What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-17 compared with 2025-02-18 · 21 added, 54 removed, 139 unchanged (35% of the section changed)

9 unchanged sentences

When properties acquired have effective pre-existing property management in place or when particular properties are, in our judgment, not attractive candidates for self-management, we may utilize third-party professional management companies for day-to-day management.

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.

In that case, 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.

Summary of Communities Owned as of December 31, 2025

2 unchanged sentences

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.

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.

“Other” includes non-multifamily properties and non-multifamily components of mixed use properties.

We own the following interests in real estate either through our wholly-owned subsidiaries or by ownership of a controlling interest in an entity owning the real estate.

We own the following real estate through our wholly-owned subsidiaries.

We account for these interests on a consolidated basis.

19 unchanged sentences

Cascade Shores Townhomes + Flats - Rochester, MN 366 85,501 94.8 %

366 85,151 96.2 %

Castlerock Apartment Homes - Billings, MT 165 7,695 94.6 %

3 unchanged sentences

Country Meadows Apartment Homes - Billings, MT 133 10,064 91.7 %

Cypress Court Apartments - St.

Cloud, MN (1) (3)

196 21,626 94.9 %

Deer Ridge Apartment Homes - Jamestown, ND 163 25,709 93.9 %

1 unchanged sentence

Dylan at RiNo - Denver, CO 274 91,487 94.5 %

Elements of Linden Hills - Minneapolis, MN (1)

31 9,069 96.8 %

Evergreen Apartment Homes - Isanti, MN 72 7,438 95.8 %

FreightYard Townhomes & Flats - Minneapolis, MN 96 27,021 96.9 %

Gardens Apartments - Grand Forks, ND 74 9,630 98.7 %

Grand Gateway Apartment Homes - St.

Cloud, MN 116 12,129 90.5 %

Greenfield - Omaha, NE 96 8,437 94.8 %

Grove Ridge - Cottage Grove, MN (2)

84 14,982 86.9 %

Homestead Garden Apartments - Rapid City, SD 152 18,697 96.1 %

Ironwood - New Hope, MN 182 40,578 96.2 %

Lake Vista Apartment Homes - Loveland, CO (1)

303 90,549 97.7 %

Lakeside Village Apartment Homes - Lincoln, NE 208 25,161 93.8 %

(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 34,860 97.2 %

10 unchanged sentences

Monticello Village - Monticello, MN 60 5,707 95.0 %

New Hope Garden & Village - New Hope, MN (2)

150 15,812 99.3 %

Noko Apartments - Minneapolis, MN 130 45,313 95.4 %

2 unchanged sentences

Oxbo Urban Rentals - St Paul, MN 191 58,589 92.7 %

191 58,366 94.8 %

Palisades - Roseville, MN (1)

6 unchanged sentences

Pointe West Apartments - Rapid City, SD 90 6,183 93.3 %

Ponds at Heritage Place - Sartell, MN 58 5,578 98.3 %

Prosper West - Waite Park, MN (1)

313 29,197 94.3 %

(in thousands)

Investment Physical

Number of (initial cost plus Occupancy

Apartment improvements less as of

Community Name and Location Homes impairment) December 31, 2025

Quarry Ridge Apartments - Rochester, MN

1 unchanged sentence

Red 20 Apartments - Minneapolis, MN 130 27,032 96.2 %

130 26,843 93.9 %

Regency Park Estates - St.

Cloud, MN (1)

149 19,465 94.0 %

Rimrock West Apartments - Billings, MT 78 5,789 93.6 %

11 unchanged sentences

Sunset Trail Apartment Homes - Rochester, MN 146 20,093 96.6 %

The Bosk - Woodbury, MN (2)

288 64,369 91.7 %

Union Pointe - Longmont, CO 256 77,121 93.4 %

Venue on Knox - Minneapolis, MN (2)

97 24,743 92.8 %

Westend - Denver, CO 390 133,966 94.6 %

1 unchanged sentence

336 32,690 95.2 %

Woodhaven - Minneapolis, MN (2)

176 26,355 97.7 %

Woodridge on Second - Rochester, MN 110 12,683 91.8 %

Zest - Minneapolis, MN (1)

45 11,687 97.8 %

TOTAL SAME-STORE 11,084 $ 2,148,629

NON-SAME-STORE

Lake Vista Apartment Homes - Loveland, CO (1)

303 89,285 96.7 %

Lydian - Denver, CO (1)

129 40,707 91.5 %

Railway Flats - Loveland, CO (1)

420 105,027 92.1 %

Sugarmont - Salt Lake City, UT (2)

341 145,932 94.4 %

The Bosk - Woodbury, MN (2)

288 67,445 77.8 %

TOTAL NON-SAME-STORE 1,178 $ 359,111

14 unchanged sentences

Oxbo Urban Rentals- St Paul, MN 11,477 3,526 100.0 %

11,477 3,526 100.0 %

Red 20 Apartments - Minneapolis, MN 10,508 3,016 100.0 %

10,508 2,959 100.0 %

Zest - Minneapolis, MN (1)

3,200 53 100.0 %

TOTAL OTHER - MIXED USE COMMERCIAL 103,210 $ 16,280

OTHER - COMMERCIAL

3100 10th St SW - Minot, ND (4)

9,603 $ 1,994 N/A

TOTAL OTHER - COMMERCIAL 9,603 $ 1,994

TOTAL SQUARE FOOTAGE - OTHER 115,972

TOTAL GROSS REAL ESTATE INVESTMENTS $ 2,524,020

1 unchanged sentence

(2) Encumbered by mortgage in our Fannie Mae Credit Facility.

(3) Owned by a joint venture entity and consolidated in our financial statements.

We have an approximately 86.1% ownership in Cypress Court.

(4) This is our Minot corporate office building.

(3) Apartment community’s physical occupancy decreased due to casualty event.

Properties by State

5 unchanged sentences

North Dakota 213,617 8.5 %

Utah 145,932 5.8 %

Nebraska 95,017 3.8 %

8 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