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v3.24.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Information |
Schedule of components of revenue from third-party real estate services business | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2024 |  | 2023 | X | 2024 |  | 2023
​ |  | (In thousands)
Property management fees | ​ | $ | 3,976 | ​ | $ | 5,017 | ​ | $ | 8,247 | ​ | $ | 9,969
Asset management fees | ​ |  | 1,242 | ​ |  | 1,255 | ​ |  | 2,166 | ​ |  | 2,358
Development fees | ​ |  | 419 | ​ |  | 2,756 | ​ |  | 657 | ​ |  | 4,742
Leasing fees | ​ |  | 1,190 | ​ |  | 1,256 | ​ |  | 2,325 | ​ |  | 2,612
Construction management fees | ​ |  | 177 | ​ |  | 303 | ​ |  | 560 | ​ |  | 643
Other service revenue | ​ |  | 1,311 | ​ |  | 1,422 | ​ |  | 2,365 | ​ |  | 2,646
Third-party real estate services revenue, excluding reimbursements | ​ |  | 8,315 | ​ |  | 12,009 | ​ |  | 16,320 | ​ |  | 22,970
Reimbursement revenue (1) | ​ |  | 9,082 | ​ |  | 10,853 | ​ |  | 18,945 | ​ |  | 22,676
Third-party real estate services revenue, including reimbursements | ​ | ​ | 17,397 | ​ | ​ | 22,862 | ​ | ​ | 35,265 | ​ | ​ | 45,646
Third-party real estate services expenses | ​ | ​ | 18,650 | ​ | ​ | 22,105 | ​ | ​ | 40,977 | ​ | ​ | 45,928
Third-party real estate services revenue less expenses | ​ | $ | (1,253) | ​ | $ | 757 | ​ | $ | (5,712) | ​ | $ | (282)
​
(1) | Represents reimbursement of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects.
Segment information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2024 |  | 2023 | X | 2024 |  | 2023
​ |  | (In thousands)
Net income (loss) attributable to common shareholders | ​ | $ | (24,373) | ​ | $ | (10,545) | ​ | $ | (56,649) | ​ | $ | 10,626
Net income (loss) attributable to redeemable noncontrolling interests | ​ |  | (3,454) | ​ |  | (1,398) | ​ |  | (7,988) | ​ |  | 1,965
Net loss attributable to noncontrolling interests | ​ | ​ | (5,587) | ​ | ​ | (311) | ​ | ​ | (10,967) | ​ | ​ | (535)
Net income (loss) | ​ | ​ | (33,414) | ​ | ​ | (12,254) | ​ | ​ | (75,604) | ​ | ​ | 12,056
Add: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Depreciation and amortization expense | ​ |  | 51,306 | ​ |  | 49,218 | ​ |  | 108,161 | ​ |  | 102,649
General and administrative expense: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate and other | ​ |  | 17,001 | ​ |  | 15,093 | ​ |  | 31,974 | ​ |  | 31,216
Third-party real estate services | ​ |  | 18,650 | ​ |  | 22,105 | ​ |  | 40,977 | ​ |  | 45,928
Share-based compensation related to Formation Transaction and special equity awards | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 351
Transaction and other costs | ​ |  | 824 | ​ |  | 3,492 | ​ |  | 2,338 | ​ |  | 5,964
Interest expense | ​ |  | 31,973 | ​ |  | 25,835 | ​ |  | 62,133 | ​ |  | 52,677
Loss on the extinguishment of debt | ​ |  | — | ​ |  | 450 | ​ |  | — | ​ |  | 450
Impairment loss | ​ | ​ | 1,025 | ​ |  | — | ​ | ​ | 18,236 | ​ | ​ | —
Income tax expense (benefit) | ​ |  | 597 | ​ |  | 611 | ​ |  | (871) | ​ |  | 595
Less: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Third-party real estate services, including reimbursements revenue | ​ |  | 17,397 | ​ |  | 22,862 | ​ |  | 35,265 | ​ |  | 45,646
Other revenue | ​ |  | 2,126 | ​ |  | 3,846 | ​ |  | 13,389 | ​ |  | 5,572
Income (loss) from unconsolidated real estate ventures, net | ​ |  | (226) | ​ |  | 510 | ​ |  | 749 | ​ |  | 943
Interest and other income, net | ​ |  | 3,432 | ​ |  | 2,281 | ​ |  | 5,532 | ​ |  | 6,358
Gain on the sale of real estate, net | ​ |  | 89 | ​ |  | — | ​ |  | 286 | ​ |  | 40,700
Consolidated NOI | ​ | $ | 65,144 | ​ | $ | 75,051 | ​ | $ | 132,123 | ​ | $ | 152,667
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, 2024
​ |  | Multifamily |  | Commercial |  | Other |  | Total
​ |  | (In thousands)
Property rental revenue (1) | ​ | $ | 53,224 | ​ | $ | 55,656 | ​ | $ | 2,918 | ​ | $ | 111,798
Parking revenue | ​ |  | 198 | ​ |  | 3,832 | ​ |  | (31) | ​ |  | 3,999
Total property revenue | ​ |  | 53,422 | ​ |  | 59,488 | ​ |  | 2,887 | ​ |  | 115,797
Property expense: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |
Property operating | ​ |  | 18,913 | ​ |  | 17,553 | ​ |  | (212) | ​ |  | 36,254
Real estate taxes | ​ |  | 6,319 | ​ |  | 7,376 | ​ |  | 704 | ​ |  | 14,399
Total property expense | ​ |  | 25,232 | ​ |  | 24,929 | ​ |  | 492 | ​ |  | 50,653
Consolidated NOI | ​ | $ | 28,190 | ​ | $ | 34,559 | ​ | $ | 2,395 | ​ | $ | 65,144
​ | ​ | Three Months Ended June 30, 2023
​ |  | Multifamily |  | Commercial |  | Other |  | Total
​ |  | (In thousands)
Property rental revenue | ​ | $ | 52,443 | ​ | $ | 64,321 | ​ | $ | 3,828 | ​ | $ | 120,592
Parking revenue | ​ |  | 295 | ​ |  | 4,426 | ​ |  | 74 | ​ |  | 4,795
Total property revenue | ​ |  | 52,738 | ​ |  | 68,747 | ​ |  | 3,902 | ​ |  | 125,387
Property expense: | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Property operating | ​ |  | 18,394 | ​ |  | 18,252 | ​ |  | (734) | ​ |  | 35,912
Real estate taxes | ​ |  | 5,648 | ​ |  | 8,195 | ​ |  | 581 | ​ |  | 14,424
Total property expense | ​ |  | 24,042 | ​ |  | 26,447 | ​ |  | (153) | ​ |  | 50,336
Consolidated NOI | ​ | $ | 28,696 | ​ | $ | 42,300 | ​ | $ | 4,055 | ​ | $ | 75,051
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, 2024
​ |  | Multifamily |  | Commercial |  | Other |  | Total
​ |  | (In thousands)
Property rental revenue (1) | ​ | $ | 104,670 | ​ | $ | 113,235 | ​ | $ | 6,197 | ​ | $ | 224,102
Parking revenue | ​ |  | 379 | ​ |  | 7,432 | ​ |  | (63) | ​ |  | 7,748
Total property revenue | ​ |  | 105,049 | ​ |  | 120,667 | ​ |  | 6,134 | ​ |  | 231,850
Property expense: | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Property operating | ​ |  | 36,319 | ​ |  | 34,630 | ​ |  | 584 | ​ |  | 71,533
Real estate taxes | ​ |  | 12,276 | ​ |  | 14,777 | ​ |  | 1,141 | ​ |  | 28,194
Total property expense | ​ |  | 48,595 | ​ |  | 49,407 | ​ |  | 1,725 | ​ |  | 99,727
Consolidated NOI | ​ | $ | 56,454 | ​ | $ | 71,260 | ​ | $ | 4,409 | ​ | $ | 132,123
​ | ​ | Six Months Ended June 30, 2023
​ |  | Multifamily |  | Commercial |  | Other |  | Total
​ | ​ | (In thousands)
Property rental revenue | ​ | $ | 102,353 | ​ | $ | 136,238 | ​ | $ | 6,034 | ​ | $ | 244,625
Parking revenue | ​ |  | 519 | ​ |  | 8,564 | ​ |  | 131 | ​ |  | 9,214
Total property revenue | ​ |  | 102,872 | ​ |  | 144,802 | ​ |  | 6,165 | ​ |  | 253,839
Property expense: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Property operating | ​ |  | 35,849 | ​ |  | 37,623 | ​ |  | (1,948) | ​ |  | 71,524
Real estate taxes | ​ |  | 11,256 | ​ |  | 17,196 | ​ |  | 1,196 | ​ |  | 29,648
Total property expense | ​ |  | 47,105 | ​ |  | 54,819 | ​ |  | (752) | ​ |  | 101,172
Consolidated NOI | ​ | $ | 55,767 | ​ | $ | 89,983 | ​ | $ | 6,917 | ​ | $ | 152,667
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Multifamily |  | Commercial |  | Other |  | Total
​ | ​ | (In thousands)
June 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate, at cost | ​ | $ | 3,219,444 | ​ | $ | 2,308,345 | ​ | $ | 417,549 | ​ | $ | 5,945,338
Investments in unconsolidated real estate ventures | ​ |  | — | ​ |  | 12,002 | ​ |  | 89,041 | ​ |  | 101,043
Total assets | ​ |  | 2,454,895 | ​ |  | 2,482,083 | ​ |  | 388,138 | ​ |  | 5,325,116
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Real estate, at cost | ​ | $ | 3,154,116 | ​ | $ | 2,357,713 | ​ | $ | 363,333 | ​ | $ | 5,875,162
Investments in unconsolidated real estate ventures | ​ |  | — | ​ |  | 176,786 | ​ |  | 87,495 | ​ |  | 264,281
Total assets | ​ |  | 2,559,395 | ​ |  | 2,683,947 | ​ |  | 275,173 | ​ |  | 5,518,515
​ ​ ​ ​ ​ ​
(1) | Property rental revenue excludes $738,000 and $11.1 million of other revenue including lease termination revenue for the three and six months ended June 30, 2024.

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