ADDED
As of February 27, 2026, the registrant had 18,983,013 shares of common stock outstanding.
( Majestic Property ), a property management company which compensates certain of our executive officers, and which is indirectly owned by, among others, Jeffrey A.
The use of the term "affiliated entities" or similar terms does not constitute an acknowledgement that such person(s) or entities are affiliates (as such term is used in the Securities Act (as defined below) or Exchange Act (as defined below)) of ours or one another; "same store properties" refer to properties that we owned and operated for the entirety of periods being compared, except for properties that are in lease-up.
At December 31, 2025, we (i) wholly-own 21 multi-family properties with an aggregate of 5,420 units and a carrying value of $595.2 million; (ii) have ownership interests, through unconsolidated entities, in ten multi-family properties with an aggregate of 2,891 units for which the carrying value of our net equity investment therein is $46.1 million; (iii) have preferred equity investments in two multi-family properties with a carrying value of $17.7 million; and (iv) own other assets, through consolidated and unconsolidated subsidiaries, with a carrying value of $1.6 million.
The 31 multi-family properties are located in 11 s tates; primarily in the Southeast United States and Texas.
During 2025: we acquired, through two unconsolidated joint ventures in two separate and unrelated transactions, an 80% interest in two multi-family properties (referred to collectively as the "2025 Acquisitions") with an aggregate of 364 units for an aggregate purchase price of $59.5 million, including $40.1 million of mortgage debt.
The mortgage debt bears a weighted average interest rate of 4.34% and a weighted average remaining term to maturity of 6.6 years.
we refinanced four mortgages maturing in 2025 and 2026 in aggregate principal amount of $58.0 million (the Prior Mortgages ) and bearing a weighted average fixed interest rate of 4.38% with four replacement mortgages in aggregate principal amount $87.7 million (the "2025 Financings").
The replacement mortgages (the Replacement Mortgages ) have a weighted average remaining term to maturity of 8.5 years, a weighted average fixed interest rate of 4.97%, and unlike the Prior Mortgages, are interest only until maturity (other than with respect to a mortgage in principal amount of $15.8 million, which is interest only until 2030, one year prior to its maturity).
As a result of the 2025 Financings, our aggregate annual principal payments are expected to decrease by $1.2 million (until 2030), and our annual interest expense is expected to increase by $1.8 million, from the corresponding amounts under the Prior Mortgages.
REMOVED
As of February 28, 2025, the registrant had 18,929,742 shares of common stock outstanding.
and its consolidated and unconsolidated subsidiaries; "acquisitions" include investments in unconsolidated joint ventures.
our "significant subsidiaries" (as such term is by Rule 1-02(w) of Regulation S-X), include TRB Holdings LLC, TRB Bells Bluff LLC, which own Bells Bluff, a property located in West Nashville, TN and TRB Civic Center LLC, which owns Civic Center I and II, properties located in Southaven MS.
the term "promote" refers to our joint venture partner's share of the income and/or cash flow from a multi-family property greater than that implied by their percentage of equity interest in such project.
we refer to certain entities as affiliated entities , because such entities share with us certain executive personnel and ownership.
( Majestic Property ), a property management company which compensates certain of our executive officers, and which is wholly owned by Fredric H.
The use of the term "affiliated entities" or similar terms does not constitute an acknowledgement that such person(s) or entities are affiliates (as such term is used in the Securities Act (as defined below) or Exchange Act (as defined below) of ours or one another.
"same store properties" refer to properties that we owned and operated for the entirety of periods being compared, except for properties that are in lease-up.
While carve-outs vary from lender to lender and transaction to transaction, the carve-outs may include, among other things, a voluntary bankruptcy filing, environmental liabilities, the sale, financing or encumbrance of the property in violation of loan documents, damage to property as a result of intentional misconduct or gross negligence, failure to pay valid taxes and other claims which could or in certain cases, would create a lien on a property and the conversion of security deposits, insurance proceeds or condemnation awards.
references to unconsolidated joint ventures exclude ventures in which we have a preferred equity investment.