v3.26.3
SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Revenues and Net Operating Income for Reportable Segments
The following tables present NOI for the three and nine months ended September 30, 2026 and 2025, respectively, along with reconciliations to net income 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 September 30, 2026MultifamilyAll Other
Unallocated(3)
Total
Revenue$56,173 $793 $2,549 $59,515 
Property operating expenses
On-site compensation(1)
5,929 — 341 6,270 
Repairs and maintenance(2)
3,560 16 150 3,726 
Utilities3,617 33 138 3,788 
Administrative and marketing1,392 — 41 1,433 
Insurance2,123 14 152 2,289 
Real estate taxes5,856 159 142 6,157 
Net operating income $33,696 $571 $1,585 $35,852 
Property management expense(1,986)
Casualty loss, net of recoveries441 
Depreciation and amortization(23,127)
General and administrative expenses(4,995)
Merger related costs(5,020)
Gain on sale of real estate and other investments
150,308 
Interest expense(8,412)
Loss on extinguishment of debt(526)
Interest and other income1,112 
Net income
$143,647 
(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 September 30, 2025MultifamilyAll Other
Unallocated(3)
Total
Revenue$54,957 $789 $15,653 $71,399 
Property operating expenses
On-site compensation(1)
5,604 — 1,836 7,440 
Repairs and maintenance(2)
3,616 60 992 4,668 
Utilities3,267 39 1,061 4,367 
Administrative and marketing1,475 2 449 1,926 
Insurance2,205 19 585 2,809 
Real estate taxes5,344 141 1,680 7,165 
Net operating income$33,446 $528 $9,050 $43,024 
Property management expense(2,489)
Casualty loss, net of recoveries(127)
Depreciation and amortization(29,056)
Impairment of real estate investments(8,676)
General and administrative expenses(4,997)
Gain on sale of real estate and other investments
79,531 
Interest expense(12,989)
Loss on extinguishment of debt(3)
Interest and other income
1,190 
Net income
$65,408 
(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)
Nine Months Ended September 30, 2026MultifamilyAll Other
Unallocated(3)
Total
Revenue$167,645 $2,418 $20,303 $190,366 
Property operating expenses
On-site compensation(1)
17,213 — 2,137 19,350 
Repairs and maintenance(2)
8,962 105 1,073 10,140 
Utilities10,338 93 1,371 11,802 
Administrative and marketing4,448 — 477 4,925 
Insurance6,340 46 770 7,156 
Real estate taxes18,166 523 1,822 20,511 
Net operating income$102,178 $1,651 $12,653 $116,482 
Property management expense(6,459)
Casualty loss, net of recoveries668 
Depreciation and amortization(74,700)
Impairment of real estate investments(9,700)
General and administrative expenses(16,986)
Merger related costs(5,020)
Gain on sale of real estate and other investments
150,579 
Interest expense(29,505)
Loss on extinguishment of debt(526)
Interest and other income2,711 
Net income
$127,544 
(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)
Nine Months Ended September 30, 2025MultifamilyAll Other
Unallocated(3)
Total
Revenue$157,587 $2,184 $47,270 $207,041 
Property operating expenses
On-site compensation(1)
16,033 — 5,367 21,400 
Repairs and maintenance(2)
8,653 144 2,976 11,773 
Utilities9,377 109 3,501 12,987 
Administrative and marketing3,929 6 1,348 5,283 
Insurance5,798 58 1,832 7,688 
Real estate taxes16,845 456 5,205 22,506 
Net operating income$96,952 $1,411 $27,041 $125,404 
Property management expense(7,315)
Casualty loss, net of recoveries(1,058)
Depreciation and amortization(83,807)
Impairment of real estate investments(23,219)
General and administrative expenses(14,376)
Gain on sale of real estate and other investments
79,531 
Interest expense(33,348)
Loss on extinguishment of debt(3)
Interest and other income2,633 
Net income
$44,442 
(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 September 30, 2026, and December 31, 2025, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
(in thousands)
As of September 30, 2026MultifamilyAll OtherUnallocatedTotal
Segment assets
Property owned$2,253,292 $13,307 $— $2,266,599 
Less accumulated depreciation(624,377)(3,908)— (628,285)
Total real estate investments$1,628,915 $9,399 $— $1,638,314 
Cash and cash equivalents116,235 
Restricted cash2,846 
Other assets36,635 
Total Assets$1,794,030 
(in thousands)
As of December 31, 2025MultifamilyAll Other
Unallocated(1)
Total
Segment assets
Property owned$2,237,941 $13,264 $272,815 $2,524,020 
Less accumulated depreciation(556,243)(3,499)(100,382)(660,124)
Total real estate investments$1,681,698 $9,765 $172,433 $1,863,896 
Cash and cash equivalents12,833 
Restricted cash2,818 
Other assets46,620 
Total Assets$1,926,167 
(1)Apartment communities sold during the nine months ended September 30, 2026 were recast to Unallocated as they are no longer segment assets.