| Schedule of segment information |
| | | | | | | | | | | | Three Months Ended June 30, 2025 | | | Multifamily | | Commercial | | Total | | | | (In thousands, at our share) | Property rental revenue | | $ | 53,563 | | $ | 51,683 | | $ | 105,246 | Other property revenue | | | 654 | | | 4,568 | | | 5,222 | Total property revenue | | | 54,217 | | | 56,251 | | | 110,468 | Property expense: | | | | | | | | | | Real estate taxes | | | 6,165 | | | 5,803 | | | 11,968 | Payroll | | | 3,845 | | | 3,102 | | | 6,947 | Utilities | | | 3,776 | | | 2,768 | | | 6,544 | Repairs and maintenance | | | 6,276 | | | 5,233 | | | 11,509 | Other property operating | | | 3,188 | | | 4,384 | | | 7,572 | Total property expense | | | 23,250 | | | 21,290 | | | 44,540 | NOI from reportable segments | | $ | 30,967 | | $ | 34,961 | | | 65,928 | Other NOI (1) | | | | | | | | | (295) | NOI | | | | | | | | $ | 65,633 | | | Three Months Ended June 30, 2024 | | | Multifamily | | Commercial | | Total | | | | (In thousands, at our share) | Property rental revenue | | $ | 52,203 | | $ | 58,286 | | $ | 110,489 | Other property revenue | | | 937 | | | 4,533 | | | 5,470 | Total property revenue | | | 53,140 | | | 62,819 | | | 115,959 | Property expense: | | | | | | | | | | Real estate taxes | | | 5,477 | | | 7,685 | | | 13,162 | Payroll | | | 4,222 | | | 3,280 | | | 7,502 | Utilities | | | 3,390 | | | 3,202 | | | 6,592 | Repairs and maintenance | | | 5,468 | | | 5,560 | | | 11,028 | Other property operating | | | 2,606 | | | 4,468 | | | 7,074 | Total property expense | | | 21,163 | | | 24,195 | | | 45,358 | NOI from reportable segments | | $ | 31,977 | | $ | 38,624 | | | 70,601 | Other NOI (1) | | | | | | | | | (1,348) | NOI | | | | | | | | $ | 69,253 |
| | | | | | | | | | | | Six Months Ended June 30, 2025 | | | Multifamily | | Commercial | | Total | | | | (In thousands, at our share) | Property rental revenue | | $ | 108,165 | | $ | 101,440 | | $ | 209,605 | Other property revenue | | | 1,275 | | | 8,304 | | | 9,579 | Total property revenue | | | 109,440 | | | 109,744 | | | 219,184 | Property expense: | | | | | | | | | | Real estate taxes | | | 11,736 | | | 11,395 | | | 23,131 | Payroll | | | 7,587 | | | 6,109 | | | 13,696 | Utilities | | | 7,694 | | | 6,170 | | | 13,864 | Repairs and maintenance | | | 11,713 | | | 9,705 | | | 21,418 | Other property operating | | | 6,233 | | | 8,532 | | | 14,765 | Total property expense | | | 44,963 | | | 41,911 | | | 86,874 | NOI from reportable segments | | $ | 64,477 | | $ | 67,833 | | | 132,310 | Other NOI (1) | | | | | | | | | (1,392) | NOI | | | | | | | | $ | 130,918 |
| | | | | | | | | | | | Six Months Ended June 30, 2024 | | | Multifamily | | Commercial | | Total | | | | (In thousands, at our share) | Property rental revenue | | $ | 103,934 | | $ | 121,632 | | $ | 225,566 | Other property revenue | | | 1,653 | | | 8,625 | | | 10,278 | Total property revenue | | | 105,587 | | | 130,257 | | | 235,844 | Property expense: | | | | | | | | | | Real estate taxes | | | 10,879 | | | 15,674 | | | 26,553 | Payroll | | | 8,404 | | | 6,788 | | | 15,192 | Utilities | | | 6,936 | | | 6,871 | | | 13,807 | Repairs and maintenance | | | 9,831 | | | 10,808 | | | 20,639 | Other property operating | | | 4,973 | | | 8,539 | | | 13,512 | Total property expense | | | 41,023 | | | 48,680 | | | 89,703 | NOI from reportable segments | | $ | 64,564 | | $ | 81,577 | | | 146,141 | Other NOI (1) | | | | | | | | | (3,058) | NOI | | | | | | | | $ | 143,083 |
| (1) | Includes activity related to development assets and land assets for which we are the ground lessor. |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | X | 2025 | | 2024 | | | | | (In thousands) | Total property revenue at our share | | $ | 110,468 | | $ | 115,959 | | $ | 219,184 | | $ | 235,844 | Third-party real estate services revenue, excluding reimbursements, at our share | | | 6,850 | | | 8,102 | | | 13,234 | | | 15,884 | Reimbursement revenue (1) | | | 7,775 | | | 8,955 | | | 16,049 | | | 18,636 | Our share of revenue attributable to unconsolidated real estate ventures | | | (2,151) | | | (1,954) | | | (4,257) | | | (6,520) | Real estate venture partner’s share of revenue attributable to consolidated real estate ventures | | | 508 | | | — | | | 508 | | | — | Other property revenue | | | 1,354 | | | 1,908 | | | 3,089 | | | 3,311 | Other adjustments (2) | | | 1,675 | | | 2,350 | | | (642) | | | 13,349 | Total revenue per statements of operations | | $ | 126,479 | | $ | 135,320 | | $ | 247,165 | | $ | 280,504 |
| (1) | Represents reimbursements of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects |
| (2) | Adjustment to include deferred rent, above/below market lease amortization, commercial lease termination revenue and lease incentive amortization. |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | X | 2025 | | 2024 | | | | (In thousands) | NOI at our share | | $ | 65,633 | | $ | 69,253 | | $ | 130,918 | | $ | 143,083 | Net third-party real estate services, excluding reimbursements, at our share | | | 1,453 | | | (1,024) | | | 601 | | | (5,378) | Add: | | | | | | | | | | | | | Income (loss) from unconsolidated real estate ventures, net | | | 1,091 | | | (226) | | | 499 | | | 749 | Interest and other income, net | | | 698 | | | 3,432 | | | 1,223 | | | 5,532 | Gain on the sale of real estate, net | | | 41,832 | | | 89 | | | 42,369 | | | 286 | Less: | | | | | | | | | | | | | Depreciation and amortization expense | | | 47,560 | | | 51,306 | | | 95,147 | | | 108,161 | General and administrative expense: corporate and other | | | 16,720 | | | 17,001 | | | 32,277 | | | 31,974 | Transaction and other costs | | | 2,846 | | | 824 | | | 4,757 | | | 2,338 | Interest expense | | | 35,571 | | | 31,973 | | | 70,771 | | | 62,133 | (Gain) loss on the extinguishment of debt, net | | | (2,234) | | | — | | | 2,402 | | | — | Impairment loss | | | 31,813 | | | 1,025 | | | 40,296 | | | 18,236 | Adjustments: | | | | | | | | | | | | | Our share of net third-party real estate services attributable to real estate ventures | | | (210) | | | (229) | | | (515) | | | (334) | NOI attributable to unconsolidated real estate ventures at our share | | | (1,287) | | | (1,168) | | | (2,277) | | | (4,215) | Real estate venture partner’s share of NOI attributable to consolidated real estate ventures | | | 272 | | | — | | | 272 | | | — | Non-cash rent adjustments (1) | | | (71) | | | 2,509 | | | (2,510) | | | 3,939 | Other adjustments (2) | | | (399) | | | (3,324) | | | (2,092) | | | 2,705 | Total adjustments | | | (1,695) | | | (2,212) | | | (7,122) | | | 2,095 | Loss before income tax (expense) benefit | | $ | (23,264) | | $ | (32,817) | | $ | (77,162) | | $ | (76,475) |
| (1) | Adjustment to include deferred rent, above/below market lease amortization and lease incentive amortization. |
| (2) | Adjustment to include payments associated with assumed lease liabilities related to operating properties and to exclude commercial lease termination revenue, related party management fees, corporate entity activity and inter-segment activity. |
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