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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Information

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


		Three Months Ended March 31,
		2025			2024

		(In thousands, at our share)
Property management fees		$	3,361		$	4,115
Asset management fees			580			924
Development fees			523			238
Leasing fees			654			1,120
Construction management fees			231			384
Other service revenue			1,035			1,001
Third-party real estate services revenue, excluding reimbursements			6,384			7,782
Third-party real estate services expenses, excluding reimbursements			7,236			12,136
Net third-party real estate services, excluding reimbursements		$	(852)		$	(4,354)

Schedule of segment information


		Three Months Ended March 31, 2025
		Multifamily			Commercial			Total

		(In thousands, at our share)
Property rental revenue		$	54,602		$	49,757		$	104,359
Other property revenue			621			3,736			4,357
Total property revenue			55,223			53,493			108,716
Property expense:
Real estate taxes			5,571			5,592			11,163
Payroll			3,742			3,007			6,749
Utilities			3,918			3,402			7,320
Repairs and maintenance			5,437			4,472			9,909
Other property operating			3,045			4,148			7,193
Total property expense			21,713			20,621			42,334
NOI from reportable segments		$	33,510		$	32,872			66,382
Other NOI ⁽¹⁾									(1,097)
NOI								$	65,285


		Three Months Ended March 31, 2024
		Multifamily			Commercial			Total

		(In thousands, at our share)
Property rental revenue		$	51,731		$	63,346		$	115,077
Other property revenue			716			4,092			4,808
Total property revenue			52,447			67,438			119,885
Property expense:
Real estate taxes			5,402			7,989			13,391
Payroll			4,182			3,508			7,690
Utilities			3,546			3,669			7,215
Repairs and maintenance			4,363			5,248			9,611
Other property operating			2,367			4,071			6,438
Total property expense			19,860			24,485			44,345
NOI from reportable segments		$	32,587		$	42,953			75,540
Other NOI ⁽¹⁾									(1,705)
NOI								$	73,835

(1)	Includes activity related to development assets and land assets for which we are the ground lessor.


		Three Months Ended March 31,
		2025			2024

		(In thousands)
Total property revenue at our share		$	108,716		$	119,885
Third-party real estate services revenue, excluding reimbursements, at our share			6,384			7,782
Reimbursement revenue ⁽¹⁾			8,274			9,681
Our share of revenue attributable to unconsolidated real estate ventures			(2,106)			(4,566)
Other property revenue			1,735			1,403
Other adjustments ⁽²⁾			(2,317)			10,999
Total revenue per statements of operations		$	120,686		$	145,184

(1)	Represents reimbursements 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

(2)	Adjustment to include deferred rent, above/below market lease amortization, commercial lease termination revenue and lease incentive amortization.


		Three Months Ended March 31,
		2025			2024

		(In thousands)
NOI at our share		$	65,285		$	73,835
Net third-party real estate services, excluding reimbursements, at our share			(852)			(4,354)
Add:
Income (loss) from unconsolidated real estate ventures, net			(592)			975
Interest and other income, net			525			2,100
Gain on the sale of real estate, net			537			197
Less:
Depreciation and amortization expense			47,587			56,855
General and administrative expense: corporate and other			15,557			14,973
Transaction and other costs			1,911			1,514
Interest expense			35,200			30,160
Loss on the extinguishment of debt			4,636			—
Impairment loss			8,483			17,211
Adjustments:
Our share of net third-party real estate services attributable to unconsolidated real estate ventures			(305)			(105)
NOI attributable to unconsolidated real estate ventures at our share			(990)			(3,046)
Non-cash rent adjustments ⁽¹⁾			(2,439)			1,430
Other adjustments ⁽²⁾			(1,693)			6,023
Total adjustments			(5,427)			4,302
Loss before income tax benefit		$	(53,898)		$	(43,658)

(1)	Adjustment to include deferred rent, above/below market lease amortization and lease incentive amortization.

(2)	Adjustment to include payments associated with assumed lease liabilities related to operating properties and to exclude commercial lease termination revenue, related party management fees, corporate entity activity and inter-segment activity.