| Schedule of segment information |
| | | | | | | | | | | | Three Months Ended March 31, 2026 | | | Multifamily | | Commercial | | Total | | | | (In thousands, at our share) | Property rental revenue | | $ | 47,716 | | $ | 55,890 | | $ | 103,606 | Other property revenue | | | 608 | | | 3,820 | | | 4,428 | Total property revenue | | | 48,324 | | | 59,710 | | | 108,034 | Property expense: | | | | | | | | | | Real estate taxes | | | 6,305 | | | 4,880 | | | 11,185 | Payroll | | | 3,804 | | | 3,432 | | | 7,236 | Utilities | | | 4,106 | | | 5,043 | | | 9,149 | Repairs and maintenance | | | 4,737 | | | 5,215 | | | 9,952 | Other property operating | | | 3,002 | | | 6,363 | | | 9,365 | Total property expense | | | 21,954 | | | 24,933 | | | 46,887 | NOI from reportable segments | | $ | 26,370 | | $ | 34,777 | | | 61,147 | Other NOI (1) | | | | | | | | | (226) | NOI | | | | | | | | $ | 60,921 |
| | | | | | | | | | | | Three Months Ended March 31, 2025 | | | Multifamily | | Commercial | | Total | | | | (In thousands, at our share) | Property rental revenue | | $ | 54,602 | | $ | 49,757 | | $ | 104,359 | Other property revenue | | | 621 | | | 3,736 | | | 4,357 | Total property revenue | | | 55,223 | | | 53,493 | | | 108,716 | Property expense: | | | | | | | | | | Real estate taxes | | | 5,571 | | | 5,592 | | | 11,163 | Payroll | | | 3,742 | | | 3,007 | | | 6,749 | Utilities | | | 3,918 | | | 3,402 | | | 7,320 | Repairs and maintenance | | | 5,437 | | | 4,472 | | | 9,909 | Other property operating | | | 3,045 | | | 4,148 | | | 7,193 | Total property expense | | | 21,713 | | | 20,621 | | | 42,334 | NOI from reportable segments | | $ | 33,510 | | $ | 32,872 | | | 66,382 | Other NOI (1) | | | | | | | | | (1,097) | NOI | | | | | | | | $ | 65,285 |
| (1) | Includes activity related to development assets and land assets for which we are the ground lessor. |
| | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | | | | (In thousands) | Total property revenue at our share | | $ | 108,034 | | $ | 108,716 | Third-party real estate services revenue, excluding reimbursements, at our share | | | 6,508 | | | 6,384 | Reimbursement revenue (1) | | | 10,644 | | | 8,274 | Our share of revenue attributable to unconsolidated real estate ventures | | | (2,103) | | | (2,106) | Real estate venture partner’s share of revenue attributable to consolidated real estate ventures | | | 1,478 | | | — | Other property revenue | | | (358) | | | 1,735 | Other adjustments (2) | | | 3,399 | | | (2,317) | Total revenue per statements of operations | | $ | 127,602 | | $ | 120,686 |
| (1) | Represents reimbursements of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects. |
| (2) | Adjustment to include deferred rent, above/below market lease amortization/accretion, commercial lease termination revenue and lease incentive amortization. |
| | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | | | | (In thousands) | NOI at our share | | $ | 60,921 | | $ | 65,285 | Net third-party real estate services, excluding reimbursements, at our share | | | 469 | | | (852) | Add: | | | | | | | Loss from unconsolidated real estate ventures, net | | | (374) | | | (592) | Interest and other income, net | | | 1,400 | | | 525 | Gain on the sale of real estate, net | | | 21,075 | | | 537 | Less: | | | | | | | Depreciation and amortization expense | | | 45,305 | | | 47,587 | General and administrative expense: corporate and other | | | 15,287 | | | 15,557 | Transaction and other costs | | | 9,841 | | | 1,911 | Interest expense | | | 35,548 | | | 35,200 | Loss on the extinguishment of debt, net | | | — | | | 4,636 | Impairment loss | | | 1,500 | | | 8,483 | Adjustments: | | | | | | | Our share of net third-party real estate services attributable to real estate ventures | | | (259) | | | (305) | NOI attributable to unconsolidated real estate ventures at our share | | | (1,225) | | | (990) | Real estate venture partner’s share of NOI attributable to consolidated real estate ventures | | | 801 | | | — | Non-cash rent adjustments (1) | | | 1,720 | | | (2,439) | Other adjustments (2) | | | (87) | | | (1,693) | Total adjustments | | | 950 | | | (5,427) | Loss before income tax (expense) benefit | | $ | (23,040) | | $ | (53,898) |
| (1) | Adjustment to include deferred rent, above/below market lease amortization/accretion and lease incentive amortization. |
| (2) | Adjustment to include payments associated with assumed lease liabilities related to operating properties and to exclude commercial lease termination revenue, related party management fees, corporate entity activity and inter-segment activity. |
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