v3.25.4

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Information |
Segment Information | 20. Segment Information We own, operate and develop mixed-use properties concentrated in and around Washington, D.C. We derive our revenue primarily from leases with multifamily and commercial tenants. In addition, our third-party real estate services business provides fee-based real estate services. Our operating segments are aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, our three operating and reportable segments are multifamily, commercial, and third-party real estate services. The CODM measures and evaluates the performance of our operating segments based on only the following measures at our share pertaining to each of our segments:
| ● | NOI (multifamily and commercial) - which includes our proportionate share of revenue and expenses attributable to real estate ventures. NOI includes property rental revenue and other property revenue, and deducts property expenses. NOI excludes deferred rent, commercial lease termination revenue, related party management fees, interest expense, and certain other non-cash adjustments, including the accretion of acquired below-market leases and the amortization of acquired above-market leases and below-market ground lease intangibles.
| ● | Net third-party real estate services, excluding reimbursements - which includes revenue streams generated by this segment, excluding reimbursement revenue, as well as the expenses attributable to this segment at our proportionate share, calculated by excluding real estate services revenue from our interests in such real estate ventures.
The CODM uses these measures predominantly in the annual budget and forecasting process as well as in his review of our quarterly financial results when making decisions about the allocation of operating and capital resources to each segment. We have included disclosure of NOI and the results of our third-party real estate services business at our share to align with our internal reporting and the information used by our CODM. The following tables summarize NOI at our share for our multifamily and commercial segments, including a reconciliation to our total NOI at share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.
​ The following table summarizes our third-party real estate services business at our share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ The following table reconciles revenue at our share to total revenue per the consolidated statements of operations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.
The following table reconciles NOI at our share to net loss before income tax (expense) benefit: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.

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/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 2: 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 3: 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 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: 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 25: 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 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration