BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Accounting Policies [Abstract] |
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| Schedule of Recent Accounting Pronouncements |
The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”). | | | | | | | | | | | | | Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters | ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses; ASU 2025-01, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date | This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. In 2025, an additional ASU was issued to provide clarification on the effective date of the original ASU. | This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. | The ASU will require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements. | ASU 2025-10, Government Grants (Topic 832) - Accounting for Government Grants Received by Business Entities | This ASU establishes authoritative guidance on the accounting for government grants received by business entities. | This ASU is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. | This ASU is not expected to have a material impact on the Consolidated Financial Statements. | ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements | This ASU is intended to provide clarity on the current interim reporting disclosure requirements. | This ASU is effective for interim reporting periods within annual periods beginning after December 15, 2027. | This ASU may require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements. | ASU 2025-12, Codification Improvements | This ASU is intended to provide technical corrections, clarifications, and minor improvements to the FASB Accounting Standards Codification. | This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. | This ASU is not expected to have a material impact on the Consolidated Financial Statements. |
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| Schedule of Future Lease Income for Operating Leases |
The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of June 30, 2026, was as follows: | | | | | | | | | | | (in thousands) | 2026 (remainder) | | $ | 1,432 | | | 2027 | | 2,700 | | | 2028 | | 2,383 | | | 2029 | | 2,078 | | | 2030 | | 1,992 | | | Thereafter | | 5,881 | | Total scheduled lease income - operating leases(1) | | $ | 16,466 | |
(1)Excludes operating leases for assets classified as held for sale as of June 30, 2026.
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| Schedule of Disaggregation of Revenue |
The following table presents the disaggregation of revenue streams for the three and six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | Revenue Stream | Applicable Standard | | 2026 | 2025 | | 2026 | 2025 | | Fixed lease income - operating leases | Leases | | $ | 61,034 | | $ | 63,104 | | | $ | 121,777 | | $ | 125,301 | | | Variable lease income - operating leases | Leases | | 3,685 | | 4,232 | | | 7,072 | | 8,063 | | | Other property revenue | Revenue from contracts with customers | | 1,063 | | 1,213 | | | 2,002 | | 2,278 | | | Total revenue | | | $ | 65,782 | | $ | 68,549 | | | $ | 130,851 | | $ | 135,642 | |
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| Schedule of Assets and Liabilities Held for Sale |
The Company did not have any apartment communities classified as held for sale at December 31, 2025. The table below presents the major components of assets and liabilities for apartment communities held for sale as of June 30, 2026: | | | | | | | | | (in thousands) | | | | June 30, 2026 | | | | | | | | | | | | Total real estate investments | $ | 130,538 | | | | | Other assets | 4,573 | | | | | Assets held for sale, net | $ | 135,111 | | | | | | | | | | | | | | | | Accounts payable and accrued expenses | $ | 1,460 | | | | Liabilities held for sale, net | $ | 1,460 | | | | | | | |
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