| Summary of segment revenues and net operating income |
| | | | | | | | | | | | | | | | | | | | | Three months ended March 31, 2026 | | Three months ended March 31, 2025 | | | Residential | | Commercial | | Total | | Residential | | Commercial | | Total | | | | (in thousands) | | (in thousands) | Income from rental operations | | $ | 39,299 | | $ | 4,848 | | $ | 44,147 | | $ | 37,191 | | $ | 4,989 | | $ | 42,180 | Real Estate Expenses | | | | | | | | | | | | | | | | | | | Real Estate Taxes | | | 4,053 | | | 459 | | | 4,512 | | | 3,394 | | | 466 | | | 3,860 | Property Management | | | 5,165 | | | 229 | | | 5,394 | | | 4,915 | | | 235 | | | 5,150 | Utilities | | | 4,111 | | | 274 | | | 4,385 | | | 3,721 | | | 282 | | | 4,003 | Repairs and Maintenance | | | 7,161 | | | 423 | | | 7,584 | | | 6,599 | | | 524 | | | 7,123 | Insurance | | | 1,444 | | | 36 | | | 1,480 | | | 1,527 | | | 33 | | | 1,560 | Expenses from rental operations | | | 21,934 | | | 1,421 | | | 23,355 | | | 20,156 | | | 1,540 | | | 21,696 | Net operating income | | $ | 17,365 | | $ | 3,427 | | $ | 20,792 | | $ | 17,035 | | $ | 3,449 | | $ | 20,484 | Depreciation and amortization 1 | | | | | | | | | 7,755 | | | | | | | | | 7,025 | Interest 1 | | | | | | | | | 7,083 | | | | | | | | | 6,270 | Administration of REIT 1 | | | | | | | | | 1,601 | | | | | | | | | 1,500 | Other income (expense) 1 | | | | | | | | | (1,417) | | | | | | | | | 782 | Net income | | | | | | | | $ | 5,770 | | | | | | | | $ | 4,907 |
1The financial information provided to the CODM for these expense categories are not reflected by segment to evaluate performance of our reportable segments.
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| Summary of segment assets and accumulated depreciation |
| | | | | | | | | | As of March 31, 2026 | | Residential | | Commercial | | Total | | | | (in thousands) | Real estate investments | | $ | 1,023,021 | | $ | 166,386 | | $ | 1,189,407 | Accumulated depreciation | | | (207,896) | | | (53,227) | | | (261,123) | Total real estate investments, net | | $ | 815,125 | | $ | 113,159 | | $ | 928,284 | Lease intangible assets, less accumulated amortization | | | 238 | | | 1,505 | | | 1,743 | Cash and cash equivalents | | | | | | | | | 5,337 | Restricted deposits | | | | | | | | | 10,323 | Investment in unconsolidated affiliates | | | | | | | | | 29,854 | Notes receivable | | | | | | | | | 1,500 | Notes receivable, affiliates | | | | | | | | | 2,315 | Assets held for sale | | | | | | | | | 4,552 | Other assets, net | | | | | | | | | 19,403 | Total Assets | | | | | | | | $ | 1,003,311 |
| | | | | | | | | | As of December 31, 2025 | | Residential | | Commercial | | Total | | | | (in thousands) | Real estate investments | | $ | 989,224 | | $ | 170,115 | | $ | 1,159,339 | Accumulated depreciation | | | (202,714) | | | (54,237) | | | (256,951) | Total real estate investments, net | | $ | 786,510 | | $ | 115,878 | | $ | 902,388 | Lease intangible assets, less accumulated amortization | | | 365 | | | 1,633 | | | 1,998 | Cash and cash equivalents | | | | | | | | | 7,764 | Restricted deposits | | | | | | | | | 9,812 | Investment in unconsolidated affiliates | | | | | | | | | 29,791 | Notes receivable | | | | | | | | | 1,500 | Notes receivable, affiliates | | | | | | | | | 2,315 | Assets held for sale | | | | | | | | | 2,832 | Other assets, net | | | | | | | | | 20,228 | Total Assets | | | | | | | | $ | 978,628 |
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