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Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Information

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


		Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023		X	2024			2023

		(In thousands)
Property management fees		$	4,065		$	4,910		$	12,312		$	14,879
Asset management fees			1,139			1,155			3,305			3,513
Development fees			324			4,296			981			9,038
Leasing fees			1,001			1,036			3,326			3,648
Construction management fees			343			266			903			909
Other service revenue			1,601			1,399			3,966			4,045
Third-party real estate services revenue, excluding reimbursements			8,473			13,062			24,793			36,032
Reimbursement revenue ⁽¹⁾			8,588			10,880			27,533			33,556
Third-party real estate services revenue, including reimbursements			17,061			23,942			52,326			69,588
Third-party real estate services expenses			16,088			21,405			57,065			67,333
Third-party real estate services revenue less expenses		$	973		$	2,537		$	(4,739)		$	2,255

(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.

Schedule of segment information


		Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023		X	2024			2023

		(In thousands)
Net loss attributable to common shareholders		$	(26,980)		$	(58,007)		$	(83,629)		$	(47,381)
Net loss attributable to redeemable noncontrolling interests			(4,365)			(7,926)			(12,353)			(5,961)
Net income (loss) attributable to noncontrolling interests			36			(168)			(10,931)			(703)
Net loss			(31,309)			(66,101)			(106,913)			(54,045)
Add:
Depreciation and amortization expense			50,050			50,265			158,211			152,914
General and administrative expense:
Corporate and other			11,881			11,246			43,855			42,462
Third-party real estate services			16,088			21,405			57,065			67,333
Share-based compensation related to Formation Transaction and special equity awards			—			46			—			397
Transaction and other costs			667			1,830			3,005			7,794
Interest expense			35,267			27,903			97,400			80,580
(Gain) loss on the extinguishment of debt			(43)			—			(43)			450
Impairment loss			—			59,307			18,236			59,307
Income tax expense (benefit)			831			77			(40)			672
Less:
Third-party real estate services, including reimbursements revenue			17,061			23,942			52,326			69,588
Other revenue			2,827			2,704			16,216			8,276
Income (loss) from unconsolidated real estate ventures, net			(745)			(2,263)			4			(1,320)
Interest and other income, net			4,573			7,774			10,105			14,132
Gain (loss) on the sale of real estate, net			(5,352)			906			(5,066)			41,606
Consolidated NOI		$	65,068		$	72,915		$	197,191		$	225,582


		Three Months Ended September 30, 2024
		Multifamily			Commercial			Other			Total

		(In thousands)
Property rental revenue ⁽¹⁾		$	54,617		$	54,142		$	3,403		$	112,162
Parking revenue			278			3,698			—			3,976
Total property revenue			54,895			57,840			3,403			116,138
Property expense:
Property operating			20,450			18,558			250			39,258
Real estate taxes			5,861			4,740			1,211			11,812
Total property expense			26,311			23,298			1,461			51,070
Consolidated NOI		$	28,584		$	34,542		$	1,942		$	65,068

		Three Months Ended September 30, 2023
		Multifamily			Commercial			Other			Total

		(In thousands)
Property rental revenue		$	52,461		$	63,940		$	3,893		$	120,294
Parking revenue			248			4,310			64			4,622
Total property revenue			52,709			68,250			3,957			124,916
Property expense:
Property operating			19,379			18,866			(657)			37,588
Real estate taxes			5,581			8,210			622			14,413
Total property expense			24,960			27,076			(35)			52,001
Consolidated NOI		$	27,749		$	41,174		$	3,992		$	72,915


		Nine Months Ended September 30, 2024
		Multifamily			Commercial			Other			Total

		(In thousands)
Property rental revenue ⁽¹⁾		$	159,287		$	167,377		$	9,600		$	336,264
Parking revenue			657			11,130			(63)			11,724
Total property revenue			159,944			178,507			9,537			347,988
Property expense:
Property operating			56,769			53,188			834			110,791
Real estate taxes			18,137			19,517			2,352			40,006
Total property expense			74,906			72,705			3,186			150,797
Consolidated NOI		$	85,038		$	105,802		$	6,351		$	197,191

		Nine Months Ended September 30, 2023
		Multifamily			Commercial			Other			Total

		(In thousands)
Property rental revenue		$	154,814		$	200,178		$	9,927		$	364,919
Parking revenue			767			12,874			195			13,836
Total property revenue			155,581			213,052			10,122			378,755
Property expense:
Property operating			55,228			56,489			(2,605)			109,112
Real estate taxes			16,837			25,406			1,818			44,061
Total property expense			72,065			81,895			(787)			153,173
Consolidated NOI		$	83,516		$	131,157		$	10,909		$	225,582


		Multifamily			Commercial			Other			Total

		(In thousands)
September 30, 2024
Real estate, at cost		$	3,131,377		$	2,308,486		$	419,193		$	5,859,056
Investments in unconsolidated real estate ventures			—			11,524			89,158			100,682
Total assets			2,349,905			2,402,577			429,995			5,182,477

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 $1.2 million and $12.3 million of other revenue including lease termination revenue for the three and nine months ended September 30, 2024.