Business Segments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Information for Reportable Segments

The following tables present the results of operations of consolidated properties within our segments for the month ended January 31, 2026, and three months ended March 31, 2025 (in thousands):


	Development		Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Month Ended January 31, 2026
Rental and other property revenues	$	2,838	$	2,476	$	428		$	417	$	—		$	6,159
Controllable operating expenses(3)		604		472		512			—		—			1,588
Real estate taxes, net of capitalized amounts		491		411		64			—		—			966
Utilities expense, net of utility reimbursements		130		80		29			417		—			656
Property insurance expense, net of capitalized amounts		45		78		9			—		—			132
Other property operating expenses(4)		—		—		—			—		790			790
Property operating expenses		1,270		1,041		614			417		790			4,132
Property net operating income (loss)		1,568		1,435		(186	)		—		(790	)		2,027
Other operating expenses not allocated to segments(5)		—		—		—			—		(6,567	)		(6,567	)
Other items included in income (loss) from continuing operations before income tax(6)		—		—		—			—		(1,998	)		(1,998	)
Income (loss) from continuing operations before income tax	$	1,568	$	1,435	$	(186	)	$	—	$	(9,355	)	$	(6,538	)


	Development		Operating		Other			Adjustments(1)		Corporate and Amounts Not Allocated to Segments(2)			Consolidated
Three Months Ended March 31, 2025
Rental and other property revenues	$	5,209	$	7,540	$	1,446		$	630	$	8,057		$	22,882
Controllable operating expenses(3)		1,428		1,166		1,716			—		730			5,040
Real estate taxes, net of capitalized amounts		1,099		1,158		269			—		2,066			4,592
Utilities expense, net of utility reimbursements		600		265		72			630		256			1,823
Property insurance expense, net of capitalized amounts		359		215		33			—		380			987
Other property operating expenses(4)		—		—		—			—		696			696
Property operating expenses		3,486		2,804		2,090			630		4,128			13,138
Property net operating income (loss)		1,723		4,736		(644	)		—		3,929			9,744
Other operating expenses not allocated to segments(5)		—		—		—			—		(20,235	)		(20,235	)
Other items included in income (loss) from continuing operations before income tax(6)		—		—		—			—		(10,747	)		(10,747	)
Income (loss) from continuing operations before income tax	$	1,723	$	4,736	$	(644	)	$	—	$	(27,053	)	$	(21,238	)

(1)

Represents the reclassification of utility reimbursements, which were included in Rental and other property revenues in our Condensed Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results.

(2)

Includes the operating results of apartment communities sold during or subsequent to the period. Also includes property management expenses and casualty gains and losses, which were included in consolidated property operating expenses and were not part of our segment performance measure.

(3)

Controllable operating expenses primarily consisted of property personnel costs, marketing, repairs and maintenance, and contract services.

(4)

Other property operating expenses included property management costs and casualty gains or losses, which were included in consolidated property operating expenses and were not part of our segment performance measure.

(5)

Other operating expenses not allocated to segments consisted of depreciation and amortization, and general and administrative expenses.

(6)

Other items included in Income (loss) before income tax consisted primarily of interest income, interest expense, realized and unrealized gains (losses) on interest rate contracts, realized and unrealized gains (losses) on equity investments, other income (expense), and gain on dispositions of real estate, if any.

Capital additions within our segments for the month ended January 31, 2026, and three months ended March 31, 2025, were as follows (in thousands):


	Month Ended January 31,		Three Months Ended March 31,
	2026		2025
Development	$	6,378	$	20,259
Operating		115		947
Other		—		160
Corporate and Amounts Not Allocated to Segments (1)		—		126
Total capital additions	$	6,493	$	21,492

(1)

During the month ended January 31, 2026, and three months ended March 31, 2025, certain capital additions pertained to properties that were sold or reclassified as held for sale and therefore are not included in our segments as capital additions at those respective period ends. We added a row to the table above for presentation purposes to display these capital additions for the month ended January 31, 2026, and three months ended March 31, 2025.

Schedule of Net Real Estate and Non-Recourse Property Debt, Net and Construction Loans, Net, by Segment

Net real estate and non-recourse property debt and construction loans, net, of our segments as of December 31, 2025, were as follows (in thousands):


	Development			Operating			Other			Total
As of December 31, 2025
Buildings and improvements	$	626,929		$	93,144		$	24,868		$	744,941
Land		148,850			49,973			364			199,187
Total real estate		775,779			143,117			25,232			944,128
Accumulated depreciation		(48,719	)		(55,531	)		(7,335	)		(111,585	)
Net real estate	$	727,060		$	87,586		$	17,897		$	832,543

Non-recourse property debt and construction loans, net	$	399,142		$	58,180		$	—		$	457,322