Segment

June 30, 2025

December 31, 2024

Multifamily

$

460,523

$

174,928

Industrial

345,763

120,741

Single-family rental

44,555

45,005

Retail

49,380

51,081

Investments in real estate debt, real estate-related and other securities

174,548

91,859

Other (corporate)

65,853

120,382

Total assets

$

1,140,622

$

603,996

Multifamily

Industrial

Single-family rental

Retail

Investments in real estate debt, real estate-related and other securities

Total

Revenues

Rental revenue

$

6,350

$

4,487

$

726

$

1,673

$

—

$

13,236

Total revenues

6,350

4,487

726

1,673

—

13,236

Expenses

Rental property operating

2,684

656

474

622

—

4,436

Total expenses

2,684

656

474

622

—

4,436

Income from investment in real estate debt

—

—

—

—

2,084

2,084

Income from investments in real estate-related and other securities

—

—

—

—

1,053

1,053

Segment net operating income

$

3,666

$

3,831

$

252

$

1,051

$

3,137

$

11,937

Depreciation and amortization

$

(3,127

)

$

(3,354

)

$

(384

)

$

(1,267

)

$

—

$

(8,132

)

General and administrative

(1,551

)

Mandatorily redeemable instruments interest costs

(1,552

)

Interest expense

(2,992

)

Other income, net

2,230

Net loss

$

(60

)

Net loss attributable to non-controlling interests in consolidated joint ventures

(92

)

Net income attributable to JPMREIT stockholders

$

32

Multifamily

Industrial

Single-family rental

Retail

Investments in real estate debt, real estate-related and other securities

Total

Revenues

Rental revenue

$

3,696

$

1,417

$

63

$

697

$

—

$

5,873

Total revenues

3,696

1,417

63

697

—

5,873

Expenses

Rental property operating

1,276

247

358

254

5

2,140

Total expenses

1,276

247

358

254

5

2,140

Income from investments in real estate debt

—

—

—

—

445

445

Income from investment in real estate-related and other securities

—

—

—

—

5

5

Segment net operating income (loss)

$

2,420

$

1,170

$

(295

)

$

443

$

445

$

4,183

Depreciation and amortization

$

(1,110

)

$

(699

)

$

(263

)

$

(263

)

$

(5

)

$

(2,340

)

General and administrative

(1,262

)

Mandatorily redeemable instruments interest costs

(2,729

)

Interest expense

(1,768

)

Other income, net

282

Net loss

$

(3,634

)

Net loss attributable to non-controlling interests in consolidated joint ventures

(1

)

Net loss attributable to JPMREIT stockholders

$

(3,633

)

Multifamily

Industrial

Single-family rental

Retail

Investments in real estate debt, real estate-related and other securities

Total

Revenues

Rental revenue

$

10,544

$

6,450

$

1,329

$

3,182

$

—

$

21,505

Total revenues

10,544

6,450

1,329

3,182

—

21,505

Expenses

Rental property operating

4,269

956

958

1,286

—

7,469

Total expenses

4,269

956

958

1,286

—

7,469

Income from investments in real estate debt

—

—

—

—

3,562

3,562

Income from investments in real estate-related and other securities

—

—

—

—

2,134

2,134

Segment net operating income

$

6,275

$

5,494

$

371

$

1,896

$

5,696

$

19,732

Depreciation and amortization

$

(4,762

)

$

(4,303

)

$

(769

)

$

(1,856

)

$

—

$

(11,690

)

General and administrative

(3,198

)

Mandatorily redeemable instruments interest costs

(2,738

)

Interest expense

(5,480

)

Other income, net

4,973

Net income

$

1,599

Net loss attributable to non-controlling interests in consolidated joint ventures

(113

)

Net income attributable to JPMREIT stockholders

$

1,712

Multifamily

Industrial

Single-family rental

Retail

Investments in real estate debt, real estate-related and other securities

Total

Revenues

Rental revenue

$

7,336

$

2,851

$

66

$

697

$

—

$

10,950

Total revenues

7,336

2,851

66

697

—

10,950

Expenses

Rental property operating

2,582

482

608

254

6

3,932

Total expenses

2,582

482

608

254

6

3,932

Income from investments in real estate debt

—

—

—

—

891

891

Income from investment in real estate-related and other securities

—

—

—

—

11

11

Segment net operating income (loss)

$

4,754

$

2,369

$

(542

)

$

443

$

896

$

7,920

Depreciation and amortization

$

(2,212

)

$

(1,398

)

$

(416

)

$

(263

)

$

—

$

(4,298

)

General and administrative

(2,239

)

Mandatorily redeemable instruments interest costs

(3,568

)

Interest expense

(3,358

)

Other income, net

321

Net loss

$

(5,222

)

Net loss attributable to non-controlling interests in consolidated joint ventures

(17

)

Net loss attributable to JPMREIT stockholders

$

(5,205

)