| Summary of Total Assets and Financial Results by Segment |
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):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|