Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

Related Party Transactions

19. Related Party Transactions

The Company provides mitigation bank credits, impact and other fees, property for lease and services to certain unconsolidated JVs. During both the three and six months ended June 30, 2024, the Company recognized $1.5 million related to revenues from these transactions. During the three and six months ended June 30, 2023, the Company recognized $0.1 million and $0.8 million, respectively, related to revenues from these transactions. As of June 30, 2024, receivables from unconsolidated JVs were $1.0 million. There were no receivables with unconsolidated JVs as of December 31, 2023.

The Watersound Management JV provides leasing management services for most of the Company’s multi-family communities. The Company incurred expense related to these transactions of $0.6 million and $0.4 million during the three months ended June 30, 2024 and 2023, respectively, and $1.2 million and $0.9 million during the six months ended June 30, 2024 and 2023, respectively. See Note 4. Joint Ventures for additional information.