Business Segments (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Information for Reportable Segments

To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of September 30, 2025 (in thousands):


	Real Estate Operations		Corporate and Other (1)		Consolidated
Three Months Ended September 30, 2025:
Total revenues	$	194,230	$	(676)	$	193,554
Property management and operating expenses	71,276		613		71,889
Other operating expenses not allocated to segments (2)	—		98,622		98,622
Total operating expenses	71,276		99,235		170,511
Proportionate property net operating income (loss)	122,954		(99,911)		23,043
Other items included in income (loss) before income tax benefit (expense) (3)	—		(84,899)		(84,899)
Income (loss) before income tax benefit (expense)	$	122,954	$	(184,810)	$	(61,856)


	Real Estate Operations		Corporate and Other (1)		Consolidated
Nine Months Ended September 30, 2025:
Total revenues	$	585,532	$	11,971	$	597,503
Property management and operating expenses	202,259		10,298		212,557
Other operating expenses not allocated to segments (2)	—		287,179		287,179
Total operating expenses	202,259		297,477		499,736
Proportionate property net operating income (loss)	383,273		(285,506)		97,767
Other items included in income (loss) before income tax benefit (expense) (3)	—		(39,137)		(39,137)
Income (loss) before income tax benefit (expense)	$	383,273	$	(324,643)	$	58,630


	Real Estate Operations		Corporate and Other (1)		Consolidated
Three Months Ended September 30, 2024:
Total revenues	$	191,852	$	9,702	$	201,554
Property management and operating expenses	69,357		2,967		72,324
Other operating expenses not allocated to segments (2)	—		143,994		143,994
Total operating expenses	69,357		146,961		216,318
Proportionate property net operating income (loss)	122,495		(137,259)		(14,764)
Other items included in income (loss) before income tax benefit (expense) (3)	—		(155,584)		(155,584)
Income (loss) before income tax benefit (expense)	$	122,495	$	(292,843)	$	(170,348)


	Real Estate Operations		Corporate and Other (1)		Consolidated
Nine Months Ended September 30, 2024:
Total revenues	$	568,000	$	29,549	$	597,549
Property management and operating expenses	197,556		10,052		207,608
Other operating expenses not allocated to segments (2)	—		340,669		340,669
Total operating expenses	197,556		350,721		548,277
Proportionate property net operating income (loss)	370,444		(321,172)		49,272
Other items included in income (loss) before income tax benefit (expense) (3)	—		(405,245)		(405,245)
Income (loss) before income tax benefit (expense)	$	370,444	$	(726,417)	$	(355,973)

(1)Represents adjustments to: (i) exclude our proportionate share of the results of unconsolidated apartment communities, which is excluded in the related consolidated amounts, (ii) include the noncontrolling interests in consolidated real estate partnerships’ proportionate share of the results of communities, which is included in the related consolidated amounts, (iii) include non-cash adjustments and reclassify certain amounts between line items, (iv) include the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any, (v) include property management revenues, which are not part of our segment performance measure, property management expenses and casualty gains and losses, which are included in consolidated property management and operating expenses and are not part of our segment performance measure, and (vi) include the depreciation of capitalized costs of non-real estate assets.

(2)Includes depreciation and amortization, general and administrative expenses, and other expenses, net.

(3)Includes interest income, interest expense, loss on extinguishment of debt, gain on dispositions of real estate, gain (loss) on derivative instruments, net, loss from unconsolidated real estate partnerships, and Merger-related costs.

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table presents total property management and operating expenses, by type, that has been allocated to our Real Estate Operations segment on a proportionate basis. To reflect how the CODM evaluates the business, prior period segment information has been recast to conform with our reportable segment composition as of September 30, 2025 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Operating expenses (1)	$	38,538	$	36,034	$	103,203	$	99,081
Property management expense	5,413		5,186		16,274		17,962
Real estate taxes	20,905		21,210		62,926		61,579
Insurance	4,751		5,260		14,824		13,979
Ground lease expense	1,669		1,667		5,032		4,955
Property management and operating expenses	$	71,276	$	69,357	$	202,259	$	197,556

(1)Includes onsite payroll, repairs and maintenance, software and technology expenses, marketing, expensed turnover costs, utility expenses, and other property related operating expenses.