| Summary of segment revenues and net operating income |
| | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2025 | | Three months ended June 30, 2024 | | | Residential | | Commercial | | Total | | Residential | | Commercial | | Total | | | | (in thousands) | | (in thousands) | Income from rental operations | | $ | 38,147 | | $ | 4,853 | | $ | 43,000 | | $ | 34,248 | | $ | 5,049 | | $ | 39,297 | Real Estate Expenses | | | | | | | | | | | | | | | | | | | Real Estate Taxes | | | 3,748 | | | 474 | | | 4,222 | | | 4,307 | | | 462 | | | 4,769 | Property Management | | | 4,812 | | | 215 | | | 5,027 | | | 4,459 | | | 247 | | | 4,706 | Utilities | | | 2,975 | | | 217 | | | 3,192 | | | 2,467 | | | 239 | | | 2,706 | Repairs and Maintenance | | | 6,515 | | | 434 | | | 6,949 | | | 6,571 | | | 395 | | | 6,966 | Insurance | | | 1,423 | | | 40 | | | 1,463 | | | 1,551 | | | 40 | | | 1,591 | Expenses from rental operations | | | 19,473 | | | 1,380 | | | 20,853 | | | 19,355 | | | 1,383 | | | 20,738 | Net operating income | | $ | 18,674 | | $ | 3,473 | | $ | 22,147 | | $ | 14,893 | | $ | 3,666 | | $ | 18,559 | Depreciation and amortization 1 | | | | | | | | | 6,696 | | | | | | | | | 7,015 | Interest 1 | | | | | | | | | 6,371 | | | | | | | | | 5,585 | Administration of REIT 1 | | | | | | | | | 1,443 | | | | | | | | | 1,539 | Other income (expense) 1 | | | | | | | | | 722 | | | | | | | | | (1,723) | Net income | | | | | | | | $ | 6,915 | | | | | | | | $ | 6,143 | | | | | | | | | | | | | | | | | | | | 1 The financial information provided to the CODM for these expense categories are not reflected by segment to evaluate performance of our reportable segments. | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | Six months ended June 30, 2024 | | | Residential | | Commercial | | Total | | Residential | | Commercial | | Total | | | | (in thousands) | | (in thousands) | Income from rental operations | | $ | 75,338 | | $ | 9,842 | | $ | 85,180 | | $ | 66,403 | | $ | 10,155 | | $ | 76,558 | Real Estate Expenses | | | | | | | | | | | | | | | | | | | Real Estate Taxes | | | 7,142 | | | 940 | | | 8,082 | | | 7,945 | | | 983 | | | 8,928 | Property Management | | | 9,727 | | | 450 | | | 10,177 | | | 8,893 | | | 439 | | | 9,332 | Utilities | | | 6,696 | | | 500 | | | 7,196 | | | 5,707 | | | 476 | | | 6,183 | Repairs and Maintenance | | | 13,112 | | | 958 | | | 14,070 | | | 12,814 | | | 773 | | | 13,587 | Insurance | | | 2,950 | | | 73 | | | 3,023 | | | 3,112 | | | 78 | | | 3,190 | Expenses from rental operations | | | 39,627 | | | 2,921 | | | 42,548 | | | 38,471 | | | 2,749 | | | 41,220 | Net operating income | | $ | 35,711 | | $ | 6,921 | | $ | 42,632 | | $ | 27,932 | | $ | 7,406 | | $ | 35,338 | Depreciation and amortization 1 | | | | | | | | | 13,721 | | | | | | | | | 12,924 | Interest 1 | | | | | | | | | 12,641 | | | | | | | | | 10,941 | Administration of REIT 1 | | | | | | | | | 2,944 | | | | | | | | | 2,885 | Loss on impairment of property 1 | | | | | | | | | — | | | | | | | | | — | Other income 1 | | | | | | | | | 1,504 | | | | | | | | | (2,195) | Net income | | | | | | | | $ | 11,822 | | | | | | | | $ | 10,783 | | | | | | | | | | | | | | | | | | | | 1 The financial information provided to the CODM for these expense categories are not reflected by segment to evaluate performance of our reportable segments. | | | | | | | | | | | | | | | | | | |
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| Summary of segment assets and accumulated depreciation |
| | | | | | | | | | As of June 30, 2025 | | Residential | | Commercial | | Total | | | | (in thousands) | Real estate investments | | $ | 927,659 | | $ | 179,519 | | $ | 1,107,178 | Accumulated depreciation | | | (194,094) | | | (55,767) | | | (249,861) | Total real estate investments, net | | $ | 733,565 | | $ | 123,752 | | $ | 857,317 | Lease intangible assets, less accumulated amortization | | | — | | | 2,023 | | | 2,023 | Cash and cash equivalents | | | | | | | | | 5,687 | Restricted deposits | | | | | | | | | 10,601 | Investment in unconsolidated affiliates | | | | | | | | | 27,991 | Notes receivable | | | | | | | | | 4,805 | Notes receivable, affiliates | | | | | | | | | 7,868 | Other assets, net | | | | | | | | | 23,662 | Total Assets | | | | | | | | $ | 939,954 |
| | | | | | | | | | As of December 31, 2024 | | Residential | | Commercial | | Total | | | | (in thousands) | Real estate investments | | $ | 916,559 | | $ | 178,856 | | $ | 1,095,415 | Accumulated depreciation | | | (183,753) | | | (53,663) | | | (237,416) | Total real estate investments, net | | $ | 732,806 | | $ | 125,193 | | $ | 857,999 | Lease intangible assets, less accumulated amortization | | | 199 | | | 2,342 | | | 2,541 | Cash and cash equivalents | | | | | | | | | 4,798 | Restricted deposits | | | | | | | | | 10,127 | Investment in unconsolidated affiliates | | | | | | | | | 28,407 | Notes receivable | | | | | | | | | 1,539 | Notes receivable, affiliates | | | | | | | | | 7,945 | Other assets, net | | | | | | | | | 24,416 | Total Assets | | | | | | | | $ | 937,772 |
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