v3.26.1
SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Revenues and Net Operating Income for Reportable Segments
The following tables present NOI for the three and six months ended June 30, 2026 and 2025, respectively, along with reconciliations to net income (loss) as reported in the Condensed Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Condensed Consolidated Financial Statements.
(in thousands)
Three Months Ended June 30, 2026MultifamilyAll Other
Unallocated(3)
Total
Revenue$64,208 $917 $657 $65,782 
Property operating expenses
On-site compensation(1)
6,558 — 107 6,665 
Repairs and maintenance(2)
3,264 51 74 3,389 
Utilities3,403 36 74 3,513 
Administrative and marketing1,614 — 41 1,655 
Insurance2,364 19 20 2,403 
Real estate taxes6,777 189 56 7,022 
Net operating income $40,228 $622 $285 $41,135 
Property management expense(2,094)
Casualty loss, net of recoveries206 
Depreciation and amortization(25,075)
General and administrative expenses(5,659)
Gain on sale of real estate and other investments
271 
Interest expense(10,623)
Interest and other income709 
Net loss
$(1,130)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
(3)Apartment communities that have been sold are classified as unallocated, as they no longer contribute to segment revenues or operating expenses.
(in thousands)
Three Months Ended June 30, 2025MultifamilyAll Other
Unallocated(3)
Total
Revenue$59,840 $779 $7,930 $68,549 
Property operating expenses
On-site compensation(1)
6,106 — 984 7,090 
Repairs and maintenance(2)
3,257 47 611 3,915 
Utilities3,095 35 634 3,764 
Administrative and marketing1,499 2 295 1,796 
Insurance1,942 22 324 2,288 
Real estate taxes6,707 131 840 7,678 
Net operating income$37,234 $542 $4,242 $42,018 
Property management expense(2,393)
Casualty loss, net of recoveries(399)
Depreciation and amortization(27,097)
Impairment of real estate investments(14,543)
General and administrative expenses(4,382)
Interest expense(10,724)
Interest and other income
735 
Net loss
$(16,785)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
(3)Apartment communities that have been sold are classified as unallocated, as they no longer contribute to segment revenues or operating expenses.
(in thousands)
Six Months Ended June 30, 2026MultifamilyAll Other
Unallocated(3)
Total
Revenue$127,563 $1,828 $1,460 $130,851 
Property operating expenses
On-site compensation(1)
12,878 — 201 13,079 
Repairs and maintenance(2)
6,202 98 114 6,414 
Utilities7,775 73 167 8,015 
Administrative and marketing3,406 1 86 3,493 
Insurance4,794 34 38 4,866 
Real estate taxes13,849 390 115 14,354 
Net operating income$78,659 $1,232 $739 $80,630 
Property management expense(4,473)
Casualty loss, net of recoveries227 
Depreciation and amortization(51,573)
Impairment of real estate investments(9,700)
General and administrative expenses(11,991)
Gain on sale of real estate and other investments
271 
Interest expense(21,093)
Interest and other income1,599 
Net loss
$(16,103)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
(3)Apartment communities that have been sold are classified as unallocated, as they no longer contribute to segment revenues or operating expenses.
(in thousands)
Six Months Ended June 30, 2025MultifamilyAll Other
Unallocated(3)
Total
Revenue$118,287 $1,580 $15,775 $135,642 
Property operating expenses
On-site compensation(1)
11,999 — 1,961 13,960 
Repairs and maintenance(2)
5,921 93 1,090 7,104 
Utilities7,134 80 1,407 8,621 
Administrative and marketing2,806 4 546 3,356 
Insurance4,102 42 736 4,880 
Real estate taxes13,340 345 1,656 15,341 
Net operating income$72,985 $1,016 $8,379 $82,380 
Property management expense(4,826)
Casualty loss, net of recoveries(931)
Depreciation and amortization(54,751)
Impairment of real estate investments(14,543)
General and administrative expenses(9,379)
Interest expense(20,359)
Interest and other income1,443 
Net loss
$(20,966)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
(3)Apartment communities that have been sold are classified as unallocated, as they no longer contribute to segment revenues or operating expenses.
Schedule of Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of June 30, 2026, and December 31, 2025, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
(in thousands)
As of June 30, 2026
Multifamily(1)
All OtherUnallocatedTotal
Segment assets
Property owned$2,247,923 $13,297 $— $2,261,220 
Less accumulated depreciation(601,630)(3,772)— (605,402)
Total real estate investments$1,646,293 $9,525 $— $1,655,818 
Cash and cash equivalents8,560 
Restricted cash1,883 
Other assets38,993 
Assets held for sale, net(2)
135,111 
Total Assets$1,840,365 
(1)During the three months ended June 30, 2026, 13 apartment communities were classified as held for sale. As described in Note 2, we present certain assets and liabilities of apartment communities classified as held for sale separately in the Condensed Consolidated Balance Sheets. Therefore, the held for sale assets are not included in the segment assets as of June 30, 2026. The assets for these apartment communities remain in Multifamily segment assets as of December 31, 2025. Refer to Note 2 for the balance sheet of held for sale communities.
(2)Includes the assets for the 13 apartment communities designated as held for sale as of June 30, 2026.
(in thousands)
As of December 31, 2025
Multifamily(1)
All Other
Unallocated(1)
Total
Segment assets
Property owned$2,459,103 $16,280 $48,637 $2,524,020 
Less accumulated depreciation(646,259)(4,709)(9,156)(660,124)
Total real estate investments$1,812,844 $11,571 $39,481 $1,863,896 
Cash and cash equivalents12,833 
Restricted cash2,818 
Other assets46,620 
Total Assets$1,926,167 
(1)Includes the segment assets for the 13 apartment communities designated as held for sale as of June 30, 2026. Apartment communities sold during the six months ended June 30, 2026 were recast to Unallocated as they are no longer segment assets.