Transactions with Related Parties |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Transactions with Related Parties | |
| Transactions with Related Parties | 18.Transactions with Related Parties Our third-party real estate services business provides fee-based real estate services to third parties, including the legacy funds formerly organized by The JBG Companies ("JBG") (the "JBG Legacy Funds"). In connection with the contribution to us of certain assets formerly owned by the JBG Legacy Funds, the general partner and managing member interests in the JBG Legacy Funds that were held by certain former JBG executives (and who became members of our management team and/or Board of Trustees) were not transferred to us and remain under the control of these individuals. In addition, certain members of our senior management team and Board of Trustees have ownership interests in the JBG Legacy Funds, and own carried interests in each fund and in certain of our real estate ventures that entitle them to receive cash payments if the fund or real estate venture achieves certain return thresholds. LEO Impact Capital ("LEO"), our workforce housing platform dedicated to acquiring, financing and operating multifamily housing in high impact neighborhoods to preserve affordability for middle-income residents, manages the WHI Impact Pool and the LEO Impact Housing Fund. The WHI Impact Pool completed fundraising in 2020 with capital commitments totaling $114.4 million, which included a commitment from us of $11.2 million. Additionally, LEO had an initial closing of its multi-market fund, the LEO Impact Housing Fund, totaling $43.5 million ($64.5 million including accordions), which included a commitment from us of $1.3 million. As of March 31, 2026, our remaining unfunded commitments totaled $1.5 million. The third-party real estate services revenue, including expense reimbursements, from the JBG Legacy Funds, the WHI Impact Pool, the LEO Impact Housing Fund and their affiliates, was $2.4 million and $2.6 million for the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, we had receivables from the JBG Legacy Funds, the WHI Impact Pool, the LEO Impact Housing Fund and their affiliates totaling $1.2 million and $951,000 for such services. We lease our corporate offices from an unconsolidated real estate venture, in which we have a 20.0% interest, and incurred $1.4 million and $1.3 million of rent expense for the three months ended March 31, 2026 and 2025, which was included in "General and administrative expense" in our statements of operations. We have agreements with Building Maintenance Services ("BMS"), an entity in which we have a minor preferred interest, to supervise cleaning, engineering and security services at our properties. We paid BMS $2.1 million and $2.0 million for the three months ended March 31, 2026 and 2025, which was included in "Property operating expenses" in our statements of operations. |