v3.25.4

Segment Information (Tables)

12 Months Ended

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

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