v3.26.1
Segment Information - Segment NOI (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Information    
Total rental and other property revenues $ 19,701 $ 15,910
Total property operating expenses 9,081 7,652
Interest income from loan investments 0 503
Property management and asset management fee expenses (1,571) (1,325)
General and administrative expenses (3,114) (3,057)
Management fees to related party (2,688) (2,540)
Acquisition and other transaction costs (43) (76)
Weather-related losses, net 250  
Impairment of real estate investments 601 124
Depreciation and amortization (8,858) (7,492)
Other expense, net (882) (59)
Income from preferred equity investments 1,531 3,110
Income from investments in unconsolidated real estate funds 296  
Recovery of credit losses, net   102
Gain on sale of real estate investments, net 584 827
Loss on extinguishment of debt (36) (4)
Interest expense, net (6,485) (6,211)
Income tax expense (76) (346)
Net loss (10,297) (7,330)
Preferred stock dividends (2,609) (2,010)
Preferred stock accretion (993) (523)
Net loss (income) attributable to noncontrolling interests 10,466 7,334
Net (loss) income attributable to common stockholders (3,433) (2,529)
Operating Segments    
Segment Information    
Total rental and other property revenues 19,701 15,910
Total property operating expenses 9,081 7,652
Total net operating income 10,620 8,258
Reconciling Items    
Segment Information    
Interest income from loan investments   503
Property management and asset management fee expenses (1,571) (1,325)
General and administrative expenses (3,114) (3,057)
Management fees to related party (2,688) (2,540)
Acquisition and other transaction costs (43) (76)
Weather-related losses, net (250)  
Impairment of real estate investments (601) (124)
Depreciation and amortization (8,858) (7,492)
Other expense, net (882) (59)
Income from preferred equity investments 296  
Income from preferred equity investments 1,531 3,110
Recovery of credit losses, net   102
Gain on sale of real estate investments, net 584 827
Loss on extinguishment of debt (36) (4)
Interest expense, net 6,485 6,211
Interest income 1,276 1,104
Income tax expense (76) (346)
Residential communities    
Segment Information    
Total rental and other property revenues 12,751 8,109
Residential communities | Operating Segments    
Segment Information    
Total rental and other property revenues 12,751 8,109
Total property operating expenses 5,264 3,502
Total net operating income 7,487 4,607
Scattered single-family homes    
Segment Information    
Total rental and other property revenues 6,950 7,801
Scattered single-family homes | Operating Segments    
Segment Information    
Total rental and other property revenues 6,950 7,801
Total property operating expenses 3,817 4,150
Total net operating income $ 3,133 $ 3,651