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SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026 and 2025, 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, 2026			Multifamily						All Other						Total
Revenue			$	64,156					$	913					$	65,069
Property operating expenses
On-site compensation(1)			6,418						—						6,418
Repairs and maintenance(2)			2,991						31						3,022
Utilities			4,465						37						4,502
Administrative and marketing			1,837						—						1,837
Insurance			2,446						17						2,463
Real estate taxes			7,139						193						7,332
Net operating income			$	38,860					$	635					$	39,495
Property management expense															(2,379)
Casualty loss, net of recoveries															21
Depreciation and amortization															(26,498)
Impairment of real estate investments															(9,700)
General and administrative expenses															(6,332)
Interest expense															(10,470)
Interest and other income															890
Net loss															$	(14,973)

(1)On-site compensation for administration, leasing, and maintenance personnel.

(2)Includes turnover expense.

			(in thousands)
Three Months Ended March 31, 2025			Multifamily						All Other						Total
Revenue			$	59,403					$	7,690					$	67,093
Property operating expenses
On-site compensation(1)			6,012						860						6,872
Repairs and maintenance(2)			2,731						458						3,189
Utilities			4,129						728						4,857
Administrative and marketing			1,351						208						1,559
Insurance			2,215						376						2,591
Real estate taxes			6,730						933						7,663
Net operating income			$	36,235					$	4,127					$	40,362
Property management expense															(2,433)
Casualty loss, net of recoveries															(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.

Schedule of Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of March 31, 2026, and December 31, 2025, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:

			(in thousands)
As of March 31, 2026			Multifamily						All Other						Total
Segment assets
Property owned			$	2,501,884					$	16,278					$	2,518,162
Less accumulated depreciation			(680,903)						(4,866)						(685,769)
Total real estate investments			$	1,820,981					$	11,412					$	1,832,393
Cash and cash equivalents															7,555
Restricted cash															2,710
Other assets															44,928
Total Assets															$	1,887,586

			(in thousands)
As of December 31, 2025			Multifamily						All Other						Total
Segment assets
Property owned			$	2,507,740					$	16,280					$	2,524,020
Less accumulated depreciation			(655,418)						(4,706)						(660,124)
Total real estate investments			$	1,852,322					$	11,574					$	1,863,896
Cash and cash equivalents															12,833
Restricted cash															2,818
Other assets															46,620
Total Assets															$	1,926,167

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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-Topic 280
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-Section 50
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-Subparagraph (c)
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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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