| Segment Reporting |
15. Segment Reporting The Chief Executive Officer, as the Chief Operating Decision Maker (“CODM”), allocates resources and evaluates results based on the performance of each of the Company’s five reportable segments: multifamily, industrial, single-family rental, retail, and investments in real estate debt, real estate-related and other securities. The Company and the CODM believe that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The significant expense categories and amounts presented below align with the segment-level information that is regularly provided to our CODM. The following table details the total assets by segment ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Multifamily |
|
$ |
649,339 |
|
|
$ |
174,928 |
|
Industrial |
|
|
438,750 |
|
|
|
120,741 |
|
Single-family rental |
|
|
43,671 |
|
|
|
45,005 |
|
Retail |
|
|
122,873 |
|
|
|
51,081 |
|
Investments in real estate debt, real estate-related and other securities |
|
|
241,220 |
|
|
|
91,859 |
|
Other (corporate) |
|
|
7,665 |
|
|
|
120,382 |
|
Total assets |
|
$ |
1,503,518 |
|
|
$ |
603,996 |
|
The following table details the financial results by segment for the year ended December 31, 2025 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
|
Industrial |
|
|
Single-family rental |
|
|
Retail |
|
|
Investments in real estate debt, real estate-related and other securities |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
39,250 |
|
|
$ |
22,107 |
|
|
$ |
3,031 |
|
|
$ |
6,956 |
|
|
$ |
— |
|
|
$ |
71,344 |
|
Total revenues |
|
|
39,250 |
|
|
|
22,107 |
|
|
|
3,031 |
|
|
|
6,956 |
|
|
|
— |
|
|
|
71,344 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental property operating |
|
|
16,132 |
|
|
|
3,347 |
|
|
|
2,121 |
|
|
|
2,734 |
|
|
|
— |
|
|
|
24,334 |
|
Total expenses |
|
|
16,132 |
|
|
|
3,347 |
|
|
|
2,121 |
|
|
|
2,734 |
|
|
|
— |
|
|
|
24,334 |
|
Income from investments in real estate debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,989 |
|
|
|
10,989 |
|
Income from investments in real estate-related and other securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,721 |
|
|
|
2,721 |
|
Segment net operating income |
|
$ |
23,118 |
|
|
$ |
18,760 |
|
|
$ |
910 |
|
|
$ |
4,222 |
|
|
$ |
13,710 |
|
|
$ |
60,720 |
|
Depreciation and amortization |
|
$ |
(23,391 |
) |
|
$ |
(14,964 |
) |
|
$ |
(1,537 |
) |
|
$ |
(3,493 |
) |
|
$ |
— |
|
|
$ |
(43,385 |
) |
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,091 |
) |
Mandatorily redeemable instruments interest costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,562 |
) |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19,375 |
) |
Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,310 |
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(10,383 |
) |
Net loss attributable to non-controlling interests in consolidated joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(603 |
) |
Net loss attributable to JPMREIT stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(9,780 |
) |
The following table details the financial results by segment for the year ended December 31, 2024 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
|
Industrial |
|
|
Single-family rental |
|
|
Retail |
|
|
Investments in real estate debt, real estate-related and other securities |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
14,989 |
|
|
$ |
5,793 |
|
|
$ |
777 |
|
|
$ |
3,694 |
|
|
$ |
— |
|
|
$ |
25,253 |
|
Total revenues |
|
|
14,989 |
|
|
|
5,793 |
|
|
|
777 |
|
|
|
3,694 |
|
|
|
— |
|
|
|
25,253 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental property operating |
|
|
6,050 |
|
|
|
724 |
|
|
|
1,795 |
|
|
|
1,369 |
|
|
|
9 |
|
|
|
9,947 |
|
Total expenses |
|
|
6,050 |
|
|
|
724 |
|
|
|
1,795 |
|
|
|
1,369 |
|
|
|
9 |
|
|
|
9,947 |
|
Income from investments in real estate debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,125 |
|
|
|
4,125 |
|
Income from investments in real estate-related and other securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109 |
|
|
|
109 |
|
Segment net operating income (loss) |
|
$ |
8,939 |
|
|
$ |
5,069 |
|
|
$ |
(1,018 |
) |
|
$ |
2,325 |
|
|
$ |
4,225 |
|
|
$ |
19,540 |
|
Depreciation and amortization |
|
$ |
(4,487 |
) |
|
$ |
(2,957 |
) |
|
$ |
(1,151 |
) |
|
$ |
(1,462 |
) |
|
$ |
— |
|
|
$ |
(10,057 |
) |
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,641 |
) |
Mandatorily redeemable instruments interest costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,870 |
) |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,116 |
) |
Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,349 |
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(9,795 |
) |
Net loss attributable to non-controlling interests in consolidated joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(52 |
) |
Net loss attributable to JPMREIT stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(9,743 |
) |
The following table details the financial results by segment for the year ended December 31, 2023 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
|
Industrial |
|
|
Single-family rental |
|
|
Retail |
|
|
Investments in real estate debt, real estate-related and other securities |
|
|
Total |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
14,709 |
|
|
$ |
3,004 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
17,713 |
|
Total revenues |
|
|
14,709 |
|
|
|
3,004 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,713 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental property operating |
|
|
5,008 |
|
|
|
248 |
|
|
|
16 |
|
|
|
— |
|
|
|
2 |
|
|
|
5,274 |
|
Total expenses |
|
|
5,008 |
|
|
|
248 |
|
|
|
16 |
|
|
|
— |
|
|
|
2 |
|
|
|
5,274 |
|
Income from investments in real estate debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,738 |
|
|
|
1,738 |
|
Income from investments in real estate-related and other securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(372 |
) |
|
|
(372 |
) |
Segment net operating income (loss) |
|
$ |
9,701 |
|
|
$ |
2,756 |
|
|
$ |
(16 |
) |
|
$ |
— |
|
|
$ |
1,364 |
|
|
$ |
13,805 |
|
Depreciation and amortization |
|
$ |
(6,392 |
) |
|
$ |
(1,448 |
) |
|
$ |
(20 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(7,860 |
) |
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,835 |
) |
Mandatorily redeemable instruments interest costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,500 |
) |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,245 |
) |
Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,206 |
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(8,429 |
) |
Net loss attributable to non-controlling interests in consolidated joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(103 |
) |
Net loss attributable to JPMREIT stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(8,326 |
) |
|