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Business Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Business Segments | Note 9 — Business Segments We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other. Our Development and Redevelopment segment consists of rental communities that are under construction or have not achieved stabilization, as well as land held for development. As of September 30, 2025, our Development and Redevelopment segment consists of 9 properties, including one under construction, two completed and in lease-up, and one that has completed lease-up and is stabilizing operations. Our Operating segment includes 15 residential apartment communities with 2,524 apartment homes that have achieved a stabilized level of operations as of January 1, 2024 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment. Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes The Benson Hotel, our only hotel. Prior period segment information has been recast based upon our current segment population, and is consistent with how our President and Chief Executive Officer, the chief operating decision maker (“CODM”) evaluates the business. During the three months ended September 30, 2025, we reclassified as discontinued operations the five properties within our Boston portfolio, which was previously reported within the Operating segment. Refer to Note 8 for the operating results of our Boston portfolio. Our CODM evaluates performance and allocates resources for all of our segments using historical and projected property net operating income (“PNOI”), which is our measure of segment profit or loss. PNOI is defined as rental and other property revenues, excluding utility reimbursem ents, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but excluding • the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ, the Mezzanine Investment, and investments in real estate technology funds; and • property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance. Our CODM uses historical and projected PNOI to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget process. PNOI is used to review operating trends, perform analytical comparisons between periods, and to monitor budget-to-actual variances on at least a quarterly basis in order to assess performance and allocate resources. The corporate goals, which impact short term incentive compensation for employees, also include consideration of PNOI. The accounting policies of segments are the same as those described in the summary of significant accounting policies in Note 2. The following tables present the results of operations of consolidated properties within our segments for the three months ended September 30, 2025 and 2024 (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments(2) |  |  | Consolidated |
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 7,606 |  |  | $ | 18,176 |  |  | $ | 1,989 |  |  | $ | 1,598 |  |  | $ | 5,763 |  |  | $ | 35,132 |
Controllable operating expenses(3) |  | 1,628 |  |  |  | 3,183 |  |  |  | 1,839 |  |  |  | — |  |  |  | 788 |  |  |  | 7,438 |
Real estate taxes, net of capitalized amounts |  | 1,125 |  |  |  | 2,731 |  |  |  | (149 | ) |  |  | — |  |  |  | 1,190 |  |  |  | 4,897 |
Utilities expense, net of utility reimbursements |  | 456 |  |  |  | 214 |  |  |  | 70 |  |  |  | 1,598 |  |  |  | 342 |  |  |  | 2,680 |
Property insurance expense, net of capitalized amounts |  | 139 |  |  |  | 423 |  |  |  | 34 |  |  |  | — |  |  |  | 396 |  |  |  | 992 |
Other property operating expenses(4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 886 |  |  |  | 886 |
Property operating expenses |  | 3,348 |  |  |  | 6,551 |  |  |  | 1,794 |  |  |  | 1,598 |  |  |  | 3,602 |  |  |  | 16,893 |
Property net operating income (loss) |  | 4,258 |  |  |  | 11,625 |  |  |  | 195 |  |  |  | — |  |  |  | 2,161 |  |  |  | 18,239 |
Other operating expenses not allocated to segments(5) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (81,118 | ) |  |  | (81,118 | )
Other items included in income (loss) from continuing operations before income tax(6) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16,551 | ) |  |  | (16,551 | )
Income (loss) from continuing operations before income tax | $ | 4,258 |  |  | $ | 11,625 |  |  | $ | 195 |  |  | $ | — |  |  | $ | (95,508 | ) |  | $ | (79,430 | )
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments(2) |  |  | Consolidated |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 3,085 |  |  | $ | 17,964 |  |  | $ | 1,889 |  |  | $ | 1,390 |  |  | $ | 11,000 |  |  | $ | 35,328 |
Controllable operating expenses(3) |  | 1,342 |  |  |  | 2,841 |  |  |  | 2,063 |  |  |  | — |  |  |  | 1,629 |  |  |  | 7,875 |
Real estate taxes, net of capitalized amounts |  | 331 |  |  |  | 2,439 |  |  |  | 206 |  |  |  | — |  |  |  | 1,907 |  |  |  | 4,883 |
Utilities expense, net of utility reimbursements |  | 641 |  |  |  | 234 |  |  |  | 64 |  |  |  | 1,390 |  |  |  | 343 |  |  |  | 2,672 |
Property insurance expense, net of capitalized amounts |  | 325 |  |  |  | 415 |  |  |  | 44 |  |  |  | — |  |  |  | 543 |  |  |  | 1,327 |
Other property operating expenses(4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 901 |  |  |  | 901 |
Property operating expenses |  | 2,639 |  |  |  | 5,929 |  |  |  | 2,377 |  |  |  | 1,390 |  |  |  | 5,323 |  |  |  | 17,658 |
Property net operating income (loss) |  | 446 |  |  |  | 12,035 |  |  |  | (488 | ) |  |  | — |  |  |  | 5,677 |  |  |  | 17,670 |
Other operating expenses not allocated to segments(5) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (29,126 | ) |  |  | (29,126 | )
Other items included in income (loss) from continuing operations before income tax(6) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19,705 | ) |  |  | (19,705 | )
Income (loss) from continuing operations before income tax | $ | 446 |  |  | $ | 12,035 |  |  | $ | (488 | ) |  | $ | — |  |  | $ | (43,154 | ) |  | $ | (31,161 | )
The following tables present the results of operations of consolidated properties within our segments for the nine months ended September 30, 2025 and 2024 (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments(2) |  |  | Consolidated |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 18,939 |  |  | $ | 54,163 |  |  | $ | 5,519 |  |  | $ | 4,480 |  |  | $ | 20,746 |  |  | $ | 103,847 |
Controllable operating expenses(3) |  | 4,546 |  |  |  | 8,556 |  |  |  | 5,323 |  |  |  | — |  |  |  | 2,336 |  |  |  | 20,761 |
Real estate taxes, net of capitalized amounts |  | 3,349 |  |  |  | 8,552 |  |  |  | 680 |  |  |  | — |  |  |  | 4,191 |  |  |  | 16,772 |
Utilities expense, net of utility reimbursements |  | 1,386 |  |  |  | 445 |  |  |  | 205 |  |  |  | 4,480 |  |  |  | 937 |  |  |  | 7,453 |
Property insurance expense, net of capitalized amounts |  | 643 |  |  |  | 1,305 |  |  |  | 100 |  |  |  | — |  |  |  | 1,175 |  |  |  | 3,223 |
Other property operating expenses(4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,983 |  |  |  | 2,983 |
Property operating expenses |  | 9,924 |  |  |  | 18,858 |  |  |  | 6,308 |  |  |  | 4,480 |  |  |  | 11,622 |  |  |  | 51,192 |
Property net operating income (loss) |  | 9,015 |  |  |  | 35,305 |  |  |  | (789 | ) |  |  | — |  |  |  | 9,124 |  |  |  | 52,655 |
Other operating expenses not allocated to segments(5) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (125,797 | ) |  |  | (125,797 | )
Other items included in income (loss) from continuing operations before income tax(6) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (44,598 | ) |  |  | (44,598 | )
Income (loss) from continuing operations before income tax | $ | 9,015 |  |  | $ | 35,305 |  |  | $ | (789 | ) |  | $ | — |  |  | $ | (161,271 | ) |  | $ | (117,740 | )
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Adjustments(1) |  |  | Corporate and Amounts Not Allocated to Segments(2) |  |  | Consolidated |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenues | $ | 5,517 |  |  | $ | 53,581 |  |  | $ | 4,888 |  |  | $ | 3,883 |  |  | $ | 33,768 |  |  | $ | 101,637 |
Controllable operating expenses(3) |  | 2,737 |  |  |  | 7,922 |  |  |  | 5,005 |  |  |  | — |  |  |  | 4,571 |  |  |  | 20,235 |
Real estate taxes, net of capitalized amounts |  | 782 |  |  |  | 7,649 |  |  |  | 446 |  |  |  | — |  |  |  | 5,808 |  |  |  | 14,685 |
Utilities expense, net of utility reimbursements |  | 1,594 |  |  |  | 805 |  |  |  | 192 |  |  |  | 3,883 |  |  |  | 993 |  |  |  | 7,467 |
Property insurance expense, net of capitalized amounts |  | 730 |  |  |  | 1,228 |  |  |  | 98 |  |  |  | — |  |  |  | 1,541 |  |  |  | 3,597 |
Other property operating expenses(4) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,627 |  |  |  | 3,627 |
Property operating expenses |  | 5,843 |  |  |  | 17,604 |  |  |  | 5,741 |  |  |  | 3,883 |  |  |  | 16,540 |  |  |  | 49,611 |
Property net operating income (loss) |  | (326 | ) |  |  | 35,977 |  |  |  | (853 | ) |  |  | — |  |  |  | 17,228 |  |  |  | 52,026 |
Other operating expenses not allocated to segments(5) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (81,790 | ) |  |  | (81,790 | )
Other items included in income (loss) from continuing operations before income tax(6) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (87,506 | ) |  |  | (87,506 | )
Income (loss) from continuing operations before income tax | $ | (326 | ) |  | $ | 35,977 |  |  | $ | (853 | ) |  | $ | — |  |  | $ | (152,068 | ) |  | $ | (117,270 | )
(1) Represents the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Condensed Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results. (2) Includes the operating results of apartment communities sold during the period or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (3) Controllable operating expenses primarily consist of property personnel costs, marketing, repairs and maintenance, turnover, and contract services. (4) Other property operating expenses include property management costs and casualty gains or losses, which are included in consolidated property operating expenses and are not part of our segment performance measure. (5) Other operating expenses not allocated to segments consist of depreciation and amortization, general and administrative expenses, and impairment on real estate. (6) Other items included in Income (loss) before income tax consist primarily of interest income, interest expense, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, other income (expense), and gain on dispositions of real estate, if any. Net real estate and non-recourse property debt and construction loans, net, of our segments as of September 30, 2025 and December 31, 2024, were as follows (in thousands):
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Total |
As of September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 677,782 |  |  | $ | 441,243 |  |  | $ | 24,682 |  |  | $ | 1,143,707 |
Land |  | 162,817 |  |  |  | 79,746 |  |  |  | 364 |  |  |  | 242,927 |
Total real estate |  | 840,599 |  |  |  | 520,989 |  |  |  | 25,046 |  |  |  | 1,386,634 |
Accumulated depreciation |  | (41,741 | ) |  |  | (288,361 | ) |  |  | (6,646 | ) |  |  | (336,748 | )
Net real estate | $ | 798,858 |  |  | $ | 232,628 |  |  | $ | 18,400 |  |  | $ | 1,049,886 |
Non-recourse property debt and construction loans, net | $ | 383,685 |  |  | $ | 444,847 |  |  | $ | — |  |  | $ | 828,532 |
| Development and Redevelopment |  |  | Operating |  |  | Other |  |  | Total |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements | $ | 620,000 |  |  | $ | 449,591 |  |  | $ | 75,741 |  |  | $ | 1,145,332 |
Land |  | 165,633 |  |  |  | 79,745 |  |  |  | 1,503 |  |  |  | 246,881 |
Total real estate |  | 785,633 |  |  |  | 529,336 |  |  |  | 77,244 |  |  |  | 1,392,213 |
Accumulated depreciation |  | (20,872 | ) |  |  | (291,474 | ) |  |  | (10,362 | ) |  |  | (322,708 | )
Net real estate | $ | 764,761 |  |  | $ | 237,862 |  |  | $ | 66,882 |  |  | $ | 1,069,505 |
Non-recourse property debt and construction loans, net | $ | 385,240 |  |  | $ | 444,426 |  |  | $ | — |  |  | $ | 829,666 |
Capital additions with in our segments for the three and nine months ended September 30, 2025 and 2024, were as follows (in thousands):
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Development and Redevelopment | $ | 25,776 |  |  | $ | 29,818 |  |  | $ | 68,169 |  |  | $ | 102,284 |
Operating |  | 3,010 |  |  |  | 2,183 |  |  |  | 7,106 |  |  |  | 6,009 |
Other |  | — |  |  |  | 26 |  |  |  | 160 |  |  |  | 26 |
Corporate and Amounts Not Allocated to Segments (1) |  | 356 |  |  |  | 713 |  |  |  | 567 |  |  |  | 2,199 |
Total capital additions | $ | 29,142 |  |  | $ | 32,740 |  |  | $ | 76,002 |  |  | $ | 110,518 |
(1) During the three and nine months ended September 30, 2025 and 2024, certain capital additions pertained to properties that were sold or reclassified as held for sale and therefore are not included in our segments as capital additions at those respective period ends. We added a row to the table above for presentation purposes to display these capital additions for the three and nine months ended September 30, 2025 and 2024. In addition to the amounts disclosed in the tables above, as of September 30, 2025 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $106.8 million and $124.4 million, respectively, and as of December 31, 2024, aggregated to $107.7 million and $121.8 million, respectively. As of September 30, 2025, right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

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- 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 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