What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-02-18 compared with 2024-02-20 · 29 added, 27 removed, 164 unchanged (25% of the section changed)

10 unchanged sentences

However, all decisions relating to purchase, sale, insurance coverage, major capital improvements, annual operating budgets, and major renovations are made exclusively by our employees and implemented by the third-party management companies.

Generally, our third-party management contracts are for terms of one year or less and provide for compensation ranging from 2.5% to 5.0% of gross rent collections and, typically, we may terminate these contracts upon 60 days or less notice for cause or upon the property manager’s failure to meet certain specified financial performance goals.

Generally, our third-party management contracts are for terms of one year or less and provide for compensation ranging from 2.5% to 5.0% of

gross rent collections and, typically, we may terminate these contracts upon 60 days or less notice for cause or upon the property manager’s failure to meet certain specified financial performance goals.

Summary of Communities Owned as of December 31, 2024

1 unchanged sentence

We provide certain information on a same-store and non-same-store basis.

Same-store communities are owned or in service for substantially all of the periods being compared, and, in the case of development properties, have achieved a target level of physical occupancy of 90%.

Same-store communities are owned or stabilized for substantially all of the periods being compared, and, in the case of newly-acquired or constructed properties, have achieved a target level of physical occupancy of 90%, or re-positioned communities when they have achieved stabilized operations.

We define re-positioned communities as having significant development and construction activity on existing buildings pursuant to an authorized plan, which has an impact on current operating results, occupancy and the ability to lease space with the intended result of improved community cash flow and competitive position through extensive unit and amenity upgrades.

We categorize a re-positioned community as same-store when the development and construction activity has been completed, and operations have stabilized.

This is typically reaching an overall occupancy of 90%.

Not all communities undergoing value add are considered a re-positioned community.Non-same store communities are communities not owned or stabilized as of the beginning of the previous year, including re-positioned communities, and excluding communities held for sale and the non-multifamily components of mixed-use properties.

On the first day of each calendar year, we determine the composition of our same-store pool for that year as well as adjust the previous year, which allows us to evaluate the performance of existing apartment communities.

31 unchanged sentences

196 21,626 94.9 %

(in thousands)

Investment Physical

Number of (initial cost plus Occupancy

Apartment improvements less as of

Community Name and Location Homes impairment) December 31, 2023

Deer Ridge Apartment Homes - Jamestown, ND 163 25,680 94.5 %

1 unchanged sentence

Dylan at RiNo - Denver, CO 274 91,069 94.5 %

Elements of Linden Hills - Minneapolis, MN (1)

31 9,069 96.8 %

Evergreen Apartment Homes - Isanti, MN 72 7,414 88.9 %

9 unchanged sentences

Lakeside Village Apartment Homes - Lincoln, NE 208 24,489 92.8 %

(in thousands)

Investment Physical

Number of (initial cost plus Occupancy

Apartment improvements less as of

Community Name and Location Homes impairment) December 31, 2024

Legacy Apartments - Grand Forks, ND 360 33,940 96.7 %

2 unchanged sentences

Lugano at Cherry Creek - Denver, CO 328 105,167 93.3 %

Lyra Apartments - Centennial, CO (2)

215 93,788 93.0 %

Martin Blu - Eden Prairie, MN (1)

191 50,177 95.8 %

Meadows Apartments - Jamestown, ND 81 7,168 93.8 %

4 unchanged sentences

150 15,812 99.3 %

Noko Apartments - Minneapolis, MN 130 45,173 95.4 %

Northridge Apartments - Bismarck, ND 68 8,705 95.6 %

1 unchanged sentence

Oxbo Urban Rentals - St Paul, MN (2)

191 58,366 94.8 %

Palisades - Roseville, MN (1)

25 unchanged sentences

52 4,315 90.4 %

Southdale Parc - Richfield, MN (2)

69 7,104 88.4 %

SouthFork Townhomes + Flats - Lakeville, MN (1)

2 unchanged sentences

Sunset Trail Apartment Homes - Rochester, MN 146 19,990 95.9 %

The Bosk - Woodbury, MN (2)

288 64,369 91.7 %

Union Pointe - Longmont, CO 256 77,034 93.4 %

4 unchanged sentences

336 32,505 95.5 %

Wingate - New Hope, MN (2)

136 13,978 99.3 %

Woodhaven - Minneapolis, MN (2)

176 26,355 97.7 %

Woodland Pointe - Woodbury, MN (2)

288 61,211 91.7 %

Woodridge on Second - Rochester, MN 110 12,738 93.6 %

Zest - Minneapolis, MN (1)

45 11,687 97.8 %

TOTAL SAME-STORE 12,580 $ 2,333,918

NON-SAME-STORE

Elements of Linden Hills - Minneapolis, MN (1)

31 9,084 96.8 %

(in thousands)

Investment Physical

Number of (initial cost plus Occupancy

Apartment improvements less as of

Community Name and Location Homes impairment) December 31, 2023

Lake Vista Apartment Homes - Loveland, CO (1)

303 89,285 96.7 %

Lyra Apartments - Centennial, CO (2)

215 93,045 93.5 %

Martin Blu - Eden Prairie, MN (1)

191 49,625 93.7 %

Noko Apartments - Minneapolis, MN 130 44,846 95.4 %

Zest - Minneapolis, MN (1)

Lydian - Denver, CO (1)

129 39,558 89.9 %

11 unchanged sentences

Lugano at Cherry Creek - Denver, CO 11,998 2,463 100.0 %

Lydian - Denver, CO (1)

22,676 672 100.0 %

Noko Apartments - Minneapolis, MN 23,988 118 100.0 %

Oxbo Urban Rentals- St Paul, MN (2)

11,477 3,526 100.0 %

Red 20 Apartments - Minneapolis, MN (1)

22 unchanged sentences

Nebraska 92,894 3.7 %

South Dakota 39,805 1.6 %

Montana 47,042 1.9 %

South Dakota 40,690 1.6 %

Total $ 2,480,741 100.0 %

5 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.

What changed 10-K

Item 2. Properties