SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three and nine months ended September 30, 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 September 30, 2025	Multifamily		All Other		Total
Revenue	$	63,821	$	7,578	$	71,399
Property operating expenses
On-site compensation(1)	6,522		918		7,440
Repairs and maintenance(2)	4,157		511		4,668
Utilities	3,822		544		4,366
Administrative and marketing	1,722		205		1,927
Insurance	2,490		319		2,809
Real estate taxes	6,311		854		7,165
Net operating income	$	38,797	$	4,227	$	43,024
Property management expense					(2,489)
Casualty loss					(127)
Depreciation and amortization					(29,056)
Impairment of real estate investments					(8,676)
General and administrative expenses					(4,997)
Gain on sale of real estate and other investments					79,531

Interest expense					(12,989)
Loss on debt extinguishment					(3)
Interest and other income					1,190

Net income					$	65,408

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

(2)Includes turnover expense.


	(in thousands)
Three Months Ended September 30, 2024	Multifamily		All Other		Total
Revenue	$	57,896	$	7,129	$	65,025
Property operating expenses
On-site compensation(1)	5,922		885		6,807
Repairs and maintenance(2)	3,589		510		4,099
Utilities	3,340		509		3,849
Administrative and marketing	1,603		278		1,881
Insurance	2,609		383		2,992
Real estate taxes	6,218		813		7,031
Net operating income	$	34,615	$	3,751	$	38,366
Property management expense					(2,242)
Casualty gain					412
Depreciation and amortization					(26,084)

General and administrative expenses					(4,102)


Interest expense					(8,946)
Interest and other income					645




Net loss					$	(1,951)

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

(2)Includes turnover expense.


	(in thousands)
Nine Months Ended September 30, 2025	Multifamily		All Other		Total
Revenue	$	183,999	$	23,042	$	207,041
Property operating expenses
On-site compensation(1)	18,742		2,659		21,401
Repairs and maintenance(2)	10,235		1,536		11,771
Utilities	11,148		1,840		12,988
Administrative and marketing	4,629		653		5,282
Insurance	6,700		989		7,689
Real estate taxes	19,845		2,661		22,506
Net operating income	$	112,700	$	12,704	$	125,404
Property management expense					(7,315)
Casualty loss					(1,058)
Depreciation and amortization					(83,807)
Impairment of real estate investments					(23,219)
General and administrative expenses					(14,376)
Gain on sale of real estate and other investments					79,531

Interest expense					(33,348)
Loss on debt extinguishment					(3)
Interest and other income					2,633

Net income					$	44,442

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

(2)Includes turnover expense.


	(in thousands)
Nine Months Ended September 30, 2024	Multifamily		All Other		Total
Revenue	$	172,438	$	22,136	$	194,574
Property operating expenses
On-site compensation(1)	17,586		2,665		20,251
Repairs and maintenance(2)	9,610		1,583		11,193
Utilities	9,919		1,680		11,599
Administrative and marketing	4,356		812		5,168
Insurance	7,157		1,132		8,289
Real estate taxes	17,953		2,464		20,417
Net operating income	$	105,857	$	11,800	$	117,657
Property management expense					(6,794)
Casualty loss					(918)
Depreciation and amortization					(78,810)

General and administrative expenses					(12,941)
Loss on sale of real estate and other investments					(577)

Interest expense					(27,485)
Interest and other income					1,462


Net loss					$	(8,406)

(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 September 30, 2025, and December 31, 2024, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:


	(in thousands)
As of September 30, 2025	Multifamily		All Other		Total
Segment assets
Property owned	$	2,518,111	$	18,055	$	2,536,166
Less accumulated depreciation	(633,194)		(5,023)		(638,217)
Total real estate investments	$	1,884,917	$	13,032	$	1,897,949


Cash and cash equivalents					12,896
Restricted cash					52,943
Other assets					47,516
Assets held for sale, net					86,302
Total Assets					$	2,097,606


	(in thousands)
As of December 31, 2024	Multifamily		All Other(1)		Total
Segment assets
Property owned	$	2,245,097	$	235,644	$	2,480,741
Less accumulated depreciation	(561,001)		(64,979)		(625,980)
Total real estate investments	$	1,684,096	$	170,665	$	1,854,761


Cash and cash equivalents					12,030
Restricted cash					1,099
Other assets					45,817
Total Assets					$	1,913,707

(1)Includes the assets for the 7 apartment communities designated as held for sale.