What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-03-23 compared with 2022-03-29 · 11 added, 81 removed, 43 unchanged (68% of the section changed)

1 unchanged sentence

Count Property Location Year Constructed Units Occupancy

Consolidated Properties

1 Blue Lake Villas (1) Waxahachie, TX 2002 186 96.3 %

2 Blue Lake Villas Phase II (1) Waxahachie, TX 2004 70 97.2 %

3 Chelsea Beaumont, TX 1999 144 90.6 %

2 unchanged sentences

6 Legacy at Pleasant Grove Texarkana, TX 2006 208 94.1 %

5 Parc at Denham Springs Phase II Denham Springs, LA 2010 144 93.8 %

6 Sugar Mill Phase III Baton Rouge, LA 2015 72 86.1 %

7 Toulon Gautier, MS 2011 240 98.8 %

8 Villas at Bon Secour Gulf Shores, AL 2007 200 96.5 %

9 Vista Ridge Tupelo, MS 2009 160 96.9 %

Joint Venture Properties

1 Abode Red Rock Las Vegas, NV 2018 308 97.1 %

2 Apalachee Point Villas Tallahassee, FL 2018 200 98.5 %

3 Blue Lake Villas Waxahachie, TX 2002 186 98.4 %

4 Blue Lake Villas Phase II Waxahachie, TX 2004 70 97.1 %

5 Breakwater Bay Beaumont, TX 2003 176 96.6 %

6 Bridgewood Ranch Kaufman, TX 2007 106 99.1 %

7 Capitol Hill Little Rock, AR 2003 156 97.4 %

8 Centennial Village Oak Ridge, TN 2011 252 97.2 %

9 Crossing at Opelika Opelika, AL 2011 168 97.0 %

10 Dakota Arms Lubbock, TX 2005 208 97.6 %

11 Desoto Ranch DeSoto, TX 2003 248 97.6 %

12 Eagle Crossing Dallas, TX 2017 150 98.0 %

13 Falcon Lake Arlington, TX 2002 248 98.8 %

14 Heather Creek Mesquite, TX 2003 200 99.0 %

15 Lake Forest Humble, TX 2004 240 97.9 %

16 Lakeside Lofts Farmers Branch, TX 2020 494 96.4 %

17 Lodge at Pecan Creek Denton, TX 2011 192 97.9 %

18 Lofts at Reynolds Asheville, NC 2012 201 99.0 %

19 Mansions of Mansfield Mansfield, TX 2008 208 98.6 %

20 McKinney Point McKinney, TX 2017 198 98.5 %

21 Metropolitan Little Rock, AR 2008 260 93.8 %

22 Mission Oaks San Antonio, TX 2006 228 97.4 %

7 Northside on Travis (1) Sherman, TX 2008 200 97.2 %

24 Oak Hollow Sequin, TX 2011 160 97.5 %

25 Oak Hollow Phase II Sequin, TX 2018 96 95.8 %

26 Oceanaire Biloxi, MS 2009 196 99.5 %

27 Overlook at Allensville Square Sevierville, TN 2012 144 97.9 %

28 Overlook at Allensville Phase II Sevierville, TN 2012 144 98.6 %

29 Parc at Bentonville Bentonville, AR 2017 216 96.3 %

30 Parc at Clarksville Clarksville, TN 2018 168 99.4 %

8 Parc at Denham Springs (1) Denham Spring, LA 2007 224 93.0 %

32 Parc at Garland Garland, TX 2010 198 99.0 %

33 Parc at Mansfield Mansfield, TX 2017 99 100.0 %

34 Parc at Maumelle Little Rock, AR 2015 240 97.5 %

35 Parc at Metro Center Nashville, TN 2005 144 98.6 %

36 Parc at Rogers Rogers, AR 2006 250 97.6 %

Count Property Location Year Constructed Units Occupancy

37 Parc at Wylie Wylie, TX 2007 198 98.5 %

38 Preserve at Pecan Creek Denton, TX 2008 192 97.4 %

39 Preserve at Prairie Pointe Lubbock, TX 2005 184 96.7 %

9 Parc at Denham Springs Phase II Denham Springs, LA 2010 144 91.6 %

10 Residences at Holland Lake (1) Weatherford, TX 2004 208 96.7 %

41 Sawgrass Creek New Port Richey, FL 2018 188 99.5 %

42 Sonoma Court Rockwall, TX 2011 124 99.2 %

43 Sugar Mill Phase I Baton Rouge, LA 2009 160 83.1 %

44 Sugar Mill Phase II Baton Rouge, LA 2016 80 77.5 %

45 Tattersall Village Hinesville, GA 2010 222 96.8 %

46 Terra Lago Rowlett, TX 2018 451 97.6 %

47 Tradewinds Midland, TX 2015 214 84.6 %

11 Villas at Bon Secour Gulf Shores, AL 2007 200 96.5 %

12 Villas of Park West I (1) Pueblo, CO 2005 148 97.5 %

13 Villas of Park West II (1) Pueblo, CO 2010 112 97.9 %

50 Vistas of Vance Jackson San Antonio, TX 2005 240 97.5 %

51 Waterford At Summer Park Rosenberg, TX 2013 196 99.0 %

52 Windsong Fort Worth, TX 2003 188 97.3 %

61 Total Multifamily Properties 11,773

Residential Portfolio Composition

The following table sets forth the location of and number of units as of December 31, 2021:

Company owned VAA owned Total

14 Vista Ridge Tupelo, MS 2009 160 94.4 %

(1) Property is part of the VAA Holdback Portfolio that was acquired in connection with the sale of the VAA Sale Portfolio (See "Other Developments" in Item 7.

Management Discussion and Analysis - Management Overview").

The following table sets forth the location and number of units as of December 31, 2022:

Alabama 1 200

Arkansas — — 5 1,122 5 1,122

Colorado 2 260

Florida — — 2 388 2 388

Georgia — — 1 222 1 222

Louisiana 3 608

Mississippi 1 160

North Carolina — — 1 201 1 201

Nevada — — 1 308 1 308

Tennessee — — 5 852 5 852

Texas 7 1,100

9 1,492 52 10,281 61 11,773

Commercial Properties

Count Property Location Year Constructed Square Feet Occupancy

Office Buildings

1 770 South Post Oak Houston, TX 1970 95,450 55.2 %

2 Browning Place Farmers Branch, TX 1982 625,297 73.0 %

3 Senlac Farmers Branch, TX 1971 2,812 100.0 %

2 Browning Place Dallas, TX 1984 625,297 71.7 %

3 Senlac Dallas, TX 1971 2,812 100.0 %

4 Stanford Center Dallas, TX 2007 333,234 61.6 %

Retail Centers

5 Fruitland Park Fruitland Park, FL 1986 6,722 — %

Commercial Lease Expirations

The following table summarizes our commercial lease expirations as of December 31, 2022:

Year of Lease

Expiration Rentable Square Feet

Subject to Expiring Leases Current

Contractual Rent Under

Expiring Leases (1,000s)(1) Current

Rent Under Expiring

Leases (P.S.F.) Percentage of Total

Square Feet Percentage of Gross

Expiration Number of Leases Expiring Square Foot ("SF") of Leases Expiring % of Total Leased SF by Expiring Leases Ending Rent/SF of Expiring Leases % of Total Rent Represented by Expiring Leases

2023 16 224,585 36 % 19.77 30.3 %

5 unchanged sentences

63 626,194 100 % 100.0 %

(1) This amount reflects total rent before any rent abatement and includes expense reimbursements, which may be estimates as of such date.

Land Investments

11 unchanged sentences

Held subject to sales contract

Mercer Crossing Farmers Branch, TX 1

Windmill Farms Kaufman County, TX 148

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties