v3.26.1
Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables)
 3 Months Ended
Mar. 31, 2026
Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation [Abstract]  
Schedule of Revenues and Expenses Expected to be Incurred during Liquidation

Upon transition to the liquidation basis of accounting on February 1, 2026, we accrued the following revenues and expenses expected to be incurred during liquidation (in thousands):

 

 

As of February 1, 2026

 

Rental and other property revenues

 

$

69,958

 

Property operating expenses

 

 

(26,266

)

General and administrative expenses

 

 

(22,854

)

Interest income

 

 

3,828

 

Interest expense

 

 

(32,773

)

Capital expenditures

 

 

(2,762

)

Capital expenditures for active construction(1)

 

 

(72,821

)

Liquidation transaction costs(2)

 

 

(51,600

)

Distributions and returns to noncontrolling interests

 

 

(7,674

)

Income tax

 

 

(326

)

Other estimated (costs), net of receipts

 

 

(2,384

)

Liabilities for estimated costs in excess of estimated receipts during liquidation

 

$

(145,674

)

(1) Capital expenditures for our one multifamily development project under construction in Miami, Florida is primarily funded through a construction loan and preferred equity draws. Our estimated future capital expenditures exclude certain commitments we expect will not be incurred prior to the sale of our interest in the active development.

(2) Liquidation transaction costs primarily include disposal costs related to the sale of the Company's assets, severance expenses, and advisory expenses related to the Plan of Sale and Liquidation.
Schedule of Change in Liabilities for Estimated Costs in Excess of Estimated Receipts during Liquidation

The change in the liabilities for estimated costs in excess of estimated receipts during liquidation as of March 31, 2026 is as follows (in thousands):

 

 

As of February 1, 2026

 

 

Revenue Recognized / Expense Incurred

 

 

As of March 31, 2026

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Estimated net inflows from real estate(1)

 

$

43,692

 

 

$

(7,069

)

 

$

36,623

 

 

Interest income

 

 

3,828

 

 

 

(1,323

)

 

 

2,505

 

 

Total estimated assets

 

 

47,520

 

 

 

(8,392

)

 

 

39,128

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

(22,854

)

 

 

5,514

 

 

 

(17,340

)

 

Interest expense

 

 

(32,773

)

 

 

5,944

 

 

 

(26,829

)

 

Capital expenditures

 

 

(2,762

)

 

 

1,734

 

 

 

(1,028

)

 

Capital expenditures for active construction

 

 

(72,821

)

 

 

14,570

 

 

 

(58,251

)

 

Distributions and returns to noncontrolling interests

 

 

(7,674

)

 

 

1,947

 

 

 

(5,727

)

 

Liquidation transaction costs

 

 

(51,600

)

 

 

19,916

 

 

 

(31,684

)

 

Income tax

 

 

(326

)

 

 

(374

)

 

 

(700

)

 

Other estimated (costs), net of receipts

 

 

(2,384

)

 

 

763

 

 

 

(1,621

)

 

Total estimated liabilities

 

 

(193,194

)

 

 

50,014

 

 

 

(143,180

)

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities for estimated costs in excess of estimated receipts during liquidation

 

$

(145,674

)

 

$

41,622

 

 

$

(104,052

)

 

(1) Estimated net inflows from real estate include estimated future rental and other property revenues during liquidation less estimated future property operating expenses during liquidation