28 unchanged sentences
The Audit Committee meets annually to review enterprise security, technology risks and cybersecurity threats, risk assessments and areas of emerging risks, incidents and mitigation strategies, and industry trends.
−Removed: Our IT department maintains internal and external resources and is led by our IT Manager and assisted by our Risk Assessment/IT Compliance & Enterprise Manager .
+Added: Our IT department maintains internal and external resources and is led by our Vice President of IT and assisted by our Risk Assessment/IT Compliance & Enterprise Manager .
These two individuals have a combined 45+ years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other public companies.
7 unchanged sentences
Management is responsible for approving budgets, approving cybersecurity processes, and reviewing cybersecurity assessments and other cybersecurity-related matters.
−Removed: As of December 31, 2024, we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine held through preferred equity and loan investments.
−Removed: The following tables provide summary information regarding our consolidated investments and preferred equity and loan investments.
+Added: As of December 31, 2025, we held nineteen consolidated investments and five preferred equity investments.
+Added: The following tables provide summary information regarding our consolidated investments and preferred equity investments.
Consolidated Investments
4 unchanged sentences
Sale/Reno Units (4)
−Removed: Scattered Single-Family Homes
−Removed: Golden Pacific
−Removed: Indy-Springfield
−Removed: Dallas-Fort Worth, TX
−Removed: Total Scattered Single-Family Homes / Average
Residential Communities
4 unchanged sentences
Jacksonville, FL
+Added: District at Parkview (6)
+Added: Stone Mountain, GA
+Added: Skytop Apartments (6)
+Added: Cincinnati, OH
+Added: Southern Pines Reserve (6)
Villas at Huffmeister
2 unchanged sentences
Total Residential Communities Units / Average
+Added: Scattered Single-Family Homes
+Added: Golden Pacific
+Added: Indy-Springfield
+Added: Dallas-Fort Worth, TX
+Added: Total Scattered Single-Family Homes / Average
Total Operating Units / Average
−Removed: Development Investment Name
+Added: Development / Lease-up Investment Name
Residential Communities
−Removed: Abode Wendell Fall (5)
+Added: Abode Wendell Falls (7)
+Added: Harmony at Clear Creek (7)
+Added: Parkside at Summers Corner (8)
+Added: Summerville, SC
Total Development Units
(1) Total operating units includes an aggregate of 107 units classified as held for sale, with such units included in the following portfolios:
−Removed: 8 units of ILE, 37 units of Indy-Springfield, 32 units of Peak JV 2, and all 90 units of Peak JV 3.
+Added: 12 units of Golden Pacific, 27 units of ILE, 18 units of Indy-Springfield, 8 units of Peak JV 2, and all 42 units of Peak JV 3.
(2) Represents the average of the ending average effective rent per occupied unit as of the last day of each month in the three months ended December 31, 2025.
1 unchanged sentence
(4) Percent occupied is calculated as (i) the number of units occupied as of December 31, 2025 divided by (ii) total number of units, expressed as a percentage, and excludes 107 units classified as held for sale and an aggregate of 11 down/renovation units.
−Removed: (5) Abode Wendell Falls is a build-to-rent development project that commenced construction in 2024.
−Removed: Preferred Equity and Loan Investments
+Added: (5) Amira at Westly is held through our DST Program (refer to Note 9 of our consolidated financial statements for further information).
+Added: The Amira at Westly DST has been fully subscribed with equity from individual investors.
+Added: (6) District at Parkview, Skytop Apartments and Southern Pines Reserve are held through our DST Program.
+Added: (7) Represents a development project with no units delivered as of December 31, 2025.
+Added: Abode Wendell Falls commenced construction in 2024 and Harmony at Clear Creek is anticipated to commence construction in 2026.
+Added: (8) Parkside at Summers Corner represents a development project with units to be acquired in tranches as construction is completed.
+Added: Of the total 100 units that we have committed to acquire, 12 units had been acquired as of December 31, 2025.
+Added: Preferred Equity Investments
Total Actual/
−Removed: Lease-up Investment Name
−Removed: Location / Market
+Added: Development Investment Name (1)
(in millions)
1 unchanged sentence
Cost Per Unit
−Removed: Willow Park, TX
−Removed: The Cottages at Myrtle Beach
−Removed: Myrtle Beach, SC
−Removed: The Cottage of Port St.
−Removed: Wayford at Innovation Park (3)
−Removed: Charlotte, NC
−Removed: Wayford at Pringle
−Removed: Charlotte, NC
−Removed: Total Lease-up Units
−Removed: Development Investment Name (4)
Brunswick, GA
+Added: Sanford Marketplace
Canvas at Wildwood
+Added: Archer at RiverBlue (3)
+Added: Asheville, NC
Total Development Units
+Added: Operating Investment Name (4)
+Added: Wayford at Innovation Park
+Added: Charlotte, NC
+Added: Total Operating Units
Total Units/Average
−Removed: (1) Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.
−Removed: (2) Chandler commenced lease-up in June 2024.
−Removed: (3) Wayford at Innovation Park commenced lease-up in August 2023.
(1) None of the development investments had commenced lease-up as of December 31, 2025.
+Added: (2) For development investments, represents the average pro forma effective monthly rent per occupied unit for all expected occupied units during the first full quarter of stabilization.
+Added: For the operating investment, represents the average effective monthly rent per occupied unit.
+Added: (3) In December 2025, we entered into a joint venture agreement and made a commitment to invest capital for preferred equity interests in Archer at RiverBlue.
+Added: No capital had been funded as of December 31, 2025.
+Added: (4) Operating investment represents a stabilized operating property.
Legal Proceedings
3 unchanged sentences
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.