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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Information for Reportable Segments | 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. 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.
Schedule of Net Real Estate and Non-Recourse Property Debt, Net and Construction Loans, Net, by Segment | 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 |

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- 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
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