XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.25.3

Note 10 - Segment Reporting | 9 Months Ended
--- | ---
Sep. 30, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 10: Segment Reporting Each of our multifamily properties is considered an operating segment that earns revenues through the leasing of apartment homes and incurs associated expenses. We aggregate our multifamily properties on a same-store and non same-store basis, and as a result, have identified two reportable segments.
| • | Same-Store includes properties that were owned and not a development property as of January 1, 2024, and that have not been sold or identified as held for sale.
| • | Non Same-Store includes properties that did not meet the definition of a same-store property as of January 1, 2024.
GAAP guidance requires that segment disclosures present the measures used by the Chief Operating Decision Maker (“CODM”) to decide how to allocate resources and for purposes of assessing segment performance. The CODM uses net operating income (“NOI”) as the primary financial measure to evaluate operating results of our multifamily properties, including analyses compared to prior periods and budgeted operating results. NOI is defined as total property revenues less total property operating expenses, excluding interest expenses, depreciation and amortization, casualty related costs and gains, property management expenses, general and administrative expense and net gains on sale of assets. Segment assets consist of real estate held for investment, real estate held for sale and investments in real estate under development. Non-segment assets consist of assets in the Company’s other non-reportable segments and corporate non-segment assets, which are comprised of cash and cash equivalents, restricted cash, investments in unconsolidated real estate entities, other assets, derivative assets and intangible assets. Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources. The following table details NOI for our two reportable segments for the three and nine months ended September 30, 2025 and 2024, and reconciles NOI to net income (loss) on the condensed consolidated statements of operations. The segments are classified as same-store or non same-store based on the individual property’s status as of September 30, 2025.
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store rental and other property revenue |  | $ | 150,573 |  |  | $ | 148,430 |  |  | $ | 445,542 |  |  | $ | 438,359 |
Non-same store rental and other property revenue |  |  | 16,315 |  |  |  | 11,430 |  |  |  | 44,142 |  |  |  | 39,937 |
Total reportable segments revenue |  |  | 166,888 |  |  |  | 159,860 |  |  |  | 489,684 |  |  |  | 478,296 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  |  | 16,280 |  |  |  | 16,129 |  |  |  | 52,274 |  |  |  | 52,294 |
Property insurance |  |  | 3,107 |  |  |  | 3,713 |  |  |  | 10,203 |  |  |  | 11,455 |
Personnel expenses |  |  | 12,954 |  |  |  | 12,739 |  |  |  | 36,341 |  |  |  | 36,493 |
Utilities |  |  | 7,635 |  |  |  | 7,607 |  |  |  | 22,155 |  |  |  | 21,529 |
Repairs and maintenance |  |  | 5,393 |  |  |  | 6,023 |  |  |  | 15,238 |  |  |  | 16,632 |
Contract services |  |  | 5,788 |  |  |  | 5,616 |  |  |  | 17,113 |  |  |  | 16,136 |
Advertising expenses |  |  | 2,455 |  |  |  | 2,226 |  |  |  | 6,842 |  |  |  | 5,753 |
Other property operating expenses (1) |  |  | 1,571 |  |  |  | 1,537 |  |  |  | 4,755 |  |  |  | 4,717 |
Total same store operating expenses |  |  | 55,183 |  |  |  | 55,590 |  |  |  | 164,921 |  |  |  | 165,009 |
Non-same store |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total non-same store operating expenses |  |  | 6,516 |  |  |  | 4,948 |  |  |  | 16,976 |  |  |  | 16,384 |
Total reportable segments operating expenses |  |  | 61,699 |  |  |  | 60,538 |  |  |  | 181,897 |  |  |  | 181,393 |
Net Operating Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store NOI |  |  | 95,390 |  |  |  | 92,840 |  |  |  | 280,621 |  |  |  | 273,350 |
Non-same store NOI |  |  | 9,799 |  |  |  | 6,482 |  |  |  | 27,166 |  |  |  | 23,553 |
Total reportable segments NOI |  |  | 105,189 |  |  |  | 99,322 |  |  |  | 307,787 |  |  |  | 296,903 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other revenue |  |  | 250 |  |  |  | 275 |  |  |  | 885 |  |  |  | 776 |
Property management expenses |  |  | (7,891 | ) |  |  | (7,379 | ) |  |  | (23,433 | ) |  |  | (22,544 | )
General and administrative expenses |  |  | (4,905 | ) |  |  | (4,765 | ) |  |  | (19,293 | ) |  |  | (19,389 | )
Depreciation and amortization |  |  | (61,735 | ) |  |  | (55,261 | ) |  |  | (180,256 | ) |  |  | (163,112 | )
Casualty losses |  |  | (419 | ) |  |  | (1,249 | ) |  |  | (559 | ) |  |  | (4,015 | )
Interest expense |  |  | (20,455 | ) |  |  | (18,308 | ) |  |  | (58,575 | ) |  |  | (56,371 | )
(Loss on impairment) gain on sale of real estate assets, net |  |  | (12,841 | ) |  |  | 688 |  |  |  | (11,344 | ) |  |  | 11,066 |
(Loss) gain on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (67 | ) |  |  | 203 |
Other loss |  |  | (12 | ) |  |  | — |  |  |  | (115 | ) |  |  | (1 | )
Income (loss) from investments in unconsolidated real estate entities |  |  | 9,814 |  |  |  | (703 | ) |  |  | 8,663 |  |  |  | (2,382 | )
Net income |  | $ | 6,995 |  |  | $ | 12,620 |  |  | $ | 23,693 |  |  | $ | 41,134 |
| (1) | Other property operating expenses includes property office, administrative and legal costs.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration