Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of significant expenses

The table below details the significant expenses for the three and six months ended June 30, 2025, and 2024.

	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
Dollars in thousands	2025		2024		2025		2024
Significant Segment Expenses:
Property taxes	$	29,029	$	32,487	$	57,839	$	65,416
Personnel	24,221		22,686		48,600		47,305
Utilities	22,189		23,411		44,140		47,492
Maintenance	24,746		27,082		53,493		56,721
Totals	$	100,185	$	105,666	$	204,072	$	216,934

The following schedule reconciles net loss to segment expenses for the three and six months ended June 30, 2025, and 2024.

	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
Dollars in thousands	2025		2024		2025		2024
Revenue	$	297,502	$	316,322	$	596,478	$	643,127
Property taxes	(29,029)		(32,487)		(57,839)		(65,416)
Personnel	(24,221)		(22,686)		(48,600)		(47,305)
Utilities	(22,189)		(23,411)		(44,140)		(47,492)
Maintenance	(24,746)		(27,082)		(53,493)		(56,721)
Other segment expenses 1	(33,221)		(26,055)		(57,826)		(50,652)
Transaction costs	(593)		(431)		(1,604)		(826)
Depreciation and amortization	(147,749)		(173,477)		(298,717)		(351,596)
Gain on sales of real estate properties and other assets	20,004		38,338		22,907		38,360
Interest expense	(53,346)		(62,457)		(108,157)		(123,510)
Impairment of real estate properties and credit loss reserves	(142,348)		(132,118)		(154,429)		(148,055)
Impairment of goodwill	—		—		—		(250,530)
Equity income (loss) from unconsolidated joint ventures	158		(146)		159		(568)
Interest and other (expense) income, net	(366)		(248)		(271)		27
Net loss	$	(160,144)	$	(145,938)	$	(205,532)	$	(461,157)

1    Other segment expenses are primarily related to administrative costs, travel, legal, technology, and insurance.