Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of Total Assets and Financial Results by Segment

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