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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Information

Schedule of components of revenue from third-party real estate services business


		Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023		X	2024			2023

		(In thousands)
Property management fees		$	3,976		$	5,017		$	8,247		$	9,969
Asset management fees			1,242			1,255			2,166			2,358
Development fees			419			2,756			657			4,742
Leasing fees			1,190			1,256			2,325			2,612
Construction management fees			177			303			560			643
Other service revenue			1,311			1,422			2,365			2,646
Third-party real estate services revenue, excluding reimbursements			8,315			12,009			16,320			22,970
Reimbursement revenue ⁽¹⁾			9,082			10,853			18,945			22,676
Third-party real estate services revenue, including reimbursements			17,397			22,862			35,265			45,646
Third-party real estate services expenses			18,650			22,105			40,977			45,928
Third-party real estate services revenue less expenses		$	(1,253)		$	757		$	(5,712)		$	(282)

(1)	Represents reimbursement of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects.

Segment information


		Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023		X	2024			2023

		(In thousands)
Net income (loss) attributable to common shareholders		$	(24,373)		$	(10,545)		$	(56,649)		$	10,626
Net income (loss) attributable to redeemable noncontrolling interests			(3,454)			(1,398)			(7,988)			1,965
Net loss attributable to noncontrolling interests			(5,587)			(311)			(10,967)			(535)
Net income (loss)			(33,414)			(12,254)			(75,604)			12,056
Add:
Depreciation and amortization expense			51,306			49,218			108,161			102,649
General and administrative expense:
Corporate and other			17,001			15,093			31,974			31,216
Third-party real estate services			18,650			22,105			40,977			45,928
Share-based compensation related to Formation Transaction and special equity awards			—			—			—			351
Transaction and other costs			824			3,492			2,338			5,964
Interest expense			31,973			25,835			62,133			52,677
Loss on the extinguishment of debt			—			450			—			450
Impairment loss			1,025			—			18,236			—
Income tax expense (benefit)			597			611			(871)			595
Less:
Third-party real estate services, including reimbursements revenue			17,397			22,862			35,265			45,646
Other revenue			2,126			3,846			13,389			5,572
Income (loss) from unconsolidated real estate ventures, net			(226)			510			749			943
Interest and other income, net			3,432			2,281			5,532			6,358
Gain on the sale of real estate, net			89			—			286			40,700
Consolidated NOI		$	65,144		$	75,051		$	132,123		$	152,667


		Three Months Ended June 30, 2024
		Multifamily			Commercial			Other			Total

		(In thousands)
Property rental revenue ⁽¹⁾		$	53,224		$	55,656		$	2,918		$	111,798
Parking revenue			198			3,832			(31)			3,999
Total property revenue			53,422			59,488			2,887			115,797
Property expense:
Property operating			18,913			17,553			(212)			36,254
Real estate taxes			6,319			7,376			704			14,399
Total property expense			25,232			24,929			492			50,653
Consolidated NOI		$	28,190		$	34,559		$	2,395		$	65,144

		Three Months Ended June 30, 2023
		Multifamily			Commercial			Other			Total

		(In thousands)
Property rental revenue		$	52,443		$	64,321		$	3,828		$	120,592
Parking revenue			295			4,426			74			4,795
Total property revenue			52,738			68,747			3,902			125,387
Property expense:
Property operating			18,394			18,252			(734)			35,912
Real estate taxes			5,648			8,195			581			14,424
Total property expense			24,042			26,447			(153)			50,336
Consolidated NOI		$	28,696		$	42,300		$	4,055		$	75,051


		Six Months Ended June 30, 2024
		Multifamily			Commercial			Other			Total

		(In thousands)
Property rental revenue ⁽¹⁾		$	104,670		$	113,235		$	6,197		$	224,102
Parking revenue			379			7,432			(63)			7,748
Total property revenue			105,049			120,667			6,134			231,850
Property expense:
Property operating			36,319			34,630			584			71,533
Real estate taxes			12,276			14,777			1,141			28,194
Total property expense			48,595			49,407			1,725			99,727
Consolidated NOI		$	56,454		$	71,260		$	4,409		$	132,123

		Six Months Ended June 30, 2023
		Multifamily			Commercial			Other			Total

		(In thousands)
Property rental revenue		$	102,353		$	136,238		$	6,034		$	244,625
Parking revenue			519			8,564			131			9,214
Total property revenue			102,872			144,802			6,165			253,839
Property expense:
Property operating			35,849			37,623			(1,948)			71,524
Real estate taxes			11,256			17,196			1,196			29,648
Total property expense			47,105			54,819			(752)			101,172
Consolidated NOI		$	55,767		$	89,983		$	6,917		$	152,667


		Multifamily			Commercial			Other			Total

		(In thousands)
June 30, 2024
Real estate, at cost		$	3,219,444		$	2,308,345		$	417,549		$	5,945,338
Investments in unconsolidated real estate ventures			—			12,002			89,041			101,043
Total assets			2,454,895			2,482,083			388,138			5,325,116

December 31, 2023
Real estate, at cost		$	3,154,116		$	2,357,713		$	363,333		$	5,875,162
Investments in unconsolidated real estate ventures			—			176,786			87,495			264,281
Total assets			2,559,395			2,683,947			275,173			5,518,515

(1)	Property rental revenue excludes $738,000 and $11.1 million of other revenue including lease termination revenue for the three and six months ended June 30, 2024.