SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three months ended March 31, 2025 and 2024, respectively, along with reconciliations to net income (loss) as reported in the Condensed Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Condensed Consolidated Financial Statements.

	(in thousands)
Three Months Ended March 31, 2025	Multifamily		All Other		Total
Revenue	$	66,244	$	849	$	67,093
Property operating expenses
On-site compensation(1)	6,872		—		6,872
Repairs and maintenance(2)	3,142		47		3,189
Utilities	4,810		47		4,857
Administrative and marketing	1,557		2		1,559
Insurance	2,570		21		2,591
Real estate taxes	7,440		223		7,663
Net operating income	$	39,853	$	509	$	40,362
Property management expense					(2,433)
Casualty loss					(532)
Depreciation and amortization					(27,654)
General and administrative expenses					(4,997)
Interest expense					(9,635)
Interest and other income					708
Net loss					$	(4,181)

(1)On-site compensation for administration, leasing, and maintenance personnel.

(2)Includes turnover expense.

	(in thousands)
Three Months Ended March 31, 2024	Multifamily		All Other		Total
Revenue	$	63,339	$	1,167	$	64,506
Property operating expenses
On-site compensation(1)	6,711		85		6,796
Repairs and maintenance(2)	3,262		118		3,380
Utilities	4,161		98		4,259
Administrative and marketing	1,617		14		1,631
Insurance	2,657		41		2,698
Real estate taxes	6,152		153		6,305
Net operating income	$	38,779	$	658	$	39,437
Property management expense					(2,330)
Casualty loss					(820)
Depreciation and amortization					(27,012)
General and administrative expenses					(4,623)
Loss on sale of real estate and other investments					(577)
Interest expense					(9,207)
Interest and other income					340
Net loss					$	(4,792)

(1)On-site compensation for administration, leasing, and maintenance personnel.

(2)Includes turnover expense.

Schedule of Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of March 31, 2025, and December 31, 2024, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:

	(in thousands)
As of March 31, 2025	Multifamily		All Other		Total
Segment assets
Property owned	$	2,465,813	$	18,298	$	2,484,111
Less accumulated depreciation	(647,660)		(4,708)		(652,368)
Total real estate investments	$	1,818,153	$	13,590	$	1,831,743
Cash and cash equivalents					11,916
Restricted cash					6,144
Other assets					43,281
Total Assets					$	1,893,084

	(in thousands)
As of December 31, 2024	Multifamily		All Other		Total
Segment assets
Property owned	$	2,462,762	$	17,979	$	2,480,741
Less accumulated depreciation	(621,446)		(4,534)		(625,980)
Total real estate investments	$	1,841,316	$	13,445	$	1,854,761
Cash and cash equivalents					12,030
Restricted cash					1,099
Other assets					45,817
Total Assets					$	1,913,707