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SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the three months ended March 31, 2025 and 2024, respectively, along with reconciliations to net income (loss) as reported in the Condensed Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Condensed Consolidated Financial Statements.
| (in thousands)
Three Months Ended March 31, 2025 | Multifamily |  | All Other |  | Total
Revenue | $ | 66,244 |  |  | $ | 849 |  |  | $ | 67,093 |
Property operating expenses |  |  |  |  |
On-site compensation(1) | 6,872 |  |  | — |  |  | 6,872 |
Repairs and maintenance(2) | 3,142 |  |  | 47 |  |  | 3,189 |
Utilities | 4,810 |  |  | 47 |  |  | 4,857 |
Administrative and marketing | 1,557 |  |  | 2 |  |  | 1,559 |
Insurance | 2,570 |  |  | 21 |  |  | 2,591 |
Real estate taxes | 7,440 |  |  | 223 |  |  | 7,663 |
Net operating income | $ | 39,853 |  |  | $ | 509 |  |  | $ | 40,362 |
Property management expense |  |  |  |  | (2,433) |
Casualty loss |  |  |  |  | (532) |
Depreciation and amortization |  |  |  |  | (27,654) |
General and administrative expenses |  |  |  |  | (4,997) |
Interest expense |  |  |  |  | (9,635) |
Interest and other income |  |  |  |  | 708 |
Net loss |  |  |  |  | $ | (4,181) |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
| (in thousands)
Three Months Ended March 31, 2024 | Multifamily |  | All Other |  | Total
Revenue | $ | 63,339 |  |  | $ | 1,167 |  |  | $ | 64,506 |
Property operating expenses |  |  |  |  |
On-site compensation(1) | 6,711 |  |  | 85 |  |  | 6,796 |
Repairs and maintenance(2) | 3,262 |  |  | 118 |  |  | 3,380 |
Utilities | 4,161 |  |  | 98 |  |  | 4,259 |
Administrative and marketing | 1,617 |  |  | 14 |  |  | 1,631 |
Insurance | 2,657 |  |  | 41 |  |  | 2,698 |
Real estate taxes | 6,152 |  |  | 153 |  |  | 6,305 |
Net operating income | $ | 38,779 |  |  | $ | 658 |  |  | $ | 39,437 |
Property management expense |  |  |  |  | (2,330) |
Casualty loss |  |  |  |  | (820) |
Depreciation and amortization |  |  |  |  | (27,012) |
General and administrative expenses |  |  |  |  | (4,623) |
Loss on sale of real estate and other investments |  |  |  |  | (577) |
Interest expense |  |  |  |  | (9,207) |
Interest and other income |  |  |  |  | 340 |
Net loss |  |  |  |  | $ | (4,792) |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
Schedule of Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of March 31, 2025, and December 31, 2024, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
| (in thousands)
As of March 31, 2025 | Multifamily |  | All Other |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,465,813 |  |  | $ | 18,298 |  |  | $ | 2,484,111 |
Less accumulated depreciation | (647,660) |  |  | (4,708) |  |  | (652,368) |
Total real estate investments | $ | 1,818,153 |  |  | $ | 13,590 |  |  | $ | 1,831,743 |
Cash and cash equivalents |  |  |  |  | 11,916 |
Restricted cash |  |  |  |  | 6,144 |
Other assets |  |  |  |  | 43,281 |
Total Assets |  |  |  |  | $ | 1,893,084 |
| (in thousands)
As of December 31, 2024 | Multifamily |  | All Other |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,462,762 |  |  | $ | 17,979 |  |  | $ | 2,480,741 |
Less accumulated depreciation | (621,446) |  |  | (4,534) |  |  | (625,980) |
Total real estate investments | $ | 1,841,316 |  |  | $ | 13,445 |  |  | $ | 1,854,761 |
Cash and cash equivalents |  |  |  |  | 12,030 |
Restricted cash |  |  |  |  | 1,099 |
Other assets |  |  |  |  | 45,817 |
Total Assets |  |  |  |  | $ | 1,913,707 |

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