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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We operate in a single reportable segment which includes the ownership, development, redevelopment and acquisition of apartment communities (the “Residential segment”). Within the Residential segment, we do not distinguish or group our consolidated operations based on size (only one community, Riverside Apartments, comprises more than 10% of consolidated revenues), type (all assets in the segment are residential) or geography (all but six communities are within the Washington, DC metro region). Further, our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents.

We have one office property, Watergate 600, which does not meet the quantitative or qualitative criteria for a reportable segment and has been classified within “Other”, along with business activities that are not part of an operating segment, on our segment disclosure tables.

Our CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of assessing the performance and allocating resources to the operating segment. The CODM uses net operating income (“NOI”), defined as real estate rental revenue less real estate expenses (the significant segment expense), as the key basis of measurement for the reported segment profit or loss.

We evaluate performance based upon NOI of the combined properties in the segment. Our reportable operating segment consolidates similar properties. GAAP requires that segment disclosures present the measure(s) used by the CODM for purposes of assessing each segment’s performance.

The following tables present revenues, NOI, capital expenditures and total assets for the three and nine months ended September 30, 2025 and 2024 from our Residential segment as well as Other, and reconcile NOI to net loss as reported (in thousands):

 Three Months Ended September 30, 2025
 ResidentialOtherConsolidated
Real estate rental revenue$57,687 $4,416 $62,103 
Real estate expenses22,706 1,433 24,139 
Net operating income$34,981 $2,983 $37,964 
Other expense:
Property management expenses(2,263)
General and administrative expenses(14,064)
Depreciation and amortization(23,771)
Interest expense(9,661)
Real estate impairment(111,719)
Net loss$(123,514)
Capital expenditures$8,684 $1 $8,685 
Total assets$1,598,307 $88,552 $1,686,859 
 Three Months Ended September 30, 2024
 ResidentialOtherConsolidated
Real estate rental revenue$56,427 $4,628 $61,055 
Real estate expenses20,820 1,438 22,258 
Net operating income$35,607 $3,190 $38,797 
Other expense:
Property management expenses(2,235)
General and administrative expenses(6,354)
Depreciation and amortization(23,474)
Interest expense(9,557)
Loss on extinguishment of debt(147)
Net loss$(2,970)
Capital expenditures$11,883 $55 $11,938 
Total assets$1,728,078 $125,081 $1,853,159 

Nine Months Ended September 30, 2025
ResidentialOtherConsolidated
Real estate rental revenue$172,377 13,318 $185,695 
Real estate expenses64,576 4,219 68,795 
Net operating income$107,801 $9,099 $116,900 
Other income (expense):
Property management expenses(6,765)
General and administrative expenses(30,982)
Depreciation and amortization(70,570)
Interest expense(28,619)
Real estate impairment(111,719)
Net loss$(131,755)
Capital expenditures$23,054 $82 $23,136 

Nine Months Ended September 30, 2024
ResidentialOtherConsolidated
Real estate rental revenue$166,790 13,881 $180,671 
Real estate expenses61,800 4,159 65,959 
Net operating income$104,990 $9,722 $114,712 
Other income (expense):
Property management expenses(6,628)
General and administrative expenses(18,688)
Depreciation and amortization(72,312)
Interest expense(28,435)
Loss on extinguishment of debt(147)
Other income1,410 
Net loss$(10,088)
Capital expenditures$33,320 $164 $33,484