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SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the three and six months ended June 30, 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 June 30, 2025 | Multifamily |  | All Other |  | Total
Revenue | $ | 60,774 |  |  | $ | 7,775 |  |  | $ | 68,549 |
Property operating expenses |  |  |  |  |
On-site compensation(1) | 6,208 |  |  | 882 |  |  | 7,090 |
Repairs and maintenance(2) | 3,347 |  |  | 568 |  |  | 3,915 |
Utilities | 3,197 |  |  | 567 |  |  | 3,764 |
Administrative and marketing | 1,556 |  |  | 240 |  |  | 1,796 |
Insurance | 1,995 |  |  | 293 |  |  | 2,288 |
Real estate taxes | 6,804 |  |  | 874 |  |  | 7,678 |
Net operating income | $ | 37,667 |  |  | $ | 4,351 |  |  | $ | 42,018 |
Property management expense |  |  |  |  | (2,393) |
Casualty loss |  |  |  |  | (399) |
Depreciation and amortization |  |  |  |  | (27,097) |
Impairment of real estate investments |  |  |  |  | (14,543) |
General and administrative expenses |  |  |  |  | (4,382) |
Interest expense |  |  |  |  | (10,724) |
Interest and other income |  |  |  |  | 735 |
Net loss |  |  |  |  | $ | (16,785) |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
| (in thousands)
Three Months Ended June 30, 2024 | Multifamily |  | All Other |  | Total
Revenue | $ | 57,796 |  |  | $ | 7,247 |  |  | $ | 65,043 |
Property operating expenses |  |  |  |  |
On-site compensation(1) | 5,820 |  |  | 826 |  |  | 6,646 |
Repairs and maintenance(2) | 3,200 |  |  | 515 |  |  | 3,715 |
Utilities | 2,997 |  |  | 494 |  |  | 3,491 |
Administrative and marketing | 1,380 |  |  | 277 |  |  | 1,657 |
Insurance | 2,236 |  |  | 363 |  |  | 2,599 |
Real estate taxes | 6,281 |  |  | 800 |  |  | 7,081 |
Net operating income | $ | 35,882 |  |  | $ | 3,972 |  |  | $ | 39,854 |
Property management expense |  |  |  |  | (2,222) |
Casualty loss |  |  |  |  | (510) |
Depreciation and amortization |  |  |  |  | (25,714) |
General and administrative expenses |  |  |  |  | (4,216) |
Interest expense |  |  |  |  | (9,332) |
Interest and other income |  |  |  |  | 477 |
Net loss |  |  |  |  | $ | (1,663) |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
| (in thousands)
Six Months Ended June 30, 2025 | Multifamily |  | All Other |  | Total
Revenue | $ | 120,177 |  |  | $ | 15,465 |  |  | $ | 135,642 |
Property operating expenses |  |  |  |  |
On-site compensation(1) | 12,220 |  |  | 1,740 |  |  | 13,960 |
Repairs and maintenance(2) | 6,078 |  |  | 1,026 |  |  | 7,104 |
Utilities | 7,326 |  |  | 1,295 |  |  | 8,621 |
Administrative and marketing | 2,907 |  |  | 449 |  |  | 3,356 |
Insurance | 4,210 |  |  | 670 |  |  | 4,880 |
Real estate taxes | 13,534 |  |  | 1,807 |  |  | 15,341 |
Net operating income | $ | 73,902 |  |  | $ | 8,478 |  |  | $ | 82,380 |
Property management expense |  |  |  |  | (4,826) |
Casualty loss |  |  |  |  | (931) |
Depreciation and amortization |  |  |  |  | (54,751) |
Impairment of real estate investments |  |  |  |  | (14,543) |
General and administrative expenses |  |  |  |  | (9,379) |
Interest expense |  |  |  |  | (20,359) |
Interest and other income |  |  |  |  | 1,443 |
Net loss |  |  |  |  | $ | (20,966) |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
| (in thousands)
Six Months Ended June 30, 2024 | Multifamily |  | All Other |  | Total
Revenue | $ | 114,541 |  |  | $ | 15,008 |  |  | $ | 129,549 |
Property operating expenses |  |  |  |  |
On-site compensation(1) | 11,665 |  |  | 1,778 |  |  | 13,443 |
Repairs and maintenance(2) | 6,021 |  |  | 1,073 |  |  | 7,094 |
Utilities | 6,580 |  |  | 1,170 |  |  | 7,750 |
Administrative and marketing | 2,753 |  |  | 535 |  |  | 3,288 |
Insurance | 4,548 |  |  | 749 |  |  | 5,297 |
Real estate taxes | 11,735 |  |  | 1,651 |  |  | 13,386 |
Net operating income | $ | 71,239 |  |  | $ | 8,052 |  |  | $ | 79,291 |
Property management expense |  |  |  |  | (4,552) |
Casualty loss |  |  |  |  | (1,330) |
Depreciation and amortization |  |  |  |  | (52,726) |
General and administrative expenses |  |  |  |  | (8,839) |
Loss on sale of real estate and other investments |  |  |  |  | (577) |
Interest expense |  |  |  |  | (18,539) |
Interest and other income |  |  |  |  | 817 |
Net loss |  |  |  |  | $ | (6,455) |
(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 June 30, 2025, and December 31, 2024, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
| (in thousands)
As of June 30, 2025 | Multifamily |  | All Other |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,404,396 |  |  | $ | 18,039 |  |  | $ | 2,422,435 |
Less accumulated depreciation | (607,977) |  |  | (4,850) |  |  | (612,827) |
Total real estate investments | $ | 1,796,419 |  |  | $ | 13,189 |  |  | $ | 1,809,608 |
Cash and cash equivalents |  |  |  |  | 12,378 |
Restricted cash |  |  |  |  | 5,815 |
Other assets |  |  |  |  | 48,072 |
Assets held for sale, net |  |  |  |  | 137,366 |
Total Assets |  |  |  |  | $ | 2,013,239 |
| (in thousands)
As of December 31, 2024 | Multifamily |  | All Other(1) |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,245,097 |  |  | $ | 235,644 |  |  | $ | 2,480,741 |
Less accumulated depreciation | (561,001) |  |  | (64,979) |  |  | (625,980) |
Total real estate investments | $ | 1,684,096 |  |  | $ | 170,665 |  |  | $ | 1,854,761 |
Cash and cash equivalents |  |  |  |  | 12,030 |
Restricted cash |  |  |  |  | 1,099 |
Other assets |  |  |  |  | 45,817 |
Total Assets |  |  |  |  | $ | 1,913,707 |
(1)Includes the assets for the 12 apartment communities designated as held for sale.

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