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Note 10 - Segment Reporting | 6 Months Ended
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Jun. 30, 2026
Notes to Financial Statements |
Segment Reporting [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, 2025, 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, 2025.
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 six months ended June 30, 2026 and 2025, and reconciles NOI to Net income 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 June 30, 2026.
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Revenue: |  |  |  | ​ |  |  |  | ​ |  |  |  | ​ |  |  |  | ​
Same-store (1) rental and other property revenue |  | $ | 157,076 |  |  | $ | 155,612 |  |  | $ | 313,171 |  |  | $ | 309,616 |
Non same-store (1) rental and other property revenue |  |  | 10,050 |  |  |  | 6,279 |  |  |  | 19,168 |  |  |  | 13,180 |
Total reportable segments revenue |  |  | 167,126 |  |  |  | 161,891 |  |  |  | 332,339 |  |  |  | 322,796 |
Other income |  |  | 115 |  |  |  | 297 |  |  |  | 224 |  |  |  | 635 |
Total consolidated revenue |  |  | 167,241 |  |  |  | 162,188 |  |  |  | 332,563 |  |  |  | 323,431 |
Operating Expenses: |  |  |  | ​ |  |  |  | ​ |  |  |  | ​ |  |  |  | ​
Same-store |  |  |  | ​ |  |  |  | ​ |  |  |  | ​ |  |  |  | ​
Real estate taxes |  |  | 18,444 |  |  |  | 18,691 |  |  |  | 38,193 |  |  |  | 38,069 |
Property insurance |  |  | 3,010 |  |  |  | 3,548 |  |  |  | 6,289 |  |  |  | 7,448 |
Personnel expenses |  |  | 12,854 |  |  |  | 12,376 |  |  |  | 25,662 |  |  |  | 24,325 |
Utilities |  |  | 7,615 |  |  |  | 7,407 |  |  |  | 15,830 |  |  |  | 15,194 |
Repairs and maintenance |  |  | 5,883 |  |  |  | 5,822 |  |  |  | 10,059 |  |  |  | 10,167 |
Contract services |  |  | 6,578 |  |  |  | 6,139 |  |  |  | 12,739 |  |  |  | 11,929 |
Advertising expenses |  |  | 2,600 |  |  |  | 2,686 |  |  |  | 4,462 |  |  |  | 4,620 |
Other property operating expenses (2) |  |  | 1,659 |  |  |  | 1,690 |  |  |  | 3,248 |  |  |  | 3,314 |
Total same-store operating expenses |  |  | 58,643 |  |  |  | 58,359 |  |  |  | 116,482 |  |  |  | 115,066 |
Non same-store |  |  |  | ​ |  |  |  | ​ |  |  |  | ​ |  |  |  | ​
Total non same-store operating expenses |  |  | 4,732 |  |  |  | 2,576 |  |  |  | 9,017 |  |  |  | 5,132 |
Total reportable segments operating expenses |  |  | 63,375 |  |  |  | 60,935 |  |  |  | 125,499 |  |  |  | 120,198 |
Net Operating Income: |  |  |  | ​ |  |  |  | ​ |  |  |  | ​ |  |  |  | ​
Same-store NOI |  |  | 98,433 |  |  |  | 97,253 |  |  |  | 196,689 |  |  |  | 194,550 |
Non same-store NOI |  |  | 5,318 |  |  |  | 3,703 |  |  |  | 10,151 |  |  |  | 8,048 |
Total reportable segments NOI |  |  | 103,751 |  |  |  | 100,956 |  |  |  | 206,840 |  |  |  | 202,598 |
Adjustments: |  |  |  | ​ |  |  |  | ​ |  |  |  | ​ |  |  |  | ​
Other revenue |  |  | 115 |  |  |  | 297 |  |  |  | 224 |  |  |  | 635 |
Property management expenses |  |  | (7,931 | ) |  |  | (7,715 | ) |  |  | (16,168 | ) |  |  | (15,541 | )
General and administrative expenses |  |  | (5,685 | ) |  |  | (5,982 | ) |  |  | (14,199 | ) |  |  | (14,388 | )
Depreciation and amortization |  |  | (64,861 | ) |  |  | (59,794 | ) |  |  | (129,494 | ) |  |  | (118,521 | )
Casualty gains (losses), net |  |  | 553 |  |  |  | (255 | ) |  |  | 476 |  |  |  | (139 | )
Interest expense |  |  | (21,583 | ) |  |  | (18,773 | ) |  |  | (42,315 | ) |  |  | (38,121 | )
Gain on sale of real estate assets, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,496 |
Loss on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (67 | )
Other loss |  |  | (105 | ) |  |  | — |  |  |  | (191 | ) |  |  | (103 | )
Loss from investments in unconsolidated real estate entities |  |  | (836 | ) |  |  | (562 | ) |  |  | (1,883 | ) |  |  | (1,151 | )
Net income |  | $ | 3,418 |  |  | $ | 8,172 |  |  | $ | 3,290 |  |  | $ | 16,698 |
| (1) | Same-store portfolio consists of 109 properties, which represent 31,735 units. Non same-store portfolio consists of 7 properties, which represent 2,163 units.
| (2) | Other property operating expenses includes property office, administrative and legal costs.

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