XML 55 R43.htm IDEA: XBRL DOCUMENT
v3.24.3

Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Information |
Schedule of components of revenue from third-party 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.
Schedule of segment information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 + Details
Name: | us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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