% 2/1/2026 Summers Landing (5) Floating 84 10,109 5.57% 10/1/2025 Residences at Glenview Reserve (6) Floating 84 25,873 5.83% 10/1/2025 Residences at West Place (6) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (4) Floating 84 177,101 5.82% 9/1/2026 Arbors of Brentwood (4) Floating 84 34,237 5.82% 10/1/2026 Torreyana Apartments (3) Floating 120 50,580 5.61% 12/1/2032 Bloom (3) Floating 120 59,830 5.61% 12/1/2032 Bella Solara (3) Floating 120 40,328 5.61% 12/1/2032 Fairways at San Marcos (3) Floating 120 60,228 5.61% 12/1/2032 The Verandas at Lake Norman (7) Floating 84 34,925 5.91% 7/1/2028 Creekside at Matthews (3) Floating 120 29,648 5.61% 12/1/2032 Six Forks Station (8) Floating 120 41,180 5.78% 10/1/2031 High House at Cary (7) Floating 84 46,625 6.07% 1/1/2029 The Adair (4) Floating 84 35,115 6.03% 4/1/2029 Estates on Maryland (4) Floating 84 43,157 6.03% 4/1/2029 $ 1,538,868 Fair market value adjustment 609 (9) Deferred financing costs, net of accumulated amortization of $2,618 (12,649 ) 1,526,828 Held For Sale Properties Old Farm (4) Floating 84 52,886 6.07% 7/1/2024 Stone Creek at Old Farm (4) Floating 84 15,274 6.07% 7/1/2024 68,160 Deferred financing costs, net of accumulated amortization of $528 (144 ) $ 68,016 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. Reference rates used in our portfolio include one-month LIBOR and 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of December 31, 2022, one-month LIBOR was 4.392% and SOFR was 4.062%. (3) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00 %. Starting in the 25th month of the term through the 117 th month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. ( 4 ) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st ( 5 ) Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. ( 6 ) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term. ( 7 ) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 36th month of the term, the loan can be pre-paid at par plus 2% of the unpaid principal balance. Starting in the 37th month of the term, the loan can be pre-paid at par plus 1% of the unpaid principal balance. The loan is open to pre-payment in the last three months of the term. ( 8 ) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 116th of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term. ( 9 ) The Company reflected a valuation adjustment on its fixed rate debt for Residences at West Place to adjust it to fair market value on their respective dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages.
Sale of Properties and Repayment of Related Mortgage Loans	During the year ended December 31, 2022, the Company sold one property and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) Hollister Place December 29, 2022 Floating $ 14,811 (1) Represents the outstanding principal balance when the loan was repaid.
Schedule of Credit Facility	The following table contains summary information concerning the Company’s credit facility as of December 31, 2022 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 36 $ 74,500 6.31% 6/30/2025 Deferred financing costs, net of accumulated amortization of $1,151 (1,856 ) $ 72,644 (1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of December 31, 2022 was 4.358%.
Summary of Loss on Extinguishment of Debt and Medication Costs	The following table contains summary information concerning the loss on extinguishment of debt and medication costs as of December 31, 2022 (dollars in thousands): For the Year Ended December 31, 2022 2021 2020 Prepayment penalties and defeasance costs $ 5,702 $ 407 $ 711 Write-off of deferred financing costs 1,961 503 756 Write-off of fair market value adjustment of assumed debt $ (256 ) $ — $ — Debt modification and other extinguishment costs 1,327 2 3 Total $ 8,734 $ 912 $ 1,470
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 December 31, 2022 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2023 $ 307 $ — $ — $ 307 2024 28,464 68,160 — 96,624 2025 177,400 — 74,500 251,900 2026 290,324 — — 290,324 2027 — — — — Thereafter 1,042,373 — — 1,042,373 Total $ 1,538,868 $ 68,160 $ 74,500 $ 1,681,528

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of December 31, 2022, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) June 1, 2019 June 1, 2024 KeyBank 50,000 2.0020 % June 1, 2019 June 1, 2024 Truist 50,000 2.0020 % September 1, 2019 September 1, 2026 KeyBank 100,000 1.4620 % September 1, 2019 September 1, 2026 KeyBank 125,000 1.3020 % January 3, 2020 September 1, 2026 KeyBank 92,500 1.6090 % March 4, 2020 June 1, 2026 Truist 100,000 0.8200 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.8450 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.9530 % March 1, 2022 March 1, 2025 Truist 145,000 0.5730 % March 1, 2022 March 1, 2025 Truist 105,000 0.6140 % $ 1,167,500 1.0682 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2022, one-month LIBOR was 4.392%. (2) Represents the weighted average fixed rate of the interest rate swaps. As of December 31, 2022, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk with future effective dates (dollars in thousands): Future Swaps Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) September 1, 2026 January 1, 2027 KeyBank $ 92,500 1.7980 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2022, one-month LIBOR was 4.392%. ( 2 ) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of December 31, 2022, 2021 and 2020, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of December 31, Number of Instruments Notional Amount 2022 36 $ 1,344,088 2021 15 $ 458,846 2020 16 $ 393,006
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 December 31, 2022 and 2021 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 103,440 $ 11,045 $ — $ 7,519 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 7,634 263 — — Total $ 111,074 $ 11,308 $ — $ 7,519
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss)	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020 (in thousands):
Schedule of Carrying Value and Estimated Fair Value of Debt Instruments	The table below presents the carrying value and estimated fair value of our debt at December 31, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate debt $ 33,817 $ 31,857 $ 69,285 $ 71,141 Floating rate debt (1) $ 1,647,711 $ 1,506,741 $ 1,491,861 $ 1,525,298 (1) Includes balances outstanding under our Amended and Restated Corporate Credit Facility.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
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 December 31, 2022: 2022 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 589,283 $ 39.17 Granted 142,159 83.88 Vested (202,927 ) (1) 23.44 Forfeited (589 ) 33.99 Outstanding December 31, 527,926 $ 52.66 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 165,134 shares being issued as shown on the consolidated statement of stockholders’ equity.
Summary Information of 2019 and 2020 ATM Program	The following table contains summary information of the 2019 ATM Program since its inception: Gross proceeds $ 99,973,433 Common shares issued 2,125,322 Gross average sale price per share $ 47.04 Sales commissions $ 1,144,579 Offering costs 1,293,298 Net proceeds 97,535,556 Average price per share, net $ 45.89 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 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 December 31, 2022: Shares Vesting February May Total 2023 138,964 21,879 160,843 2024 132,568 21,877 154,445 2025 97,680 21,877 119,557 2026 65,984 — 65,984 2027 27,097 — 27,097 Total 462,293 65,633 527,926

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Year Ended December 31, 2022 2021 2020 Numerator for earnings (loss) per share: Net income (loss) $ (9,291 ) $ 23,106 $ 44,150 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership (31 ) 69 132 Net income (loss) attributable to common stockholders $ (9,260 ) $ 23,037 $ 44,018 Denominator for earnings (loss) per share: Weighted average common shares outstanding 25,610 25,170 24,715 Denominator for basic earnings (loss) per share 25,610 25,170 24,715 Weighted average unvested restricted stock units 542 590 519 Denominator for diluted earnings (loss) per share (1) 25,610 25,760 25,234 Earnings (loss) per weighted average common share: Basic $ (0.36 ) $ 0.92 $ 1.78 Diluted $ (0.36 ) $ 0.89 $ 1.74 ( 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)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the year ended December 31, 2022 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2021 $ 6,139 Net loss attributable to redeemable noncontrolling interests in the OP (31 ) Other comprehensive income attributable to redeemable noncontrolling interests in the OP 338 Distributions to redeemable noncontrolling interests in the OP (519 ) Issuance of operating partnership units for purchase of noncontrolling interests 2,444 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP (2,740 ) Redeemable noncontrolling interests in the OP, December 31, 2022 $ 5,631
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 years ended December 31, 2022, 2021 and 2020 (in thousands): For the Year Ended December 31, 2022 2021 2020 Fees incurred Property management fees (1) $ 7,606 $ 6,308 $ 5,949 Construction supervision fees (2) 2,000 1,098 1,848 Design fees (2) 198 88 666 Acquisition fees (3) 45 677 201 Reimbursements Payroll and benefits (4) 21,310 18,802 18,284 Other reimbursements (5) 4,695 3,574 3,253 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	26,050,945
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	99,791

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2022
Land
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	Not depreciated
Buildings
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Furniture, Fixtures, and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	3 years
Intangible Lease Assets
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	6 months

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment of real estate assets		$ 0	$ 0	$ 0
Number of properties held for sale | Property		2
Real estate held for sale assets	$ 1,953,095,000	$ 1,953,095,000	1,961,700,000
Minimum percentage of distributed taxable income to qualify as REIT		90%
Percentage of non-deductible excise tax on distribution		4%
Percentage of ordinary income considered for payment of distribution		85%
Percentage of capital gain net income considered for payment of distribution		95%
Percentage of undistributed income of prior considered for payment of distribution		100%
Unrecognized tax benefit or expense, accrued interest or penalties	0	$ 0
Mortgage debt	$ 1,526,828,000	$ 1,526,828,000	$ 1,276,285,000
SOFR
Summary Of Significant Accounting Policies [Line Items]
Debt portion transitioned period	1 month	1 month
Mortgage debt	$ 808,000,000	$ 808,000,000
LIBOR
Summary Of Significant Accounting Policies [Line Items]
Debt portion transitioned period	1 month
Mortgage debt	$ 509,000,000	$ 509,000,000
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained		50%
Accounts Receivable and Prepaid and Oher Assets
Summary Of Significant Accounting Policies [Line Items]
Real estate held for sale assets	700,000	$ 700,000
Accounts Payable Real Estate Taxes Payable Security Deposits Prepaid Rents and Other Accrued Liabilities
Summary Of Significant Accounting Policies [Line Items]
Real estate held for sale associated with liabilities	$ 4,000,000	$ 4,000,000

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details) - subsidiary	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Investments [Abstract]
Consolidated investment in SPEs	100%	100%
Number of wholly owned subsidiaries	40

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Ownership in Each Property (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100%	100%
Arbors on Forest Ridge | Bedford, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Cutter's Point | Richardson, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Silverbrook | Grand Prairie, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Summit at Sabal Park | Tampa, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Courtney Cove | Tampa, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Radbourne Lake | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Timber Creek | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Sabal Palm at Lake Buena Vista | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
Cornerstone | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Preserve at Terrell Mill | Marietta, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
Versailles | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
Seasons 704 Apartments | West Palm Beach, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
Madera Point | Mesa, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
Venue at 8651 | Fort Worth, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
Parc500 | West Palm Beach, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Venue on Camelback | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
Effective ownership percentage, wholly owned subsidiary	100%	100%
Old Farm | Houston, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
Effective ownership percentage, wholly owned subsidiary	100%	100%
Stone Creek at Old Farm | Houston, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
Effective ownership percentage, wholly owned subsidiary	100%	100%
Hollister Place | Houston, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2017
Effective ownership percentage, wholly owned subsidiary		100%
Rockledge Apartments | Marietta, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2017
Effective ownership percentage, wholly owned subsidiary	100%	100%
Atera Apartments | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2017
Effective ownership percentage, wholly owned subsidiary	100%	100%
Crestmont Reserve | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2018
Effective ownership percentage, wholly owned subsidiary	100%	100%
Brandywine I & II | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2018
Effective ownership percentage, wholly owned subsidiary	100%	100%
Bella Vista | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Enclave | Tempe, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Heritage | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Summers Landing | Fort Worth, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Residences at Glenview Reserve | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Residences at West Place | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Avant at Pembroke Pines | Pembroke Pines, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Arbors of Brentwood | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Torreyana Apartments | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Verandas at Lake Norman | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
Bloom | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Creekside At Matthews | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
High House At Cary | Cary, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
Bella Solara | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Six Forks Station | Raleigh North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Adair | Sandy Springs, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2022
Effective ownership percentage, wholly owned subsidiary	100%
Fairways at San Marcos | Chandler, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2020
Effective ownership percentage, wholly owned subsidiary	100%	100%
Estates On Maryland | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2022
Effective ownership percentage, wholly owned subsidiary	100%

Investments in Subsidiaries -_2

Investments in Subsidiaries - Schedule of Ownership in Each Property (Parenthetical) (Details)	Dec. 31, 2022	Dec. 31, 2021
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100%	100%
Creekside At Matthews
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100%

Real Estate Investments Stati_3

Real Estate Investments Statistics - Additional Information (Details)	Dec. 31, 2022 Property
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	40

Real Estate Investments Stati_4

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		12 Months Ended
		Dec. 31, 2022 ft² Property $ / Property	Dec. 31, 2021 $ / Property
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		13,797
Number of Units | Property	[1]	15,127
Arbors on Forest Ridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		155
Number of Units | Property	[1]	210
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,180	1,021
% Occupied	[3]	92.40%	96.20%
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		198
Number of Units | Property	[1]	196
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,497	1,219
% Occupied	[3]	93.90%	95.40%
Silverbrook
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		526
Number of Units | Property	[1]	642
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,214	1,043
% Occupied	[3]	90.30%	94.10%
The Summit at Sabal Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		205
Number of Units | Property	[1]	252
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,503	1,198
% Occupied	[3]	94%	96%
Courtney Cove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		225
Number of Units | Property	[1]	324
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,490	1,132
% Occupied	[3]	94.40%	93.80%
Radbourne Lake
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		247
Number of Units | Property	[1]	225
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,385	1,227
% Occupied	[3]	93.30%	94.20%
Timber Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		248
Number of Units | Property	[1]	352
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,244	1,032
% Occupied	[3]	92.30%	96.10%
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		371
Number of Units | Property	[1]	400
Date Acquired		Nov. 05, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,786	1,377
% Occupied	[3]	95.50%	97.80%
Cornerstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		318
Number of Units | Property	[1]	430
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,453	1,152
% Occupied	[3]	90%	95.60%
The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		692
Number of Units | Property	[1]	752
Date Acquired		Feb. 06, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,321	1,156
% Occupied	[3]	91.90%	90.90%
Versailles
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		301
Number of Units | Property	[1]	388
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,261	1,024
% Occupied	[3]	93%	96.40%
Seasons 704 Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		217
Number of Units | Property	[1]	222
Date Acquired		Apr. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,837	1,410
% Occupied	[3]	94.10%	96.80%
Madera Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		193
Number of Units | Property	[1]	256
Date Acquired		Aug. 05, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,345	1,140
% Occupied	[3]	95.70%	94.50%
Venue at 8651
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		289
Number of Units | Property	[1]	333
Date Acquired		Oct. 30, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,182	1,006
% Occupied	[3]	91.60%	94.50%
Parc500
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		266
Number of Units | Property	[1]	217
Date Acquired		Jul. 27, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,927	1,543
% Occupied	[3]	95.90%	96.30%
The Venue on Camelback
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		256
Number of Units | Property	[1]	415
Date Acquired		Oct. 11, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,080	915
% Occupied	[3]	91.80%	92.30%
Old Farm
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[4]	697
Number of Units | Property	[1],[4]	734
Date Acquired	[4]	Dec. 29, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[2],[4]	1,326	1,207
% Occupied	[3],[4]	95.20%	93.90%
Stone Creek at Old Farm
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[4]	186
Number of Units | Property	[1],[4]	190
Date Acquired	[4]	Dec. 29, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[2],[4]	1,343	1,248
% Occupied	[3],[4]	93.20%	96.80%
Rockledge Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		802
Number of Units | Property	[1]	708
Date Acquired		Jun. 30, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,550	1,408
% Occupied	[3]	92.70%	93.90%
Atera Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		334
Number of Units | Property	[1]	380
Date Acquired		Oct. 25, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,524	1,310
% Occupied	[3]	96.10%	93.90%
Crestmont Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		199
Number of Units | Property	[1]	242
Date Acquired		Sep. 26, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,252	985
% Occupied	[3]	95%	95.50%
Brandywine I & II
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		414
Number of Units | Property	[1]	632
Date Acquired		Sep. 26, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,252	1,031
% Occupied	[3]	94.50%	95.60%
Bella Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		243
Number of Units | Property	[1]	248
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,791	1,515
% Occupied	[3]	98%	96%
The Enclave
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		194
Number of Units | Property	[1]	204
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,851	1,507
% Occupied	[3]	96.60%	96.60%
The Heritage
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		199
Number of Units | Property	[1]	204
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,653	1,432
% Occupied	[3]	95.10%	95.60%
Summers Landing
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		139
Number of Units | Property	[1]	196
Date Acquired		Jun. 07, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,203	1,033
% Occupied	[3]	93.90%	93.90%
Residences at Glenview Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		344
Number of Units | Property	[1]	360
Date Acquired		Jul. 17, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,233	1,074
% Occupied	[3]	95.80%	95.60%
Residences at West Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		345
Number of Units | Property	[1]	342
Date Acquired		Jul. 17, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,586	1,345
% Occupied	[3]	93%	93%
Avant at Pembroke Pines
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		1,442
Number of Units | Property	[1]	1,520
Date Acquired		Aug. 30, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	2,106	1,695
% Occupied	[3]	95.10%	93.90%
Arbors of Brentwood
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		325
Number of Units | Property	[1]	346
Date Acquired		Sep. 10, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,423	1,284
% Occupied	[3]	89%	95.10%
Torreyana Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		309
Number of Units | Property	[1]	316
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,557	1,365
% Occupied	[3]	93.70%	93.70%
Bloom
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		498
Number of Units | Property	[1]	528
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,315	1,238
% Occupied	[3]	89.80%	89.20%
Bella Solara
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		271
Number of Units | Property	[1]	320
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,371	1,309
% Occupied	[3]	88.80%	91.30%
Fairways at San Marcos
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		340
Number of Units | Property	[1]	352
Date Acquired		Nov. 02, 2020
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,576	1,425
% Occupied	[3]	93.50%	96.30%
The Verandas at Lake Norman
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[5]	241
Number of Units | Property	[1],[5]	264
Date Acquired	[5]	Jun. 30, 2021
Average Effective Monthly Rent Per Unit | $ / Property	[2],[5]	1,316	1,215
% Occupied	[3],[5]	94.30%	93.20%
High House At Cary
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		293
Number of Units | Property	[1]	302
Date Acquired		Dec. 07, 2021
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,636	1,361
% Occupied	[3]	95.40%	94.70%
Creekside At Matthews
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[5]	263
Number of Units | Property	[1],[5]	240
Date Acquired	[5]	Jun. 30, 2021
Average Effective Monthly Rent Per Unit | $ / Property	[2],[5]	1,397	1,350
% Occupied	[3],[5]	94.60%	94.20%
Six Forks Station
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[5]	360
Number of Units | Property	[1],[5]	323
Date Acquired	[5]	Sep. 10, 2021
Average Effective Monthly Rent Per Unit | $ / Property	[2],[5]	1,416	1,228
% Occupied	[3],[5]	92.60%	95.40%
The Adair
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		328
Number of Units | Property	[1]	232
Date Acquired		Apr. 01, 2022
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,807
% Occupied	[3]	94.40%
Estates On Maryland
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		324
Number of Units | Property	[1]	330
Date Acquired		Apr. 01, 2022
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,459
% Occupied	[3]	92.70%
[1]Includes 113 down units due to casualty events as of December 31, 2022 (see Note 5 to our consolidated financial statements).[2]Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 2022 and December 31, 2021, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31, 2022 and December 31, 2021, respectively[3]Percent occupied is calculated as the number of units occupied as of December 31, 2022 and 2021, divided by the total number of units, expressed as a percentage.[4]Properties classified as held for sale as of December 31, 2022.[5]Properties were acquired in 2022.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Land	$ 378,438	$ 375,857
Buildings and improvements	1,760,782	1,743,866
Intangible lease assets		2,576
Construction in progress	10,622	6,078
Furniture, fixtures, and equipment	152,529	120,419
Real estate investment, gross	2,302,371	2,248,796
Accumulated depreciation and amortization	(349,276)	(287,096)
Total Net Operating Real Estate Investments	1,953,095	1,961,700
Accumulated depreciation and amortization	(22,017)	0
Total Net Real Estate Investments	2,042,552	1,961,700
Multifamily Properties
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(22,017)
Total Net Real Estate Investments	2,042,552
Multifamily Properties | Land
Real Estate Properties [Line Items]
Total Net Real Estate Investments	393,009
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(17,339)
Total Net Real Estate Investments	1,589,427
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Total Net Real Estate Investments	10,637
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(4,678)
Total Net Real Estate Investments	49,479
Multifamily Properties | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	89,457
Multifamily Properties | Real Estate Properties Held For Sale | Land
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	14,571
Multifamily Properties | Real Estate Properties Held For Sale | Buildings and Improvements
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	73,738
Multifamily Properties | Real Estate Properties Held For Sale | Construction in Progress
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	15
Multifamily Properties | Real Estate Properties Held For Sale | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	1,133
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,809	11,755
Construction in progress	2
Furniture, fixtures, and equipment	2,029	1,821
Real estate investment, gross	16,170	15,906
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	13,147	13,091
Furniture, fixtures, and equipment	7,562	7,379
Real estate investment, gross	24,039	23,800
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	25,927	27,495
Construction in progress	1,962
Furniture, fixtures, and equipment	6,201	5,566
Real estate investment, gross	38,950	37,921
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	13,990	13,882
Construction in progress	38
Furniture, fixtures, and equipment	2,326	1,978
Real estate investment, gross	22,124	21,630
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	14,920	14,350
Furniture, fixtures, and equipment	2,883	2,444
Real estate investment, gross	23,683	22,674
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	23,040	22,744
Construction in progress		64
Furniture, fixtures, and equipment	3,237	2,455
Real estate investment, gross	28,717	27,703
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,504	13,310
Construction in progress	2,823	239
Furniture, fixtures, and equipment	4,337	3,827
Real estate investment, gross	31,924	28,636
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580	7,580
Buildings and improvements	42,809	42,456
Construction in progress	314	2
Furniture, fixtures, and equipment	3,776	2,758
Real estate investment, gross	54,479	52,796
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	31,014	30,901
Construction in progress	146	21
Furniture, fixtures, and equipment	4,440	3,722
Real estate investment, gross	37,100	36,144
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	53,429	53,080
Furniture, fixtures, and equipment	11,177	8,997
Real estate investment, gross	74,776	72,247
Multifamily Properties | The Venue on Camelback
Real Estate Properties [Line Items]
Land	8,340	8,340
Buildings and improvements	38,860	38,328
Construction in progress	27	306
Furniture, fixtures, and equipment	4,277	3,248
Real estate investment, gross	51,504	50,222
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	21,594	21,887
Construction in progress	124
Furniture, fixtures, and equipment	4,618	4,075
Real estate investment, gross	33,056	32,682
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	15,042	14,644
Construction in progress	9
Furniture, fixtures, and equipment	3,095	2,078
Real estate investment, gross	25,626	24,202
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	18,294	18,090
Construction in progress		48
Furniture, fixtures, and equipment	3,174	2,612
Real estate investment, gross	26,388	25,670
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	17,977	17,495
Construction in progress	1,036	334
Furniture, fixtures, and equipment	4,394	3,843
Real estate investment, gross	25,757	24,022
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	21,352	21,172
Construction in progress	4
Furniture, fixtures, and equipment	4,893	4,147
Real estate investment, gross	30,109	29,179
Multifamily Properties | Bella Vista
Real Estate Properties [Line Items]
Land	10,942	10,942
Buildings and improvements	37,493	37,193
Construction in progress	8	51
Furniture, fixtures, and equipment	3,416	2,687
Real estate investment, gross	51,859	50,873
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land		11,078
Buildings and improvements		70,993
Construction in progress		99
Furniture, fixtures, and equipment		3,902
Real estate investment, gross		86,072
Multifamily Properties | Old Farm | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land	11,078
Buildings and improvements	71,305
Construction in progress	12
Furniture, fixtures, and equipment	4,686
Real estate investment, gross	87,081
Multifamily Properties | The Enclave
Real Estate Properties [Line Items]
Land	11,046	11,046
Buildings and improvements	30,777	30,469
Construction in progress	16	11
Furniture, fixtures, and equipment	3,037	2,403
Real estate investment, gross	44,876	43,929
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land		3,493
Buildings and improvements		19,714
Construction in progress		2
Furniture, fixtures, and equipment		899
Real estate investment, gross		24,108
Multifamily Properties | Stone Creek at Old Farm | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land	3,493
Buildings and improvements	19,772
Construction in progress	3
Furniture, fixtures, and equipment	1,125
Real estate investment, gross	24,393
Multifamily Properties | The Heritage
Real Estate Properties [Line Items]
Land	6,835	6,835
Buildings and improvements	35,286	35,011
Construction in progress		68
Furniture, fixtures, and equipment	3,166	2,386
Real estate investment, gross	45,287	44,300
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	96,896	97,374
Construction in progress	912
Furniture, fixtures, and equipment	8,241	5,968
Real estate investment, gross	123,500	120,793
Multifamily Properties | Summers Landing
Real Estate Properties [Line Items]
Land	1,798	1,798
Buildings and improvements	18,669	18,433
Construction in progress		1
Furniture, fixtures, and equipment	1,124	790
Real estate investment, gross	21,591	21,022
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371	22,371
Buildings and improvements	38,942	36,857
Construction in progress		1,824
Furniture, fixtures, and equipment	2,956	2,384
Real estate investment, gross	64,269	63,436
Multifamily Properties | Residences at Glenview Reserve
Real Estate Properties [Line Items]
Land	3,367	3,367
Buildings and improvements	42,563	42,306
Furniture, fixtures, and equipment	3,867	2,366
Real estate investment, gross	49,797	48,039
Multifamily Properties | Residences at West Place
Real Estate Properties [Line Items]
Land	3,345	3,345
Buildings and improvements	52,712	52,310
Construction in progress	12
Furniture, fixtures, and equipment	3,195	1,591
Real estate investment, gross	59,264	57,246
Multifamily Properties | Crestmont Reserve
Real Estate Properties [Line Items]
Land	4,124	4,124
Buildings and improvements	21,105	21,067
Construction in progress	6
Furniture, fixtures, and equipment	1,954	1,515
Real estate investment, gross	27,189	26,706
Multifamily Properties | Avant at Pembroke Pines
Real Estate Properties [Line Items]
Land	48,436	48,434
Buildings and improvements	278,736	275,968
Construction in progress	2,139	1,414
Furniture, fixtures, and equipment	15,780	11,611
Real estate investment, gross	345,091	337,427
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237	6,237
Buildings and improvements	73,920	73,737
Furniture, fixtures, and equipment	7,156	5,160
Real estate investment, gross	87,313	85,134
Multifamily Properties | Arbors of Brentwood
Real Estate Properties [Line Items]
Land	6,346	6,346
Buildings and improvements	54,239	56,040
Construction in progress	121
Furniture, fixtures, and equipment	3,126	2,235
Real estate investment, gross	63,832	64,621
Multifamily Properties | Torreyana Apartments
Real Estate Properties [Line Items]
Land	23,824	23,824
Buildings and improvements	43,861	43,700
Construction in progress		25
Furniture, fixtures, and equipment	1,965	1,371
Real estate investment, gross	69,650	68,920
Multifamily Properties | Bloom
Real Estate Properties [Line Items]
Land	23,803	23,805
Buildings and improvements	82,802	82,545
Construction in progress	37	16
Furniture, fixtures, and equipment	4,226	2,697
Real estate investment, gross	110,868	109,063
Multifamily Properties | The Verandas at Lake Norman
Real Estate Properties [Line Items]
Land	9,510	9,510
Buildings and improvements	53,061	52,884
Construction in progress	25	6
Furniture, fixtures, and equipment	1,726	650
Real estate investment, gross	64,322	63,050
Multifamily Properties | High House At Cary
Real Estate Properties [Line Items]
Land	23,809
Buildings and improvements	67,855
Construction in progress	52
Furniture, fixtures, and equipment	1,789
Real estate investment, gross	93,505
Multifamily Properties | Bella Solara
Real Estate Properties [Line Items]
Land	12,605	12,605
Buildings and improvements	52,351	53,415
Construction in progress		24
Furniture, fixtures, and equipment	2,687	1,854
Real estate investment, gross	67,643	67,898
Multifamily Properties | Fairways at San Marcos
Real Estate Properties [Line Items]
Land	10,993
Buildings and improvements	73,007
Furniture, fixtures, and equipment	3,397
Real estate investment, gross	87,397
Multifamily Properties | Creekside At Matthews
Real Estate Properties [Line Items]
Land	11,515	11,515
Buildings and improvements	45,779	45,271
Construction in progress	78	18
Furniture, fixtures, and equipment	2,133	756
Real estate investment, gross	59,505	57,560
Multifamily Properties | The Adair
Real Estate Properties [Line Items]
Land	8,361
Buildings and improvements	56,163
Construction in progress	525
Furniture, fixtures, and equipment	1,453
Real estate investment, gross	66,502
Multifamily Properties | Six Forks Station
Real Estate Properties [Line Items]
Land	11,357	11,357
Buildings and improvements	62,816	62,129
Intangible lease assets		1,200
Construction in progress	116	195
Furniture, fixtures, and equipment	2,111	748
Real estate investment, gross	76,400	75,629
Multifamily Properties | Estates On Maryland
Real Estate Properties [Line Items]
Land	11,573
Buildings and improvements	65,041
Construction in progress	90
Furniture, fixtures, and equipment	1,605
Real estate investment, gross	78,309
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	2,302,371	2,248,796
Accumulated depreciation and amortization	(349,276)	(287,096)
Total Net Operating Real Estate Investments	1,953,095	1,961,700
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		2,576
Accumulated depreciation and amortization		(1,029)
Total Net Operating Real Estate Investments		1,547
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	378,438	375,857
Total Net Operating Real Estate Investments	378,438	375,857
Multifamily Properties | Operating Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	1,760,782	1,743,866
Accumulated depreciation and amortization	(245,093)	(203,125)
Total Net Operating Real Estate Investments	1,515,689	1,540,741
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	10,622	6,078
Total Net Operating Real Estate Investments	10,622	6,078
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	152,529	120,419
Accumulated depreciation and amortization	(104,183)	(82,942)
Total Net Operating Real Estate Investments	$ 48,346	37,477
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land		2,782
Buildings and improvements		21,196
Construction in progress		1,308
Furniture, fixtures, and equipment		2,739
Real estate investment, gross		28,025
Multifamily Properties | Fairways At San Marcos1
Real Estate Properties [Line Items]
Land		10,993
Buildings and improvements		72,920
Construction in progress		2
Furniture, fixtures, and equipment		1,989
Real estate investment, gross		85,904
Multifamily Properties | Hudson High House
Real Estate Properties [Line Items]
Land		23,809
Buildings and improvements		67,654
Intangible lease assets		1,376
Furniture, fixtures, and equipment		768
Real estate investment, gross		$ 93,607

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) $ in Thousands		12 Months Ended
	Apr. 01, 2022 USD ($)	Dec. 31, 2022 USD ($) Property Units	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($)
Real Estate Properties [Line Items]
Depreciation expense		$ 93,500	$ 82,800	$ 75,600
Amortization expense of intangible lease assets		$ 4,149	$ 4,118	6,802
Number of real estate properties sold | Property		1	2
Sales price of property sold			$ 91,300
Casualty gain		$ 2,506	$ 2,595	$ 5,886
Casualty Losses
Real Estate Properties [Line Items]
Casualty gain		2,500
Business interruption insurance claim and recognized		$ 1,300
Number of units in real estate property excluded from portfolio | Units		113
Acquired Property
Real Estate Properties [Line Items]
Number of properties acquired | Property		2	4
Purchase price	$ 143,400	$ 143,400	$ 289,500

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Acquired Properties (Details) $ in Thousands		12 Months Ended
	Apr. 01, 2022 USD ($)	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Effective Ownership		100%	100%
Acquired Property
Real Estate Properties [Line Items]
Purchase Price	$ 143,400	$ 143,400	$ 289,500
Mortgage Debt		$ 78,272
Number of Units | Property		562
The Adair | Sandy Springs, Georgia
Real Estate Properties [Line Items]
Effective Ownership		100%
The Adair | Sandy Springs, Georgia | Acquired Property
Real Estate Properties [Line Items]
Date of Acquisition		Apr. 01, 2022
Purchase Price		$ 65,500
Mortgage Debt		$ 35,115
Number of Units | Property		232
Effective Ownership		100%
Estates On Maryland | Phoenix, Arizona
Real Estate Properties [Line Items]
Effective Ownership		100%
Estates On Maryland | Phoenix, Arizona | Acquired Property
Real Estate Properties [Line Items]
Date of Acquisition		Apr. 01, 2022
Purchase Price		$ 77,900
Mortgage Debt		$ 43,157
Number of Units | Property		330
Effective Ownership		100%

Real Estate Investments - Sum_3

Real Estate Investments - Summary of Sale of Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Sales Price		$ 91,300
Net Cash Proceeds	$ 36,455	$ 90,236	$ 140,197
Hollister Place | Houston, Texas
Real Estate Properties [Line Items]
Date of Sale	Dec. 29, 2022
Sales Price	$ 36,750
Net Cash Proceeds	21,496
Gain on Sale of Real Estate	$ 14,684

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding Principal	$ 35,000
Mortgages payable, net	1,526,828	$ 1,276,285
Mortgages Payable | Discontinued Operations, Held-for-sale
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(144)
Mortgages payable, net	68,016
Mortgages Payable | Discontinued Operations, Held-for-sale | Nonrecourse
Debt Instrument [Line Items]
Long term debt	68,160
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	1,538,868
Fair market value adjustment	609
Deferred financing costs, net of accumulated amortization	(12,649)
Mortgages payable, net	$ 1,526,828
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	5.61%
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	5.61%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Silverbrook | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 46,088
Interest Rate	5.61%
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	5.61%
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	5.61%
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	5.61%
Maturity Date	Dec. 01, 2032
Mortgages Payable | The Venue on Camelback
Debt Instrument [Line Items]
Outstanding Principal	$ 28,100
Maturity Date	Jul. 01, 2024
Mortgages Payable | The Venue on Camelback | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 28,093
Interest Rate	6.07%
Maturity Date	Jul. 01, 2024
Mortgages Payable | Versailles | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 40,247
Interest Rate	5.61%
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	5.61%
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	5.61%
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	5.61%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 52,886
Interest Rate	6.07%
Maturity Date	Jul. 01, 2024
Mortgages Payable | Stone Creek at Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 15,274
Interest Rate	6.07%
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	5.65%
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	5.68%
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	5.69%
Maturity Date	Sep. 01, 2025
Mortgages Payable | Cornerstone | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 46,804
Interest Rate	6.15%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Bella Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,040
Interest Rate	5.71%
Maturity Date	Feb. 01, 2026
Mortgages Payable | Parc500 | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 29,416
Interest Rate	5.61%
Maturity Date	Dec. 01, 2032
Mortgages Payable | The Enclave | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 25,322
Interest Rate	5.71%
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	5.71%
Maturity Date	Feb. 01, 2026
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 93,129
Interest Rate	5.61%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 10,109
Interest Rate	5.57%
Maturity Date	Oct. 01, 2025
Mortgages Payable | Atera Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 46,198
Interest Rate	5.61%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Residences at Glenview Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 25,873
Interest Rate	5.83%
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 | Crestmont Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 12,061
Interest Rate	5.57%
Maturity Date	Oct. 01, 2025
Mortgages Payable | Avant at Pembroke Pines | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 177,101
Interest Rate	5.82%
Maturity Date	Sep. 01, 2026
Mortgages Payable | Brandywine I & II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,835
Interest Rate	5.57%
Maturity Date	Oct. 01, 2025
Mortgages Payable | Arbors of Brentwood | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,237
Interest Rate	5.82%
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	5.61%
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	5.61%
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	5.91%
Maturity Date	Jul. 01, 2028
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	6.07%
Maturity Date	Jan. 01, 2029
Mortgages Payable | Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 40,328
Interest Rate	5.61%
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	5.61%
Maturity Date	Dec. 01, 2032
Mortgages Payable | Creekside At Matthews | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 29,648
Interest Rate	5.61%
Maturity Date	Dec. 01, 2032
Mortgages Payable | The Adair | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 35,115
Interest Rate	6.03%
Maturity Date	Apr. 01, 2029
Mortgages Payable | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 41,180
Interest Rate	5.78%
Maturity Date	Oct. 01, 2031
Mortgages Payable | Estates On Maryland | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,157
Interest Rate	6.03%
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	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 2,618
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%
25th month through 117th month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 117th month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1%
First 24 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5%
First 24 months | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5%
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1%
13th month through 81st month | Parc500, Residences at Glenview Reserve and Residences at West Place
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value.  It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1%
First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5%
First 12 months | Parc500, Residences at Glenview Reserve and Residences at West Place
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5%
25th month through 36th month | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%.  Starting in the 25th month of the term through the 36th month of the term, the loan can be pre-paid at par plus 2% of the unpaid principal balance. Starting in the 37th month of the term, the loan can be pre-paid at par plus 1% of the unpaid principal balance. The loan is open to pre-payment in the last three months of the term
Loan prepayment fee as a percentage of unpaid principal balance	2%
37th month | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	1%
25 Month Through 116 Month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 116th of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term
Loan prepayment fee as a percentage of unpaid principal balance	1%
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	4.392%
SOFR
Debt Instrument [Line Items]
Interest Rate	4.062%
Discontinued Operations, Held-for-sale
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 528

Debt - Additional Information (

Debt - Additional Information (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Dec. 28, 2022 USD ($)

Dec. 05, 2022 USD ($)

Oct. 24, 2022

Mar. 25, 2022 USD ($)

Dec. 06, 2021 USD ($)

Nov. 03, 2021 USD ($)

Sep. 30, 2021 USD ($)

Sep. 09, 2021 USD ($)

Jun. 30, 2021 USD ($)

Dec. 31, 2022 USD ($) Property

Dec. 31, 2022 USD ($) Property

Dec. 31, 2021 USD ($) Property

Dec. 31, 2020 USD ($)

Debt Instrument [Line Items]

Number of properties sold | Property

1

2

Prepayment of penalties incurred

$ 5,702,000

$ 407,000

$ 711,000

Write-off deferred financing costs

1,961,000

503,000

756,000

Credit facility proceeds received

55,000,000

340,000,000

35,000,000

Long-term Debt, Gross

$ 35,000,000

$ 35,000,000

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%

Term loan maturity date

Dec. 31, 2021

Dec. 31, 2021

Principal payment

$ 260,500,000

243,000,000

70,000,000

Interest expense

Debt Instrument [Line Items]

Amortization of deferred financing fees

2,800,000

2,200,000

$ 2,800,000

Nex Point Residential Trust Inc

Debt Instrument [Line Items]

Terminated revolving credit facility with truist

$ 225,000,000

Corporate Credit Facility

Debt Instrument [Line Items]

Costs incurred on additional financing

$ 1,856,000

1,856,000

Corporate Credit Facility | Nex Point Residential Trust Inc

Debt Instrument [Line Items]

Credit facility proceeds received

$ 55,000,000

$ 250,000,000

Line of credit facility, maximum borrowing capacity

$ 74,500,000

$ 74,500,000

Term loan maturity date

Jun. 30, 2025

Jun. 30, 2025

Principal payment

$ 25,500,000

$ 235,000,000

Facility, term

1 year

Line of credit facility, available borrowing capacity

$ 275,500,000

$ 275,500,000

Revolving Credit Facility

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 225,000,000

$ 225,000,000

Amended And Restated Corporate Credit Facility | Nex Point Residential Trust Inc

Debt Instrument [Line Items]

Percentage of benchmark replacement adjustment

0.1

Line of credit facility, maximum borrowing capacity

$ 275,000,000

$ 280,000,000

Term loan maturity date

Dec. 31, 2021

Line of credit facility, increase in facility amount

$ 55,000,000

Costs incurred on additional financing

$ 400,000

Principal payment

$ 50,000,000

$ 10,000,000

Amended And Restated Corporate Credit Facility | Nex Point Residential Trust Inc | Accordion Feature

Debt Instrument [Line Items]

Costs incurred on additional financing

$ 300,000

Minimum [Member] | Amended And Restated Corporate Credit Facility | Nex Point Residential Trust Inc

Debt Instrument [Line Items]

Line of credit facility, increase in facility amount

250,000,000

Maximum | Corporate Credit Facility | Nex Point Residential Trust Inc | Accordion Feature

Debt Instrument [Line Items]

Line of credit facility, increase in facility amount

$ 150,000,000

Maximum | Amended And Restated Corporate Credit Facility | Nex Point Residential Trust Inc

Debt Instrument [Line Items]

Line of credit facility, increase in facility amount

$ 285,000,000

SOFR | Minimum [Member] | Amended And Restated Corporate Credit Facility | Nex Point Residential Trust Inc

Debt Instrument [Line Items]

Interest rate

1.90%

SOFR | Maximum | Amended And Restated Corporate Credit Facility | Nex Point Residential Trust Inc

Debt Instrument [Line Items]

Interest rate

2.40%

Mortgages Payable

Debt Instrument [Line Items]

Weighted average interest rate of mortgage indebtedness

5.71%

5.71%

1.81%

Adjusted weighted average interest rate

3.29%

3.29%

Weighted average fixed rate

1.0682%

1.0682%

Number of multifamily properties | Property

19

19

Prepayment of penalties incurred

$ 5,700,000

Mortgage refinance expenses

1,300,000

Write-off deferred financing costs

1,700,000

Mortgages Payable | Minimum [Member]

Debt Instrument [Line Items]

Debt instrument increase in outstanding principal

544,000,000

Mortgages Payable | Maximum

Debt Instrument [Line Items]

Debt instrument increase in outstanding principal

$ 808,000,000

Mortgages Payable | One-month LIBOR

Debt Instrument [Line Items]

Weighted average interest rate of mortgage indebtedness

4.392%

4.392%

0.1013%

Weighted average increase of spread in basis points

4.29%

Mortgages Payable | Floating Interest Rate Swap

Debt Instrument [Line Items]

Combined notional amount

$ 1,200,000,000

$ 1,200,000,000

Indebtedness

1,600,000,000

1,600,000,000

Mortgages Payable | Interest Rate Swap

Debt Instrument [Line Items]

Indebtedness

$ 1,200,000,000

$ 1,200,000,000

Debt - Sale of Properties and R

Debt - Sale of Properties and Repayment of Related Mortgage Loans That Encumbered (Details) - Mortgages Loan - Hollister Place - Debt With Floating Interest Rate $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Date of Sale	Dec. 29, 2022
Outstanding Principal	$ 14,811

Debt - Summary of the Company's

Debt - Summary of the Company's Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Credit facilities, net	$ 72,644	$ 278,215
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(1,856)
Credit facilities, net	$ 72,644
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	36 months
Interest Rate	6.31%
Maturity Date	Jun. 30, 2025
Credit facilities	$ 74,500

Debt - Summary of the Company_2

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 2,618
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 1,151
Interest Rate	4.358%

Debt - Summary of Loss on Extin

Debt - Summary of Loss on Extinguishment of Debt and Medication Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Prepayment of penalties incurred	$ 5,702	$ 407	$ 711
Write-off of deferred financing costs	1,961	503	756
Write-off of fair market value adjustment of assumed debt	(256)
Debt modification and other extinguishment costs	1,327	2	3
Total	$ 8,734	$ 912	$ 1,470

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 307
2024	96,624
2025	251,900
2026	290,324
Thereafter	1,042,373
Total	1,681,528
Operating Properties
Debt Instrument [Line Items]
2023	307
2024	28,464
2025	177,400
2026	290,324
Thereafter	1,042,373
Total	1,538,868
Held For Sale Property
Debt Instrument [Line Items]
2024	68,160
Total	68,160
Credit Facility
Debt Instrument [Line Items]
2025	74,500
Total	$ 74,500

Fair Value of Derivative and _3

Fair Value of Derivative and Financial Instruments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments cap weighted average rate	5.81%
Impairment of real estate assets	$ 0	$ 0	$ 0
Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 1,200,000,000
Interest rate description	floating interest rate (one-month LIBOR)
Weighted average fixed rate	1.0682%
Interest rate caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 1,300,000,000
Interest rate description	The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR and SOFR on $1.3 billion of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.81%.
Minimum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	4 years
Minimum | Interest rate caps | One-month LIBOR and SOFR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	3 years
Maximum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	5 years
Maximum | Interest rate caps | One-month LIBOR and SOFR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	4 years

Fair Value of Derivative and _4

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Interest Rate Swap Transaction One | KeyBank
Debt Instrument [Line Items]
Effective Date	Jun. 01, 2019
Termination Date	Jun. 01, 2024
Notional Amount	$ 50,000,000
Fixed Rate	2.002%
Interest Rate Swap Transaction Two | Truist Bank
Debt Instrument [Line Items]
Effective Date	Jun. 01, 2019
Termination Date	Jun. 01, 2024
Notional Amount	$ 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 Amount	$ 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 Amount	$ 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 Amount	$ 92,500,000
Fixed Rate	1.609%
Interest Rate Swap Transaction Six | Truist Bank
Debt Instrument [Line Items]
Effective Date	Mar. 04, 2020
Termination Date	Jun. 01, 2026
Notional Amount	$ 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 Amount	$ 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 Amount	$ 200,000,000
Fixed Rate	0.953%
Interest Rate Swap Transaction Nine | Truist Bank
Debt Instrument [Line Items]
Effective Date	Mar. 01, 2022
Termination Date	Mar. 01, 2025
Notional Amount	$ 145,000,000
Fixed Rate	0.573%
Interest Rate Swap Transaction Ten | Truist Bank
Debt Instrument [Line Items]
Effective Date	Mar. 01, 2022
Termination Date	Mar. 01, 2025
Notional Amount	$ 105,000,000
Fixed Rate	0.614%
Interest Rate Swap Transaction Eleven
Debt Instrument [Line Items]
Notional Amount	$ 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 Amount	$ 92,500,000
Fixed Rate	1.798%

Fair Value of Derivative and _5

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details) - One-month LIBOR	Dec. 31, 2022
Key Bank And Truist Bank
Debt Instrument [Line Items]
LIBOR, interest rate	4.392%
KeyBank | Future Effective Dates
Debt Instrument [Line Items]
LIBOR, interest rate	4.392%

Fair Value of Derivative and _6

Fair Value of Derivative and Financial Instruments - Outstanding Interest Rate Derivatives Not Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Not Designated as Hedging Instrument	Dec. 31, 2022 USD ($) DerivativeInstrument	Dec. 31, 2021 USD ($) DerivativeInstrument	Dec. 31, 2020 USD ($) DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of Instruments | DerivativeInstrument	36	15	16
Notional Amount | $	$ 1,344,088,000	$ 458,846,000	$ 393,006,000

Fair Value of Derivative and _7

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 111,074	$ 11,308
Liability Derivatives		7,519
Fair Market Value Of Interest Rate Swaps | Interest Rate Swap | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	103,440	11,045
Liability Derivatives		7,519
Prepaid and Other Assets | Interest rate caps | Not Designated as Hedging Instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 7,634	$ 263

Fair Value of Derivative and _8

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ 99,915	$ 47,073	$ (46,961)
Interest rate products | Interest expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	106,593	32,164	(56,299)
Amount of gain (loss) reclassified from OCI into income	6,678	(14,909)	(9,337)
Amount of gain (loss) recognized in income	$ 3,446	$ (112)	$ (33)

Fair Value of Derivative and _9

Fair Value of Derivative and Financial Instruments - Schedule of Carrying Value and Estimated Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Outstanding Principal	$ 35,000
Fixed rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Outstanding Principal	33,817	$ 69,285
Estimated Fair Value	31,857	71,141
Floating rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Outstanding Principal	1,647,711	1,491,861
Estimated Fair Value	$ 1,506,741	$ 1,525,298

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)											3 Months Ended	12 Months Ended				100 Months Ended
	Oct. 24, 2022	Feb. 18, 2021	May 11, 2020	Mar. 13, 2020	Mar. 04, 2020	Feb. 27, 2020	Feb. 20, 2020	Feb. 20, 2019	Apr. 30, 2018	Jun. 15, 2016	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, shares, issued												25,549,319	25,500,567			25,549,319
Common stock, shares, outstanding												25,549,319	25,500,567			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, expiration date	Oct. 24, 2024			Mar. 12, 2023					Jun. 15, 2020	Jun. 15, 2018
Stock repurchase program period in force	2 years								2 years	2 years
Stock repurchase of common stock												168,473
Stock repurchase of common stock value												$ 11,100,000
Share repurchase program, treasury stock, per share												$ 66.04				$ 28.36
Share repurchase program, treasury stock shares																2,550,628
Share repurchase program, treasury stock, value												$ 11,127,000		$ 44,530,000		$ 72,300,000
Common stock, shares, retired												168,473	133,097
Treasury stock, shares												0	0			0
Aggregate sale price of common stock												$ 3,969,000	$ 25,590,000	57,718,000
Shares issued average price per share					$ 53.55			$ 45.89
Proceeds from issuance of common stock					$ 62,310,967,000			$ 99,973,433,000				$ 3,969,000	$ 25,590,000	$ 57,718,000
Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued												25,549,319	25,500,567	25,016,957	25,245,740	25,549,319
Common stock, shares, retired												168,473		1,644,697
Aggregate sale price of common stock												$ 1,000	$ 4,000	$ 14,000
Restricted Stock Units
Class Of Stock [Line Items]
Restricted stock units, granted												142,159
At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued												52,091	350,513	1,278,306
2019 At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued											560,000				1,565,322
Shares issued average price per share											$ 50				$ 45.98
Proceeds from issuance of common stock											$ 28,000,000				$ 72,000,000
Stock issuance costs											400,000				1,100,000
Other stock issuance costs											$ 300,000				$ 1,000,000
2019 At-the-Market Offering | Common Stock
Class Of Stock [Line Items]
Common stock, par value								$ 0.01
2019 At-the-Market Offering | Maximum | Common Stock
Class Of Stock [Line Items]
Aggregate sale price of common stock						$ 100,000,000		$ 100,000,000
Abbington Heights
Class Of Stock [Line Items]
Shares, issued												52,091	350,513	718,306
Shares issued average price per share												$ 83.16	$ 75.41	$ 43.92
Proceeds from issuance of common stock												$ 4,300,000	$ 26,400,000	$ 31,500,000
Stock issuance costs												300,000	400,000	500,000
Other stock issuance costs												$ 100,000	$ 400,000	$ 600,000
Abbington Heights | Common Stock
Class Of Stock [Line Items]
Common stock, par value					$ 0.01
Abbington Heights | 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												165,134	133,097	137,608
Common stock, shares, issued												857,210				857,210
Common stock, par value										$ 0.01
Number of shares authorized to issue										2,100,000
2016 LTIP | Restricted Stock Units
Class Of Stock [Line Items]
Equity-based compensation expense												$ 7,900,000	$ 7,000,000	$ 5,100,000
Dividends earned on restricted stock units												$ 1,700,000				$ 1,700,000
2016 LTIP | Restricted Stock Units | Director
Class Of Stock [Line Items]
Vesting period description												annually
2016 LTIP | Restricted Stock Units | Directors, Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, granted		204,663	116,852				168,183					142,159
2016 LTIP | Restricted Stock Units | Minimum [Member] | Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period												3 years
2016 LTIP | Restricted Stock Units | Maximum | 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	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding at beginning of the period | shares	589,283
Number of Units, Granted | shares	142,159
Number of Units, Vested | shares	(202,927)
Number of Units, Forfeited | shares	(589)
Number of Units, Outstanding at ending of the period | shares	527,926
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares	$ 39.17
Weighted Average Grant Date Fair Value, Granted | $ / shares	83.88
Weighted Average Grant Date Fair Value, Vested | $ / shares	23.44
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	33.99
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 52.66

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued upon vesting awards	165,134	133,097	137,608

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Vesting of Restricted Stock Units (Details)	12 Months Ended
	Dec. 31, 2022 shares
Vest in 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	160,843
Vest in 2023 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	138,964
Vest in 2023 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,879
Vest in 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	154,445
Vest in 2024 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	132,568
Vest in 2024 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,877
Vest in 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	119,557
Vest in 2025 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	97,680
Vest in 2025 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,877
Vest in 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	65,984
Vest in 2026 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	65,984
Vest in 2027
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	27,097
Vest in 2027 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	27,097
Vest in Total Year
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	527,926
Vest in Total Year | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	462,293
Vest in Total Year | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	65,633

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary Information of 2019 and 2020 ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Mar. 04, 2020	Feb. 20, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders Equity Note [Abstract]
Gross proceeds	$ 62,310,967	$ 99,973,433	$ 3,969	$ 25,590	$ 57,718
Common shares issued	1,120,910	2,125,322
Gross average sale price per share	$ 55.59	$ 47.04
Sales commissions	$ 934,665	$ 1,144,579
Offering costs	1,353,015	1,293,298
Net proceeds	$ 60,023,287	$ 97,535,556
Average price per share, net	$ 53.55	$ 45.89

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Stock conversion ratio	100%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator for earnings (loss) per share:
Net income (loss)		$ (9,291)	$ 23,106	$ 44,150
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(31)	69	132
Net income (loss) attributable to common stockholders		$ (9,260)	$ 23,037	$ 44,018
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic		25,610	25,170	24,715
Weighted average unvested restricted stock units		542	590	519
Weighted average common shares outstanding - diluted	[1]	25,610	25,760	25,234
Earnings (loss) per weighted average common share:
Basic		$ (0.36)	$ 0.92	$ 1.78
Diluted		$ (0.36)	$ 0.89	$ 1.74
[1]If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)			12 Months Ended
	Apr. 01, 2022 USD ($) shares	Jun. 30, 2017 USD ($)	Dec. 31, 2022 USD ($) $ / Property $ / h	Dec. 31, 2021 USD ($)	Aug. 01, 2017 USD ($) $ / shares shares
Minority Interest [Line Items]
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders, per share | $ / shares					$ 27.31
Amount used for calculation of OP units of net asset value		$ 2,000,000
Acquired Property
Minority Interest [Line Items]
Purchase price	$ 143,400,000		$ 143,400,000	$ 289,500,000
DST purchase amount, OP Units | shares	26,558
DST purchase amount, OP Units value	$ 2,400,000
DST purchase amount, cash	71,100,000
DST purchase amount, debt	$ 71,100,000
Convertible to common stock, description			The fair value of the OP Units was determined based on the April 1, 2022 share price of NXRT as the OP units are convertible to common stock on a one to one basis
Convertible to common stock basis	1
BH Equity Portfolio
Minority Interest [Line Items]
Percentage of noncontrolling interests in joint ventures acquired		100%
Consideration transferred to acquire ownership interest in properties of noncontrolling interest holders		$ 51,700,000
Payment to acquire ownership interest in properties of noncontrolling interest holders		$ 49,700,000
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders | shares					73,233
Value of common units transferred to acquire ownership interest in properties of noncontrolling interest holders					$ 2,000,000
BH Equity Portfolio | B H Equity
Minority Interest [Line Items]
Percentage of ownership interests in portfolio		8.40%
BH Management Services, LLC
Minority Interest [Line Items]
Property management fee percent			3%
Other owner approved fees, per hour | $ / h			55
BH Management Services, LLC | Minimum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property			15
Construction supervision fee, percent fee			5%
BH Management Services, LLC | Maximum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property			25
Construction supervision fee, percent fee			6%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2021	$ 6,139
Net loss attributable to redeemable noncontrolling interests in the OP	31
Other comprehensive income attributable to redeemable noncontrolling interests in the OP	338
Distributions to redeemable noncontrolling interests in the OP	(519)
Issuance of operating partnership units for purchase of noncontrolling interests	2,444
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	(2,740)	$ 2,906	$ (91)
Redeemable noncontrolling interests in the OP, December 31, 2022	$ 5,631	$ 6,139

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		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fees incurred
Property management fees	[1]	$ 7,636	$ 6,334	$ 5,971
BH Management Services, LLC
Fees incurred
Property management fees	[2]	7,606	6,308	5,949
Construction supervision fees	[3]	2,000	1,098	1,848
Design fees	[3]	198	88	666
Acquisition fees	[4]	45	677	201
Reimbursements
Payroll and benefits	[5]	21,310	18,802	18,284
Other reimbursements	[6]	$ 4,695	$ 3,574	$ 3,253
[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 10 to our consolidated financial statements). Included in property management fees on the consolidated statements of operations and comprehensive income (loss). Capitalized on the consolidated balance sheets and reflected in buildings and improvements. Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss).

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)		12 Months Ended
	Apr. 01, 2022 USD ($) shares	Dec. 31, 2022 USD ($) subsidiary	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Advisory and administrative fees		$ 800,000	$ 0	$ 200,000
Acquired Property
Related Party Transaction [Line Items]
Purchase price	$ 143,400,000	$ 143,400,000	289,500,000
DST purchase amount, OP Units | shares	26,558
DST purchase amount, OP Units value	$ 2,400,000
DST purchase amount, cash	71,100,000
DST purchase amount, debt	$ 71,100,000
Convertible to common stock, description		The fair value of the OP Units was determined based on the April 1, 2022 share price of NXRT as the OP units are convertible to common stock on a one to one basis
Convertible to common stock basis	1
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		$ 7,500,000	7,600,000	7,700,000
Advisory and administrative fees waived		21,000,000	$ 15,400,000	$ 9,100,000
NexPoint Real Estate Advisors, L.P | Maximum
Related Party Transaction [Line Items]
Advisory and administrative fees on contributed assets		$ 5,400,000
Corporate general and administrative expenses and advisory and administrative fees percentage		1.50%
NLMF Holdco LLC
Related Party Transaction [Line Items]
Equity interest owned		10%
Property owning subsidiaries | subsidiary		3
Amount funded to related party included in prepaid and other assets		$ 300,000
Expenses incurred for fiber internet service included in property operating expenses		$ 100,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)					1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 01, 2022 USD ($)	Mar. 01, 2021 USD ($)	Mar. 01, 2020 USD ($)	Mar. 01, 2019 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) Claim	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 29, 2020 Claim
Loss Contingencies [Line Items]
Maximum exposure of potential commitments								$ 4,000,000
Environmental liability incurred								$ 0
Self-Insurance Program
Loss Contingencies [Line Items]
Limit of losses for insurance claims				$ 100,000
Maximum insurance claim amount				$ 1,200,000
Insurance claim funded					$ 600,000
Remaining insurance claim funded							$ 600,000
Other potential claims that met the criteria under ASC 450-20 | Claim								0			0
Amount of reserve for aggregate insurance claim										$ 0
Insurance claim amount	$ 2,497,500	$ 2,468,750	$ 2,365,000			$ 1,600,000	$ 1,500,000	$ 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	$ 1,500,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Feb. 22, 2023	Feb. 02, 2023	Jan. 31, 2023	Jan. 24, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Outstanding Principal					$ 35
The Venue on Camelback | Mortgages Payable
Subsequent Event [Line Items]
Outstanding Principal					$ 28.1
Maturity Date					Jul. 01, 2024
Subsequent Event
Subsequent Event [Line Items]
Payment of corporate credit facility		$ 17.5
Dividends payable, amount per share	$ 0.42
Dividends payable, date declared	Feb. 22, 2023
Dividend payable date to be paid day month and year	Mar. 31, 2023
Dividends payable date of record day month and year	Mar. 15, 2023
Subsequent Event | Old Farm and Stone Creek
Subsequent Event [Line Items]
Proceeds from purchase and sale agreement to sell property				$ 135
Subsequent Event | The Venue on Camelback | Mortgages Payable
Subsequent Event [Line Items]
Outstanding Principal			$ 42.8
Maturity Date			Feb. 01, 2033

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 1,607,028
Initial Cost to Company, Land		393,009
Initial Cost to Company, Buildings and Improvements		1,835,291
Initial Cost to Company, Total		2,228,300
Costs Capitalized Subsequent to Acquisition		231,223
Gross Amount Carried , Land		393,009
Gross Amount Carried , Buildings and Improvements		2,020,836
Gross Amount Carried , Total		2,413,845	$ 2,248,796	$ 1,976,243	$ 1,942,221
Accumulated Depreciation and Amortization		$ (371,293)
Arbors on Forest Ridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Arbors on Forest Ridge | Bedford, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 19,184
Initial Cost to Company, Land		2,330
Initial Cost to Company, Buildings and Improvements		10,475
Initial Cost to Company, Total		12,805
Costs Capitalized Subsequent to Acquisition		3,677
Gross Amount Carried , Land		2,330
Gross Amount Carried , Buildings and Improvements		13,840
Gross Amount Carried , Total		$ 16,170
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (5,735)
Cutter's Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Cutter's Point | Richardson, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 21,524
Initial Cost to Company, Land		3,330
Initial Cost to Company, Buildings and Improvements		12,515
Initial Cost to Company, Total		15,845
Costs Capitalized Subsequent to Acquisition		8,546
Gross Amount Carried , Land		3,330
Gross Amount Carried , Buildings and Improvements		20,709
Gross Amount Carried , Total		$ 24,039
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (6,992)
Silverbrook
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Silverbrook | Grand Prairie, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 46,088
Initial Cost to Company, Land		4,860
Initial Cost to Company, Buildings and Improvements		25,540
Initial Cost to Company, Total		30,400
Costs Capitalized Subsequent to Acquisition		9,343
Gross Amount Carried , Land		4,860
Gross Amount Carried , Buildings and Improvements		34,090
Gross Amount Carried , Total		$ 38,950
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (13,536)
The Summit at Sabal Park
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 20, 2014
The Summit at Sabal Park | Tampa, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 30,826
Initial Cost to Company, Land		5,770
Initial Cost to Company, Buildings and Improvements		13,280
Initial Cost to Company, Total		19,050
Costs Capitalized Subsequent to Acquisition		3,478
Gross Amount Carried , Land		5,770
Gross Amount Carried , Buildings and Improvements		16,354
Gross Amount Carried , Total		$ 22,124
Date Acquired		Aug. 20, 2014
Accumulated Depreciation and Amortization		$ (6,219)
Courtney Cove
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 20, 2014
Courtney Cove | Tampa, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 36,146
Initial Cost to Company, Land		5,880
Initial Cost to Company, Buildings and Improvements		13,070
Initial Cost to Company, Total		18,950
Costs Capitalized Subsequent to Acquisition		5,164
Gross Amount Carried , Land		5,880
Gross Amount Carried , Buildings and Improvements		17,803
Gross Amount Carried , Total		$ 23,683
Date Acquired		Aug. 20, 2014
Accumulated Depreciation and Amortization		$ (6,628)
Radbourne Lake
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 30, 2014
Radbourne Lake | Charlotte, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 20,000
Initial Cost to Company, Land		2,440
Initial Cost to Company, Buildings and Improvements		21,810
Initial Cost to Company, Total		24,250
Costs Capitalized Subsequent to Acquisition		5,119
Gross Amount Carried , Land		2,440
Gross Amount Carried , Buildings and Improvements		26,277
Gross Amount Carried , Total		$ 28,717
Date Acquired		Sep. 30, 2014
Accumulated Depreciation and Amortization		$ (9,127)
Timber Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 30, 2014
Timber Creek | Charlotte, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 24,100
Initial Cost to Company, Land		11,260
Initial Cost to Company, Buildings and Improvements		11,490
Initial Cost to Company, Total		22,750
Costs Capitalized Subsequent to Acquisition		9,973
Gross Amount Carried , Land		11,260
Gross Amount Carried , Buildings and Improvements		20,664
Gross Amount Carried , Total		$ 31,924
Date Acquired		Sep. 30, 2014
Accumulated Depreciation and Amortization		$ (8,307)
Sabal Palm at Lake Buena Vista
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 05, 2014
Sabal Palm at Lake Buena Vista | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 42,100
Initial Cost to Company, Land		7,580
Initial Cost to Company, Buildings and Improvements		41,920
Initial Cost to Company, Total		49,500
Costs Capitalized Subsequent to Acquisition		6,366
Gross Amount Carried , Land		7,580
Gross Amount Carried , Buildings and Improvements		46,899
Gross Amount Carried , Total		$ 54,479
Date Acquired		Nov. 05, 2014
Accumulated Depreciation and Amortization		$ (14,731)
Cornerstone
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 15, 2015
Cornerstone | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 46,804
Initial Cost to Company, Land		1,500
Initial Cost to Company, Buildings and Improvements		30,050
Initial Cost to Company, Total		31,550
Costs Capitalized Subsequent to Acquisition		6,444
Gross Amount Carried , Land		1,500
Gross Amount Carried , Buildings and Improvements		35,600
Gross Amount Carried , Total		$ 37,100
Date Acquired		Jan. 15, 2015
Accumulated Depreciation and Amortization		$ (12,285)
The Preserve at Terrell Mill
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 06, 2015
The Preserve at Terrell Mill | Marietta, Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 71,098
Initial Cost to Company, Land		10,170
Initial Cost to Company, Buildings and Improvements		47,830
Initial Cost to Company, Total		58,000
Costs Capitalized Subsequent to Acquisition		18,581
Gross Amount Carried , Land		10,170
Gross Amount Carried , Buildings and Improvements		64,597
Gross Amount Carried , Total		$ 74,767
Date Acquired		Feb. 06, 2015
Accumulated Depreciation and Amortization		$ (22,908)
Versailles
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 26, 2015
Versailles | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 40,247
Initial Cost to Company, Land		6,720
Initial Cost to Company, Buildings and Improvements		19,445
Initial Cost to Company, Total		26,165
Costs Capitalized Subsequent to Acquisition		7,481
Gross Amount Carried , Land		6,720
Gross Amount Carried , Buildings and Improvements		26,345
Gross Amount Carried , Total		$ 33,065
Date Acquired		Feb. 26, 2015
Accumulated Depreciation and Amortization		$ (9,994)
Seasons 704 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Apr. 15, 2015
Seasons 704 Apartments | West Palm Beach, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 33,132
Initial Cost to Company, Land		7,480
Initial Cost to Company, Buildings and Improvements		13,520
Initial Cost to Company, Total		21,000
Costs Capitalized Subsequent to Acquisition		5,027
Gross Amount Carried , Land		7,480
Gross Amount Carried , Buildings and Improvements		18,146
Gross Amount Carried , Total		$ 25,626
Date Acquired		Apr. 15, 2015
Accumulated Depreciation and Amortization		$ (6,265)
Madera Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 05, 2015
Madera Point | Mesa, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 34,457
Initial Cost to Company, Land		4,920
Initial Cost to Company, Buildings and Improvements		17,605
Initial Cost to Company, Total		22,525
Costs Capitalized Subsequent to Acquisition		4,492
Gross Amount Carried , Land		4,920
Gross Amount Carried , Buildings and Improvements		21,468
Gross Amount Carried , Total		$ 26,388
Date Acquired		Aug. 05, 2015
Accumulated Depreciation and Amortization		$ (7,230)
Venue at 8651 | Fort Worth, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		18,690
Initial Cost to Company, Land		2,350
Initial Cost to Company, Buildings and Improvements		16,900
Initial Cost to Company, Total		19,250
Costs Capitalized Subsequent to Acquisition		7,018
Gross Amount Carried , Land		2,350
Gross Amount Carried , Buildings and Improvements		23,407
Gross Amount Carried , Total		$ 25,757
Date Acquired		Oct. 30, 2015
Accumulated Depreciation and Amortization		$ (8,083)
Parc500 | West Palm Beach, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		29,416
Initial Cost to Company, Land		3,860
Initial Cost to Company, Buildings and Improvements		19,424
Initial Cost to Company, Total		23,284
Costs Capitalized Subsequent to Acquisition		7,316
Gross Amount Carried , Land		3,860
Gross Amount Carried , Buildings and Improvements		26,249
Gross Amount Carried , Total		$ 30,109
Date Acquired		Jul. 27, 2016
Accumulated Depreciation and Amortization		$ (8,853)
The Venue on Camelback
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Oct. 11, 2016
The Venue on Camelback | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 28,093
Initial Cost to Company, Land		8,340
Initial Cost to Company, Buildings and Improvements		36,520
Initial Cost to Company, Total		44,860
Costs Capitalized Subsequent to Acquisition		7,367
Gross Amount Carried , Land		8,340
Gross Amount Carried , Buildings and Improvements		43,164
Gross Amount Carried , Total		$ 51,504
Date Acquired		Oct. 11, 2016
Accumulated Depreciation and Amortization		$ (11,577)
Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[1]	Dec. 29, 2016
Old Farm | Houston, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 52,886
Initial Cost to Company, Land		11,078
Initial Cost to Company, Buildings and Improvements		73,986
Initial Cost to Company, Total		85,064
Costs Capitalized Subsequent to Acquisition		5,371
Gross Amount Carried , Land		11,078
Gross Amount Carried , Buildings and Improvements		76,003
Gross Amount Carried , Total		$ 87,081
Date Acquired		Dec. 29, 2016
Accumulated Depreciation and Amortization		$ (17,393)
Stone Creek at Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[1]	Dec. 29, 2016
Stone Creek at Old Farm | Houston, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 15,274
Initial Cost to Company, Land		3,493
Initial Cost to Company, Buildings and Improvements		19,937
Initial Cost to Company, Total		23,430
Costs Capitalized Subsequent to Acquisition		1,535
Gross Amount Carried , Land		3,493
Gross Amount Carried , Buildings and Improvements		20,900
Gross Amount Carried , Total		$ 24,393
Date Acquired		Dec. 29, 2016
Accumulated Depreciation and Amortization		$ (4,625)
Rockledge Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jun. 30, 2017
Rockledge Apartments | Marietta, Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 93,129
Initial Cost to Company, Land		17,451
Initial Cost to Company, Buildings and Improvements		96,577
Initial Cost to Company, Total		114,028
Costs Capitalized Subsequent to Acquisition		12,493
Gross Amount Carried , Land		17,451
Gross Amount Carried , Buildings and Improvements		106,049
Gross Amount Carried , Total		$ 123,500
Date Acquired		Jun. 30, 2017
Accumulated Depreciation and Amortization		$ (24,825)
Atera Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Oct. 25, 2017
Atera Apartments | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 46,198
Initial Cost to Company, Land		22,371
Initial Cost to Company, Buildings and Improvements		37,090
Initial Cost to Company, Total		59,461
Costs Capitalized Subsequent to Acquisition		6,148
Gross Amount Carried , Land		22,371
Gross Amount Carried , Buildings and Improvements		41,898
Gross Amount Carried , Total		$ 64,269
Date Acquired		Oct. 25, 2017
Accumulated Depreciation and Amortization		$ (9,378)
Crestmont Reserve
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 26, 2018
Crestmont Reserve | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 12,061
Initial Cost to Company, Land		4,124
Initial Cost to Company, Buildings and Improvements		20,667
Initial Cost to Company, Total		24,791
Costs Capitalized Subsequent to Acquisition		3,085
Gross Amount Carried , Land		4,124
Gross Amount Carried , Buildings and Improvements		23,065
Gross Amount Carried , Total		$ 27,189
Date Acquired		Sep. 26, 2018
Accumulated Depreciation and Amortization		$ (4,782)
Brandywine I & II
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 26, 2018
Brandywine I & II | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 43,835
Initial Cost to Company, Land		6,237
Initial Cost to Company, Buildings and Improvements		73,870
Initial Cost to Company, Total		80,107
Costs Capitalized Subsequent to Acquisition		8,968
Gross Amount Carried , Land		6,237
Gross Amount Carried , Buildings and Improvements		81,076
Gross Amount Carried , Total		$ 87,313
Date Acquired		Sep. 26, 2018
Accumulated Depreciation and Amortization		$ (15,920)
Bella Vista
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 28, 2019
Bella Vista | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 29,040
Initial Cost to Company, Land		10,942
Initial Cost to Company, Buildings and Improvements		37,661
Initial Cost to Company, Total		48,603
Costs Capitalized Subsequent to Acquisition		4,175
Gross Amount Carried , Land		10,942
Gross Amount Carried , Buildings and Improvements		40,917
Gross Amount Carried , Total		$ 51,859
Date Acquired		Jan. 28, 2019
Accumulated Depreciation and Amortization		$ (7,717)
The Enclave | Tempe, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		25,322
Initial Cost to Company, Land		11,046
Initial Cost to Company, Buildings and Improvements		30,933
Initial Cost to Company, Total		41,979
Costs Capitalized Subsequent to Acquisition		3,666
Gross Amount Carried , Land		11,046
Gross Amount Carried , Buildings and Improvements		33,830
Gross Amount Carried , Total		$ 44,876
Date Acquired		Jan. 28, 2019
Accumulated Depreciation and Amortization		$ (6,508)
The Heritage | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		24,625
Initial Cost to Company, Land		6,835
Initial Cost to Company, Buildings and Improvements		35,244
Initial Cost to Company, Total		42,079
Costs Capitalized Subsequent to Acquisition		3,958
Gross Amount Carried , Land		6,835
Gross Amount Carried , Buildings and Improvements		38,452
Gross Amount Carried , Total		$ 45,287
Date Acquired		Jan. 28, 2019
Accumulated Depreciation and Amortization		$ (7,072)
Summers Landing
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jun. 07, 2019
Summers Landing | Fort Worth, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 10,109
Initial Cost to Company, Land		1,798
Initial Cost to Company, Buildings and Improvements		17,628
Initial Cost to Company, Total		19,426
Costs Capitalized Subsequent to Acquisition		2,698
Gross Amount Carried , Land		1,798
Gross Amount Carried , Buildings and Improvements		19,793
Gross Amount Carried , Total		$ 21,591
Date Acquired		Jun. 07, 2019
Accumulated Depreciation and Amortization		$ (3,073)
Residences at Glenview Reserve
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 17, 2019
Residences at Glenview Reserve | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 25,873
Initial Cost to Company, Land		3,367
Initial Cost to Company, Buildings and Improvements		41,652
Initial Cost to Company, Total		45,019
Costs Capitalized Subsequent to Acquisition		5,760
Gross Amount Carried , Land		3,367
Gross Amount Carried , Buildings and Improvements		46,430
Gross Amount Carried , Total		$ 49,797
Date Acquired		Jul. 17, 2019
Accumulated Depreciation and Amortization		$ (7,367)
Residences at West Place
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 17, 2019
Residences at West Place | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 33,817
Initial Cost to Company, Land		3,345
Initial Cost to Company, Buildings and Improvements		52,657
Initial Cost to Company, Total		56,002
Costs Capitalized Subsequent to Acquisition		4,440
Gross Amount Carried , Land		3,345
Gross Amount Carried , Buildings and Improvements		55,919
Gross Amount Carried , Total		$ 59,264
Date Acquired		Jul. 17, 2019
Accumulated Depreciation and Amortization		$ (7,758)
Avant at Pembroke Pines
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 30, 2019
Avant at Pembroke Pines | Pembroke Pines, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 177,101
Initial Cost to Company, Land		48,436
Initial Cost to Company, Buildings and Improvements		275,671
Initial Cost to Company, Total		324,107
Costs Capitalized Subsequent to Acquisition		27,973
Gross Amount Carried , Land		48,436
Gross Amount Carried , Buildings and Improvements		296,655
Gross Amount Carried , Total		$ 345,091
Date Acquired		Aug. 30, 2019
Accumulated Depreciation and Amortization		$ (42,167)
Arbors of Brentwood
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 10, 2019
Arbors of Brentwood | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 34,237
Initial Cost to Company, Land		6,346
Initial Cost to Company, Buildings and Improvements		56,409
Initial Cost to Company, Total		62,755
Costs Capitalized Subsequent to Acquisition		2,291
Gross Amount Carried , Land		6,346
Gross Amount Carried , Buildings and Improvements		57,486
Gross Amount Carried , Total		$ 63,832
Date Acquired		Sep. 10, 2019
Accumulated Depreciation and Amortization		$ (7,910)
Torreyana Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 22, 2019
Torreyana Apartments | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 50,580
Initial Cost to Company, Land		23,824
Initial Cost to Company, Buildings and Improvements		44,560
Initial Cost to Company, Total		68,384
Costs Capitalized Subsequent to Acquisition		2,467
Gross Amount Carried , Land		23,824
Gross Amount Carried , Buildings and Improvements		45,826
Gross Amount Carried , Total		$ 69,650
Date Acquired		Nov. 22, 2019
Accumulated Depreciation and Amortization		$ (5,970)
Bloom
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 22, 2019
Bloom | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 59,830
Initial Cost to Company, Land		23,803
Initial Cost to Company, Buildings and Improvements		83,290
Initial Cost to Company, Total		107,093
Costs Capitalized Subsequent to Acquisition		5,626
Gross Amount Carried , Land		23,803
Gross Amount Carried , Buildings and Improvements		87,065
Gross Amount Carried , Total		$ 110,868
Date Acquired		Nov. 22, 2019
Accumulated Depreciation and Amortization		$ (11,269)
Bella Solara
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 22, 2019
Bella Solara | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 40,328
Initial Cost to Company, Land		12,605
Initial Cost to Company, Buildings and Improvements		54,262
Initial Cost to Company, Total		66,867
Costs Capitalized Subsequent to Acquisition		1,935
Gross Amount Carried , Land		12,605
Gross Amount Carried , Buildings and Improvements		55,038
Gross Amount Carried , Total		$ 67,643
Date Acquired		Nov. 22, 2019
Accumulated Depreciation and Amortization		$ (7,133)
Fairways at San Marcos
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 02, 2020
Fairways at San Marcos | Chandler, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 60,228
Initial Cost to Company, Land		10,993
Initial Cost to Company, Buildings and Improvements		73,785
Initial Cost to Company, Total		84,778
Costs Capitalized Subsequent to Acquisition		4,294
Gross Amount Carried , Land		10,993
Gross Amount Carried , Buildings and Improvements		76,404
Gross Amount Carried , Total		$ 87,397
Date Acquired		Nov. 02, 2020
Accumulated Depreciation and Amortization		$ (6,561)
The Verandas at Lake Norman
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[2]	Jun. 30, 2021
The Verandas at Lake Norman | Charlotte, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 34,925
Initial Cost to Company, Land		9,510
Initial Cost to Company, Buildings and Improvements		54,270
Initial Cost to Company, Total		63,780
Costs Capitalized Subsequent to Acquisition		1,513
Gross Amount Carried , Land		9,510
Gross Amount Carried , Buildings and Improvements		54,812
Gross Amount Carried , Total		$ 64,322
Date Acquired		Jun. 30, 2021
Accumulated Depreciation and Amortization		$ (3,218)
Creekside At Matthews
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[2]	Jun. 30, 2021
Creekside At Matthews | Charlotte, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 29,648
Initial Cost to Company, Land		11,515
Initial Cost to Company, Buildings and Improvements		46,741
Initial Cost to Company, Total		58,256
Costs Capitalized Subsequent to Acquisition		2,250
Gross Amount Carried , Land		11,515
Gross Amount Carried , Buildings and Improvements		47,990
Gross Amount Carried , Total		$ 59,505
Date Acquired		Jun. 30, 2021
Accumulated Depreciation and Amortization		$ (2,943)
Six Forks Station
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[2]	Sep. 10, 2021
Six Forks Station | Raleigh North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 41,180
Initial Cost to Company, Land		11,357
Initial Cost to Company, Buildings and Improvements		63,748
Initial Cost to Company, Total		75,105
Costs Capitalized Subsequent to Acquisition		2,495
Gross Amount Carried , Land		11,357
Gross Amount Carried , Buildings and Improvements		65,043
Gross Amount Carried , Total		$ 76,400
Date Acquired		Sep. 10, 2021
Accumulated Depreciation and Amortization		$ (3,273)
High House At Cary
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Dec. 07, 2021
High House At Cary | Cary, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 46,625
Initial Cost to Company, Land		23,809
Initial Cost to Company, Buildings and Improvements		69,793
Initial Cost to Company, Total		93,602
Costs Capitalized Subsequent to Acquisition		1,279
Gross Amount Carried , Land		23,809
Gross Amount Carried , Buildings and Improvements		69,696
Gross Amount Carried , Total		$ 93,505
Date Acquired		Dec. 07, 2021
Accumulated Depreciation and Amortization		$ (2,741)
The Adair
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Apr. 01, 2022
The Adair | Sandy Springs, Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 35,115
Initial Cost to Company, Land		8,361
Initial Cost to Company, Buildings and Improvements		57,139
Initial Cost to Company, Total		65,500
Costs Capitalized Subsequent to Acquisition		1,002
Gross Amount Carried , Land		8,361
Gross Amount Carried , Buildings and Improvements		58,141
Gross Amount Carried , Total		66,502
Accumulated Depreciation and Amortization		$ (1,498)
Estates On Maryland
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Apr. 01, 2022
Estates On Maryland | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 43,157
Initial Cost to Company, Land		11,573
Initial Cost to Company, Buildings and Improvements		66,327
Initial Cost to Company, Total		77,900
Costs Capitalized Subsequent to Acquisition		409
Gross Amount Carried , Land		11,573
Gross Amount Carried , Buildings and Improvements		66,736
Gross Amount Carried , Total		78,309
Accumulated Depreciation and Amortization		$ (1,722)
[1]Properties classified as held for sale as of December 31, 2022.[2]Properties were acquired in 2022.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 1,835,291
Gross Amount Carried , Buildings and Improvements	2,020,836
Aggregate cost of real estate investment for U.S. Federal Income Tax purposes net of accumulated depreciation	2,000,000
The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Crestmont Reserve and Brandywine I & II
Real Estate And Accumulated Depreciation [Line Items]
Total acquisition costs	8,200
Parc500
Real Estate And Accumulated Depreciation [Line Items]
Debt instrument, unamortized premium	900
Buildings and Improvements and Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	1,800,000
Construction in Progress
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	10,600
Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	$ 158,300
Estimated useful lives of assets	3 years
Buildings
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	30 years
Improvements
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	15 years
Gross Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 48,300
Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Accumulated amortization of intangible assets	$ 0
Estimated useful lives of assets	6 months

Schedule III - Summary Of Activ

Schedule III - Summary Of Activity For Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate:
Balance, beginning of year	$ 2,248,796	$ 1,976,243	$ 1,942,221
Additions:
Real estate acquired	143,400	290,743	84,778
Improvements	58,715	43,202	48,933
Deductions:
Real estate sold	(28,239)	(55,045)	(85,588)
Write-off of fully amortized assets and other	(8,827)	(6,347)	(14,101)
Balance, end of year	2,413,845	2,248,796	1,976,243
Accumulated Depreciation and Amortization:
Balance, beginning of year	287,096	215,494	160,411
Depreciation expense	93,499	82,760	75,609
Amortization expense	4,149	4,118	6,802
Accumulated depreciation on sales	(6,459)	(11,028)	(14,523)
Write-off of fully amortized assets and other	(6,992)	(4,248)	(12,805)
Balance, end of year	$ 371,293	$ 287,096	$ 215,494