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Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Information |
Segment Information | 16.Segment Information We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. We define our reportable segments to be aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our CODM makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we aggregate our operating segments into three reportable segments (multifamily, commercial, and third-party asset management and real estate services) based on the economic characteristics and nature of our assets and services. The CODM measures and evaluates the performance of our operating segments, with the exception of the third-party asset management and real estate services business, based on the net operating income ("NOI") of properties within each segment. NOI includes property rental revenue and parking revenue, and deducts property operating expenses and real estate taxes. With respect to the third-party asset management and real estate services business, the CODM reviews revenue streams generated by this segment ("Third-party real estate services, including reimbursements"), as well as the expenses attributable to the segment ("General and administrative: third-party real estate services"), which are both disclosed separately in our statements of operations. The following represents the components of revenue from our third-party asset management and 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.
Management company assets primarily consist of management and leasing contracts with a net book value of $5.4 million and $8.1 million as of June 30, 2024 and December 31, 2023, which were included in "Intangible assets, net" in our balance sheets. Consistent with internal reporting presented to our CODM and our definition of NOI, the third-party asset management and real estate services operating results are excluded from the NOI data below. The following is the reconciliation of net income (loss) attributable to common shareholders to consolidated NOI: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ The following is a summary of NOI and certain balance sheet data by segment. Items classified in the Other column include development assets, corporate entities, land assets for which we are the ground lessor and the elimination of inter-segment activity. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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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- Definition The entire disclosure for reporting segments including data and tables. 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