Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

15. Segment Reporting

The Chief Executive Officer, as the chief operating decision maker (the “CODM”), allocates resources and evaluates results based on the performance of each of the Company's five reportable segments: multifamily, industrial, single-family rental, retail, and investments in real estate debt, real estate-related and other securities. The Company and the CODM believe that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The significant expense categories and amounts presented below align with the segment-level information that is regularly provided to the CODM.

The following table details the total assets by segment ($ in thousands):

	March 31, 2026		December 31, 2025
Multifamily	$	646,208	$	649,339
Industrial		434,226		438,750
Single-family rental		43,692		43,671
Retail		122,124		122,873
Investments in real estate debt, real estate-related and other securities		321,246		241,220
Other (corporate)		6,099		7,665
Total assets	$	1,573,595	$	1,503,518

The following table details the financial results by segment for the three months ended March 31, 2026 ($ in thousands):

	Multifamily			Industrial			Single-family rental			Retail			Investments in real estate debt, real estate-related and other securities		Total
Revenues
Rental revenue	$	15,808		$	9,607		$	1,019		$	3,238		$	—	$	29,672
Total revenues		15,808			9,607			1,019			3,238			—		29,672
Expenses
Rental property operating		7,463			2,052			489			1,288			—		11,292
Total expenses		7,463			2,052			489			1,288			—		11,292
Income from investments in real estate debt		—			—			—			—			5,182		5,182
Income from investments in real estate-related and other securities		—			—			—			—			23		23
Segment net operating income	$	8,345		$	7,555		$	530		$	1,950		$	5,205	$	23,585
Depreciation and amortization	$	(7,166	)	$	(5,854	)	$	(384	)	$	(1,544	)	$	—	$	(14,948	)
General and administrative																(1,845	)
Mandatorily redeemable instruments interest costs																(573	)
Interest expense																(9,310	)
Other income, net																114
Net loss															$	(2,977	)
Net loss attributable to non-controlling interests in consolidated joint ventures																(199	)
Net loss attributable to JPMREIT stockholders															$	(2,778	)

The following table details the financial results by segment for the three months ended March 31, 2025 ($ in thousands):

	Multifamily			Industrial			Single-family rental			Retail			Investments in real estate debt, real estate-related and other securities		Total
Revenues
Rental revenue	$	4,195		$	1,963		$	603		$	1,509		$	—	$	8,270
Total revenues		4,195			1,963			603			1,509			—		8,270
Expenses
Rental property operating		1,579			300			484			664			6		3,033
Total expenses		1,579			300			484			664			6		3,033
Income from investments in real estate debt		—			—			—			—			1,478		1,478
Income from investments in real estate-related and other securities		—			—			—			—			1,081		1,081
Segment net operating income (loss)	$	2,616		$	1,663		$	119		$	845		$	2,553	$	7,796
Depreciation and amortization	$	(1,635	)	$	(949	)	$	(385	)	$	(589	)	$	—	$	(3,558	)
General and administrative																(1,647	)
Mandatorily redeemable instruments interest costs																(1,186	)
Interest expense																(2,488	)
Other income, net																2,743
Net income															$	1,660
Net loss attributable to non-controlling interests in consolidated joint ventures																(21	)
Net income attributable to JPMREIT stockholders															$	1,681