| 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 the three and six months ended June 30, 2025 (in thousands):
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Development |
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Operating |
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Other |
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Adjustments(1) |
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Corporate and Amounts Not Allocated to Segments(2) |
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Consolidated |
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Month Ended January 31, 2026 |
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Rental and other property revenues |
$ |
2,838 |
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$ |
2,476 |
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|
$ |
428 |
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|
$ |
417 |
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$ |
— |
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|
$ |
6,159 |
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Controllable operating expenses(3) |
|
604 |
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|
472 |
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|
512 |
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— |
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|
|
— |
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|
|
1,588 |
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Real estate taxes, net of capitalized amounts |
|
491 |
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|
411 |
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|
64 |
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— |
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— |
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|
966 |
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Utilities expense, net of utility reimbursements |
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130 |
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|
80 |
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|
29 |
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|
417 |
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— |
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|
656 |
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Property insurance expense, net of capitalized amounts |
|
45 |
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|
78 |
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|
9 |
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— |
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— |
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|
132 |
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Other property operating expenses(4) |
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— |
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— |
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— |
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— |
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|
790 |
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|
790 |
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Property operating expenses |
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1,270 |
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|
1,041 |
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|
614 |
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|
417 |
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|
790 |
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|
4,132 |
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Property net operating income (loss) |
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1,568 |
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|
1,435 |
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(186 |
) |
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— |
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n/a |
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|
n/a |
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Other operating expenses not allocated to segments(5) |
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— |
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— |
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— |
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— |
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(6,567 |
) |
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(6,567 |
) |
Other items included in income (loss) from continuing operations before income tax(6) |
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— |
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— |
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— |
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— |
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(1,998 |
) |
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(1,998 |
) |
Income (loss) from continuing operations before income tax |
$ |
1,568 |
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$ |
1,435 |
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$ |
(186 |
) |
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$ |
— |
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$ |
(9,355 |
) |
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$ |
(6,538 |
) |
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Development |
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Operating |
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Other |
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Adjustments(1) |
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Corporate and Amounts Not Allocated to Segments(2) |
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Consolidated |
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Three Months Ended June 30, 2025 |
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Rental and other property revenues |
$ |
6,124 |
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$ |
7,375 |
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$ |
2,084 |
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$ |
843 |
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$ |
6,926 |
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$ |
23,352 |
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Controllable operating expenses(3) |
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1,490 |
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|
1,298 |
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|
1,768 |
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— |
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|
818 |
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|
5,374 |
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Real estate taxes, net of capitalized amounts |
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1,124 |
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|
1,345 |
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|
560 |
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— |
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|
936 |
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|
3,965 |
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Utilities expense, net of utility reimbursements |
|
331 |
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|
110 |
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|
63 |
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|
843 |
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|
338 |
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|
1,685 |
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Property insurance expense, net of capitalized amounts |
|
145 |
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|
250 |
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|
33 |
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— |
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|
398 |
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|
826 |
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Other property operating expenses(4) |
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— |
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— |
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— |
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— |
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|
898 |
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|
898 |
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Property operating expenses |
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3,090 |
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|
3,003 |
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2,424 |
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|
843 |
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3,388 |
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|
12,748 |
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Property net operating income (loss) |
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3,034 |
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4,372 |
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(340 |
) |
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— |
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n/a |
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n/a |
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Other operating expenses not allocated to segments(5) |
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— |
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— |
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— |
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— |
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(19,736 |
) |
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(19,736 |
) |
Other items included in income (loss) from continuing operations before income tax(6) |
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— |
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— |
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— |
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— |
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(11,004 |
) |
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(11,004 |
) |
Income (loss) from continuing operations before income tax |
$ |
3,034 |
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$ |
4,372 |
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$ |
(340 |
) |
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$ |
— |
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$ |
(27,202 |
) |
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$ |
(20,136 |
) |
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Development and Redevelopment |
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Operating |
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Other |
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Adjustments(1) |
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Corporate and Amounts Not Allocated to Segments(2) |
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Consolidated |
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Six Months Ended June 30, 2025 |
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Rental and other property revenues |
$ |
11,333 |
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$ |
14,915 |
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$ |
3,530 |
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$ |
1,473 |
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$ |
14,983 |
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$ |
46,234 |
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Controllable operating expenses(3) |
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2,918 |
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|
2,464 |
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|
3,484 |
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— |
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|
1,548 |
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|
10,414 |
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Real estate taxes, net of capitalized amounts |
|
2,224 |
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|
2,504 |
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|
829 |
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— |
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|
3,001 |
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|
8,558 |
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Utilities expense, net of utility reimbursements |
|
930 |
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|
374 |
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|
135 |
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1,473 |
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|
595 |
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|
3,507 |
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Property insurance expense, net of capitalized amounts |
|
504 |
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|
465 |
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|
66 |
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— |
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|
778 |
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|
1,813 |
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Other property operating expenses(4) |
|
— |
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|
— |
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— |
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|
— |
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|
1,594 |
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|
1,594 |
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Property operating expenses |
|
6,576 |
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|
5,807 |
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|
4,514 |
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|
1,473 |
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|
7,516 |
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|
25,886 |
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Property net operating income (loss) |
|
4,757 |
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|
9,108 |
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(984 |
) |
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— |
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|
n/a |
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|
n/a |
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Other operating expenses not allocated to segments(5) |
|
— |
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|
— |
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|
— |
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|
— |
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(39,971 |
) |
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(39,971 |
) |
Other items included in income (loss) from continuing operations before income tax(6) |
|
— |
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— |
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— |
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— |
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(21,751 |
) |
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(21,751 |
) |
Income (loss) from continuing operations before income tax |
$ |
4,757 |
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$ |
9,108 |
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$ |
(984 |
) |
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$ |
— |
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$ |
(54,255 |
) |
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$ |
(41,374 |
) |
(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 the three and six months ended June 30, 2025, were as follows (in thousands):
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Month Ended
January 31, |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2026 |
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|
2025 |
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|
2025 |
|
Development |
$ |
6,378 |
|
|
$ |
22,134 |
|
|
$ |
42,393 |
|
Operating |
|
115 |
|
|
|
1,689 |
|
|
|
2,616 |
|
Other |
|
— |
|
|
|
— |
|
|
|
160 |
|
Corporate and Amounts Not Allocated to Segments (1) |
|
— |
|
|
|
105 |
|
|
|
211 |
|
Total capital additions |
$ |
6,493 |
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$ |
23,928 |
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$ |
45,380 |
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(1)During the three and six months ended June 30, 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 three and six months ended June 30, 2025.
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