v3.25.4

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Information |
Schedule of segment information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2025
​ | ​ ​ ​ | Multifamily | ​ ​ ​ | Commercial | ​ ​ ​ | Total
​ |  | (In thousands, at our share)
Property rental revenue | ​ | $ | 203,096 | ​ | $ | 210,467 | ​ | $ | 413,563
Other property revenue | ​ | ​ | 2,841 | ​ | ​ | 16,776 | ​ | ​ | 19,617
Total property revenue | ​ |  | 205,937 | ​ |  | 227,243 | ​ |  | 433,180
Property expense: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Real estate taxes | ​ |  | 23,106 | ​ |  | 22,436 | ​ |  | 45,542
Payroll | ​ | ​ | 14,714 | ​ | ​ | 12,735 | ​ | ​ | 27,449
Utilities | ​ | ​ | 15,341 | ​ | ​ | 14,166 | ​ | ​ | 29,507
Repairs and maintenance | ​ | ​ | 23,469 | ​ | ​ | 21,102 | ​ | ​ | 44,571
Other property operating | ​ | ​ | 12,338 | ​ | ​ | 21,456 | ​ | ​ | 33,794
Total property expense | ​ |  | 88,968 | ​ |  | 91,895 | ​ |  | 180,863
NOI from reportable segments | ​ | $ | 116,969 | ​ | $ | 135,348 | ​ | ​ | 252,317
Other NOI (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,185)
NOI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 250,132
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2024
​ | ​ ​ ​ | Multifamily | ​ ​ ​ | Commercial | ​ ​ ​ | Total
​ | ​ | (In thousands, at our share)
Property rental revenue | ​ | $ | 214,431 | ​ | $ | 230,039 | ​ | $ | 444,470
Other property revenue | ​ | ​ | 3,677 | ​ | ​ | 17,517 | ​ | ​ | 21,194
Total property revenue | ​ |  | 218,108 | ​ |  | 247,556 | ​ |  | 465,664
Property expense: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Real estate taxes | ​ |  | 22,197 | ​ |  | 27,103 | ​ |  | 49,300
Payroll | ​ | ​ | 16,347 | ​ | ​ | 13,293 | ​ | ​ | 29,640
Utilities | ​ | ​ | 15,337 | ​ | ​ | 14,311 | ​ | ​ | 29,648
Repairs and maintenance | ​ | ​ | 22,396 | ​ | ​ | 22,088 | ​ | ​ | 44,484
Other property operating | ​ | ​ | 11,612 | ​ | ​ | 17,733 | ​ | ​ | 29,345
Total property expense | ​ |  | 87,889 | ​ |  | 94,528 | ​ |  | 182,417
NOI from reportable segments | ​ | $ | 130,219 | ​ | $ | 153,028 | ​ | ​ | 283,247
Other NOI (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,968)
NOI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 277,279
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2023
​ | ​ ​ ​ | Multifamily | ​ ​ ​ | Commercial | ​ ​ ​ | Total
​ | ​ | (In thousands, at our share)
Property rental revenue | ​ | $ | 205,061 | ​ | $ | 285,652 | ​ | $ | 490,713
Other property revenue | ​ | ​ | 8,068 | ​ | ​ | 19,106 | ​ | ​ | 27,174
Total property revenue | ​ |  | 213,129 | ​ |  | 304,758 | ​ |  | 517,887
Property expense: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Real estate taxes | ​ |  | 21,924 | ​ |  | 37,698 | ​ |  | 59,622
Payroll | ​ | ​ | 19,060 | ​ | ​ | 15,245 | ​ | ​ | 34,305
Utilities | ​ | ​ | 14,905 | ​ | ​ | 16,949 | ​ | ​ | 31,854
Repairs and maintenance | ​ | ​ | 15,978 | ​ | ​ | 24,043 | ​ | ​ | 40,021
Other property operating | ​ | ​ | 11,862 | ​ | ​ | 20,616 | ​ | ​ | 32,478
Total property expense | ​ |  | 83,729 | ​ |  | 114,551 | ​ |  | 198,280
NOI from reportable segments | ​ | $ | 129,400 | ​ | $ | 190,207 | ​ | ​ | 319,607
Other NOI (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,115)
NOI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 318,492
(1) | Includes activity related to development assets and land assets for which we are the ground lessor.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
​ |  | (In thousands)
Total property revenue at our share | ​ | $ | 433,180 | ​ | $ | 465,664 | ​ | $ | 517,887
Third-party real estate services revenue, excluding reimbursements, at our share | ​ | ​ | 26,754 | ​ | ​ | 32,804 | ​ | ​ | 45,922
Reimbursement revenue (1) | ​ | ​ | 35,031 | ​ | ​ | 35,332 | ​ | ​ | 43,520
Our share of revenue attributable to unconsolidated real estate ventures | ​ |  | (7,502) | ​ |  | (10,807) | ​ |  | (27,893)
Real estate venture partner’s share of revenue attributable to consolidated real estate ventures | ​ | ​ | 3,551 | ​ | ​ | — | ​ | ​ | —
Other property revenue | ​ | ​ | 3,247 | ​ | ​ | 4,889 | ​ | ​ | (835)
Other adjustments (2) | ​ |  | 4,337 | ​ |  | 19,430 | ​ |  | 25,597
Total revenue per statements of operations | ​ | $ | 498,598 | ​ | $ | 547,312 | ​ | $ | 604,198
​
(1) | Represents reimbursements 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
(2) | Adjustment to include deferred rent, above/below market lease amortization/accretion, commercial lease termination revenue and lease incentive amortization.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
​ |  | (In thousands)
NOI at our share | ​ | $ | 250,132 | ​ | $ | 277,279 | ​ | $ | 318,492
Net third-party real estate services, excluding reimbursements, at our share | ​ | ​ | 2,526 | ​ | ​ | (4,032) | ​ | ​ | 3,519
Add: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Loss from unconsolidated real estate ventures, net | ​ |  | (4,420) | ​ |  | (7,122) | ​ |  | (26,999)
Interest and other income, net | ​ |  | 4,211 | ​ |  | 11,598 | ​ |  | 15,781
Gain (loss) on the sale of real estate, net | ​ |  | 46,633 | ​ |  | (2,753) | ​ |  | 79,335
Less: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Depreciation and amortization expense | ​ |  | 190,064 | ​ |  | 208,180 | ​ |  | 210,195
General and administrative expense: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Corporate and other | ​ |  | 59,169 | ​ |  | 58,790 | ​ |  | 54,838
Share-based compensation related to Formation Transaction and special equity awards | ​ |  | — | ​ |  | — | ​ |  | 549
Transaction and other costs | ​ |  | 6,223 | ​ |  | 5,317 | ​ |  | 8,737
Interest expense | ​ |  | 142,037 | ​ |  | 134,068 | ​ |  | 108,660
(Gain) loss on the extinguishment of debt, net | ​ |  | 2,402 | ​ |  | (9,235) | ​ |  | 450
Impairment loss | ​ | ​ | 65,847 | ​ | ​ | 55,427 | ​ | ​ | 90,226
Adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Our share of net third-party real estate services attributable to real estate ventures | ​ | ​ | (893) | ​ | ​ | (767) | ​ | ​ | (416)
NOI attributable to unconsolidated real estate ventures at our share | ​ |  | (4,162) | ​ |  | (6,808) | ​ | ​ | (19,452)
Real estate venture partner’s share of NOI attributable to consolidated real estate ventures | ​ | ​ | 1,975 | ​ | ​ | — | ​ | ​ | —
Non-cash rent adjustments (1) | ​ |  | (2,838) | ​ |  | 9,482 | ​ | ​ | 23,482
Other adjustments (2) | ​ |  | 687 | ​ |  | (1,321) | ​ | ​ | (12,092)
Total adjustments | ​ |  | (5,231) | ​ |  | 586 | ​ | ​ | (8,478)
Loss before income tax (expense) benefit | ​ | $ | (171,891) | ​ | $ | (176,991) | ​ | $ | (92,005)
(1) | Adjustment to include deferred rent, above/below market lease amortization/accretion and lease incentive amortization.
(2) | Adjustment to include payments associated with assumed lease liabilities related to operating properties and to exclude commercial lease termination revenue, related party management fees, corporate entity activity and inter-segment activity.
Schedule of components of revenue from third-party real estate services business | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
​ |  | (In thousands, at our share)
Property management fees | ​ | $ | 13,423 | ​ | $ | 16,138 | ​ | $ | 18,983
Asset management fees | ​ |  | 3,461 | ​ |  | 4,088 | ​ |  | 4,925
Development fees | ​ |  | 1,755 | ​ |  | 2,573 | ​ |  | 10,253
Leasing fees | ​ |  | 2,879 | ​ |  | 3,757 | ​ |  | 5,538
Construction management fees | ​ |  | 1,111 | ​ |  | 1,210 | ​ |  | 1,383
Other service revenue | ​ |  | 4,125 | ​ |  | 5,038 | ​ |  | 4,840
Third-party real estate services revenue, excluding reimbursements | ​ |  | 26,754 | ​ |  | 32,804 | ​ |  | 45,922
Third-party real estate services expenses, excluding reimbursements | ​ | ​ | 24,228 | ​ | ​ | 36,836 | ​ | ​ | 42,403
Net third-party real estate services, excluding reimbursements | ​ | $ | 2,526 | ​ | $ | (4,032) | ​ | $ | 3,519

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