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Note 11 - Segment Reporting | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 11: 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. Individual operating results for each of our multifamily properties is reviewed and discrete financial information is available. Our multifamily properties have similar long-term economic characteristics and provide similar products and services to a similar class of residents. All operations are within the United States and no individual multifamily property comprises more than 10% of consolidated revenues or assets. 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. As a group, our executive officers, including the CEO, President and CFO, CAO, and EVP of Operations act as the CODM. The CODM manages and reviews our operations on both a property-by-property basis and same-store and non same-store basis and 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, net gains on sale of assets and restructuring costs. 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 years ended December 31, 2025, 2024 and 2023, and reconciles NOI to Net income (loss) on the consolidated statements of operations. The segments are classified as same-store or non same-store based on the individual property’s status as of December 31, 2025 for the years ended December 31, 2025 and 2024 and at December 31, 2024 for the year ended December 31, 2023.
|  |  | For the Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Same-store(1) rental and other property revenue |  | $ | 595,601 |  |  | $ | 585,431 |  |  | $ | 585,277 |
Non same-store(1) rental and other property revenue |  |  | 60,880 |  |  |  | 53,482 |  |  |  | 74,564 |
Total reportable segments revenue |  |  | 656,481 |  |  |  | 638,913 |  |  |  | 659,841 |
Other income |  |  | 1,215 |  |  |  | 1,122 |  |  |  | 1,142 |
Total consolidated revenue |  | $ | 657,696 |  |  | $ | 640,035 |  |  | $ | 660,983 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Same-store |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  |  | 67,926 |  |  |  | 68,534 |  |  |  | 72,518 |
Property insurance |  |  | 13,323 |  |  |  | 15,174 |  |  |  | 14,618 |
Personnel expenses |  |  | 47,460 |  |  |  | 48,068 |  |  |  | 45,592 |
Utilities |  |  | 29,720 |  |  |  | 28,923 |  |  |  | 28,296 |
Repairs and maintenance |  |  | 18,836 |  |  |  | 18,872 |  |  |  | 20,122 |
Contract services |  |  | 22,927 |  |  |  | 21,276 |  |  |  | 21,584 |
Advertising expenses |  |  | 9,079 |  |  |  | 7,380 |  |  |  | 6,342 |
Other property operating expenses (2) |  |  | 6,279 |  |  |  | 6,209 |  |  |  | 6,625 |
Total same-store operating expenses |  |  | 215,550 |  |  |  | 214,436 |  |  |  | 215,697 |
Non same-store |  |  |  |  |  |  |  |  |  |  |  |
Total non same-store operating expenses |  |  | 23,607 |  |  |  | 21,152 |  |  |  | 28,633 |
Total reportable segments operating expenses |  |  | 239,157 |  |  |  | 235,588 |  |  |  | 244,330 |
Net Operating Income: |  |  |  |  |  |  |  |  |  |  |  |
Same-store NOI |  |  | 380,051 |  |  |  | 370,995 |  |  |  | 369,580 |
Non same-store NOI |  |  | 37,273 |  |  |  | 32,330 |  |  |  | 45,931 |
Total reportable segments NOI |  |  | 417,324 |  |  |  | 403,325 |  |  |  | 415,511 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Other revenue |  |  | 1,215 |  |  |  | 1,122 |  |  |  | 1,142 |
Property management expenses |  |  | (30,107 | ) |  |  | (29,923 | ) |  |  | (27,081 | )
General and administrative expenses |  |  | (23,966 | ) |  |  | (24,245 | ) |  |  | (22,766 | )
Depreciation and amortization |  |  | (243,241 | ) |  |  | (220,854 | ) |  |  | (218,968 | )
Casualty losses |  |  | (1,314 | ) |  |  | (3,935 | ) |  |  | (925 | )
Interest expense |  |  | (78,998 | ) |  |  | (76,141 | ) |  |  | (89,921 | )
Gain on sale (loss on impairment) of real estate assets, net |  |  | 6,147 |  |  |  | (9,862 | ) |  |  | (66,547 | )
(Loss) gain on extinguishment of debt |  |  | (67 | ) |  |  | 200 |  |  |  | (124 | )
Other loss |  |  | (352 | ) |  |  | (1 | ) |  |  | (427 | )
Income (loss) from investments in unconsolidated real estate entities |  |  | 11,066 |  |  |  | 347 |  |  |  | (4,488 | )
Restructuring costs |  |  | — |  |  |  | — |  |  |  | (3,213 | )
Net income (loss) |  | $ | 57,707 |  |  | $ | 40,033 |  |  | $ | (17,807 | )
| (1) | Same-store portfolio consists of 105 properties, which represent 30,502 units. Non same-store portfolio consists of 9 properties, which represent 2,960 units.
| (2) | Other property operating expenses includes property office, administrative and legal costs.

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- 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 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