XML 37 R25.htm IDEA: XBRL DOCUMENT
v3.24.3

Segment Information | 9 Months Ended
--- | ---
Sep. 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 September 30, | ​ | Nine Months Ended September 30,
​ |  | 2024 |  | 2023 | X | 2024 |  | 2023
​ |  | (In thousands)
Property management fees | ​ | $ | 4,065 | ​ | $ | 4,910 | ​ | $ | 12,312 | ​ | $ | 14,879
Asset management fees | ​ |  | 1,139 | ​ |  | 1,155 | ​ |  | 3,305 | ​ |  | 3,513
Development fees | ​ |  | 324 | ​ |  | 4,296 | ​ |  | 981 | ​ |  | 9,038
Leasing fees | ​ |  | 1,001 | ​ |  | 1,036 | ​ |  | 3,326 | ​ |  | 3,648
Construction management fees | ​ |  | 343 | ​ |  | 266 | ​ |  | 903 | ​ |  | 909
Other service revenue | ​ |  | 1,601 | ​ |  | 1,399 | ​ |  | 3,966 | ​ |  | 4,045
Third-party real estate services revenue, excluding reimbursements | ​ |  | 8,473 | ​ |  | 13,062 | ​ |  | 24,793 | ​ |  | 36,032
Reimbursement revenue (1) | ​ |  | 8,588 | ​ |  | 10,880 | ​ |  | 27,533 | ​ |  | 33,556
Third-party real estate services revenue, including reimbursements | ​ | ​ | 17,061 | ​ | ​ | 23,942 | ​ | ​ | 52,326 | ​ | ​ | 69,588
Third-party real estate services expenses | ​ | ​ | 16,088 | ​ | ​ | 21,405 | ​ | ​ | 57,065 | ​ | ​ | 67,333
Third-party real estate services revenue less expenses | ​ | $ | 973 | ​ | $ | 2,537 | ​ | $ | (4,739) | ​ | $ | 2,255
​
(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 $4.0 million and $8.1 million as of September 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 loss attributable to common shareholders to consolidated NOI: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2024 |  | 2023 | X | 2024 |  | 2023
​ |  | (In thousands)
Net loss attributable to common shareholders | ​ | $ | (26,980) | ​ | $ | (58,007) | ​ | $ | (83,629) | ​ | $ | (47,381)
Net loss attributable to redeemable noncontrolling interests | ​ |  | (4,365) | ​ |  | (7,926) | ​ |  | (12,353) | ​ |  | (5,961)
Net income (loss) attributable to noncontrolling interests | ​ | ​ | 36 | ​ | ​ | (168) | ​ | ​ | (10,931) | ​ | ​ | (703)
Net loss | ​ | ​ | (31,309) | ​ | ​ | (66,101) | ​ | ​ | (106,913) | ​ | ​ | (54,045)
Add: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Depreciation and amortization expense | ​ |  | 50,050 | ​ |  | 50,265 | ​ |  | 158,211 | ​ |  | 152,914
General and administrative expense: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate and other | ​ |  | 11,881 | ​ |  | 11,246 | ​ |  | 43,855 | ​ |  | 42,462
Third-party real estate services | ​ |  | 16,088 | ​ |  | 21,405 | ​ |  | 57,065 | ​ |  | 67,333
Share-based compensation related to Formation Transaction and special equity awards | ​ |  | — | ​ |  | 46 | ​ |  | — | ​ |  | 397
Transaction and other costs | ​ |  | 667 | ​ |  | 1,830 | ​ |  | 3,005 | ​ |  | 7,794
Interest expense | ​ |  | 35,267 | ​ |  | 27,903 | ​ |  | 97,400 | ​ |  | 80,580
(Gain) loss on the extinguishment of debt | ​ |  | (43) | ​ |  | — | ​ |  | (43) | ​ |  | 450
Impairment loss | ​ | ​ | — | ​ |  | 59,307 | ​ | ​ | 18,236 | ​ | ​ | 59,307
Income tax expense (benefit) | ​ |  | 831 | ​ |  | 77 | ​ |  | (40) | ​ |  | 672
Less: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Third-party real estate services, including reimbursements revenue | ​ |  | 17,061 | ​ |  | 23,942 | ​ |  | 52,326 | ​ |  | 69,588
Other revenue | ​ |  | 2,827 | ​ |  | 2,704 | ​ |  | 16,216 | ​ |  | 8,276
Income (loss) from unconsolidated real estate ventures, net | ​ |  | (745) | ​ |  | (2,263) | ​ |  | 4 | ​ |  | (1,320)
Interest and other income, net | ​ |  | 4,573 | ​ |  | 7,774 | ​ |  | 10,105 | ​ |  | 14,132
Gain (loss) on the sale of real estate, net | ​ |  | (5,352) | ​ |  | 906 | ​ |  | (5,066) | ​ |  | 41,606
Consolidated NOI | ​ | $ | 65,068 | ​ | $ | 72,915 | ​ | $ | 197,191 | ​ | $ | 225,582
​ 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 September 30, 2024
​ |  | Multifamily |  | Commercial |  | Other |  | Total
​ |  | (In thousands)
Property rental revenue (1) | ​ | $ | 54,617 | ​ | $ | 54,142 | ​ | $ | 3,403 | ​ | $ | 112,162
Parking revenue | ​ |  | 278 | ​ |  | 3,698 | ​ |  | — | ​ |  | 3,976
Total property revenue | ​ |  | 54,895 | ​ |  | 57,840 | ​ |  | 3,403 | ​ |  | 116,138
Property expense: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |
Property operating | ​ |  | 20,450 | ​ |  | 18,558 | ​ |  | 250 | ​ |  | 39,258
Real estate taxes | ​ |  | 5,861 | ​ |  | 4,740 | ​ |  | 1,211 | ​ |  | 11,812
Total property expense | ​ |  | 26,311 | ​ |  | 23,298 | ​ |  | 1,461 | ​ |  | 51,070
Consolidated NOI | ​ | $ | 28,584 | ​ | $ | 34,542 | ​ | $ | 1,942 | ​ | $ | 65,068
​ | ​ | Three Months Ended September 30, 2023
​ |  | Multifamily |  | Commercial |  | Other |  | Total
​ |  | (In thousands)
Property rental revenue | ​ | $ | 52,461 | ​ | $ | 63,940 | ​ | $ | 3,893 | ​ | $ | 120,294
Parking revenue | ​ |  | 248 | ​ |  | 4,310 | ​ |  | 64 | ​ |  | 4,622
Total property revenue | ​ |  | 52,709 | ​ |  | 68,250 | ​ |  | 3,957 | ​ |  | 124,916
Property expense: | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Property operating | ​ |  | 19,379 | ​ |  | 18,866 | ​ |  | (657) | ​ |  | 37,588
Real estate taxes | ​ |  | 5,581 | ​ |  | 8,210 | ​ |  | 622 | ​ |  | 14,413
Total property expense | ​ |  | 24,960 | ​ |  | 27,076 | ​ |  | (35) | ​ |  | 52,001
Consolidated NOI | ​ | $ | 27,749 | ​ | $ | 41,174 | ​ | $ | 3,992 | ​ | $ | 72,915
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2024
​ |  | Multifamily |  | Commercial |  | Other |  | Total
​ |  | (In thousands)
Property rental revenue (1) | ​ | $ | 159,287 | ​ | $ | 167,377 | ​ | $ | 9,600 | ​ | $ | 336,264
Parking revenue | ​ |  | 657 | ​ |  | 11,130 | ​ |  | (63) | ​ |  | 11,724
Total property revenue | ​ |  | 159,944 | ​ |  | 178,507 | ​ |  | 9,537 | ​ |  | 347,988
Property expense: | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Property operating | ​ |  | 56,769 | ​ |  | 53,188 | ​ |  | 834 | ​ |  | 110,791
Real estate taxes | ​ |  | 18,137 | ​ |  | 19,517 | ​ |  | 2,352 | ​ |  | 40,006
Total property expense | ​ |  | 74,906 | ​ |  | 72,705 | ​ |  | 3,186 | ​ |  | 150,797
Consolidated NOI | ​ | $ | 85,038 | ​ | $ | 105,802 | ​ | $ | 6,351 | ​ | $ | 197,191
​ | ​ | Nine Months Ended September 30, 2023
​ |  | Multifamily |  | Commercial |  | Other |  | Total
​ | ​ | (In thousands)
Property rental revenue | ​ | $ | 154,814 | ​ | $ | 200,178 | ​ | $ | 9,927 | ​ | $ | 364,919
Parking revenue | ​ |  | 767 | ​ |  | 12,874 | ​ |  | 195 | ​ |  | 13,836
Total property revenue | ​ |  | 155,581 | ​ |  | 213,052 | ​ |  | 10,122 | ​ |  | 378,755
Property expense: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Property operating | ​ |  | 55,228 | ​ |  | 56,489 | ​ |  | (2,605) | ​ |  | 109,112
Real estate taxes | ​ |  | 16,837 | ​ |  | 25,406 | ​ |  | 1,818 | ​ |  | 44,061
Total property expense | ​ |  | 72,065 | ​ |  | 81,895 | ​ |  | (787) | ​ |  | 153,173
Consolidated NOI | ​ | $ | 83,516 | ​ | $ | 131,157 | ​ | $ | 10,909 | ​ | $ | 225,582
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Multifamily |  | Commercial |  | Other |  | Total
​ | ​ | (In thousands)
September 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate, at cost | ​ | $ | 3,131,377 | ​ | $ | 2,308,486 | ​ | $ | 419,193 | ​ | $ | 5,859,056
Investments in unconsolidated real estate ventures | ​ |  | — | ​ |  | 11,524 | ​ |  | 89,158 | ​ |  | 100,682
Total assets | ​ |  | 2,349,905 | ​ |  | 2,402,577 | ​ |  | 429,995 | ​ |  | 5,182,477
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 $1.2 million and $12.3 million of other revenue including lease termination revenue for the three and nine months ended September 30, 2024.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: 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 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration