| Summary of segment revenues and net operating income |
| | | | | | | | | | | | | | | | | | | | | Three months ended September 30, 2026 | | Three months ended September 30, 2025 | | | Residential | | Commercial | | Total | | Residential | | Commercial | | Total | | | | (in thousands) | | (in thousands) | Income from rental operations | | $ | 41,652 | | $ | 4,718 | | $ | 46,370 | | $ | 38,764 | | $ | 4,966 | | $ | 43,730 | Real Estate Expenses | | | | | | | | | | | | | | | | | | | Real Estate Taxes | | | 3,846 | | | 365 | | | 4,211 | | | 4,233 | | | 449 | | | 4,682 | Property Management | | | 5,124 | | | 241 | | | 5,365 | | | 5,092 | | | 223 | | | 5,315 | Utilities | | | 3,027 | | | 326 | | | 3,353 | | | 2,836 | | | 310 | | | 3,146 | Repairs and Maintenance | | | 8,349 | | | 410 | | | 8,759 | | | 8,829 | | | 544 | | | 9,373 | Insurance | | | 1,142 | | | 33 | | | 1,175 | | | 1,359 | | | 35 | | | 1,394 | Expenses from rental operations | | | 21,488 | | | 1,375 | | | 22,863 | | | 22,349 | | | 1,561 | | | 23,910 | Net operating income | | $ | 20,164 | | $ | 3,343 | | $ | 23,507 | | $ | 16,415 | | $ | 3,405 | | $ | 19,820 | Depreciation and amortization 1 | | | | | | | | | 7,093 | | | | | | | | | 7,592 | Interest 1 | | | | | | | | | 7,370 | | | | | | | | | 6,828 | Administration of REIT 1 | | | | | | | | | 1,430 | | | | | | | | | 1,391 | Loss on impairment of property | | | | | | | | | — | | | | | | | | | 735 | Other income 1 | | | | | | | | | (953) | | | | | | | | | 597 | Net income | | | | | | | | $ | 8,567 | | | | | | | | $ | 2,677 |
1Amounts not allocated to reportable segments include depreciation and amortization, interest expense, administration of REIT costs, impairment charges, and other income (expense), which are reviewed by the CODM on a consolidated basis. | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2026 | | Nine months ended September 30, 2025 | | | Residential | | Commercial | | Total | | Residential | | Commercial | | Total | | | | (in thousands) | | (in thousands) | Income from rental operations | | $ | 122,088 | | $ | 14,540 | | $ | 136,628 | | $ | 114,102 | | $ | 14,808 | | $ | 128,910 | Real Estate Expenses | | | | | | | | | | | | | | | | | | | Real Estate Taxes | | | 11,852 | | | 1,279 | | | 13,131 | | | 11,375 | | | 1,389 | | | 12,764 | Property Management | | | 15,647 | | | 694 | | | 16,341 | | | 14,822 | | | 673 | | | 15,495 | Utilities | | | 10,387 | | | 835 | | | 11,222 | | | 9,531 | | | 810 | | | 10,341 | Repairs and Maintenance | | | 23,606 | | | 1,268 | | | 24,874 | | | 21,941 | | | 1,502 | | | 23,443 | Insurance | | | 3,835 | | | 101 | | | 3,936 | | | 4,309 | | | 107 | | | 4,416 | Expenses from rental operations | | | 65,327 | | | 4,177 | | | 69,504 | | | 61,978 | | | 4,481 | | | 66,459 | Net operating income | | $ | 56,761 | | $ | 10,363 | | $ | 67,124 | | $ | 52,124 | | $ | 10,327 | | $ | 62,451 | Depreciation and amortization 1 | | | | | | | | | 22,246 | | | | | | | | | 21,313 | Interest 1 | | | | | | | | | 21,885 | | | | | | | | | 19,469 | Administration of REIT 1 | | | | | | | | | 4,514 | | | | | | | | | 4,335 | Loss on impairment of property 1 | | | | | | | | | — | | | | | | | | | 735 | Other (expense) income 1 | | | | | | | | | (2,025) | | | | | | | | | 2,101 | Net income | | | | | | | | $ | 20,504 | | | | | | | | $ | 14,498 |
1Amounts not allocated to reportable segments include depreciation and amortization, interest expense, administration of REIT costs, impairment charges, and other income (expense), which are reviewed by the CODM on a consolidated basis.
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| Summary of segment assets and accumulated depreciation |
| | | | | | | | | | As of September 30, 2026 | | Residential | | Commercial | | Total | | | | (in thousands) | Real estate investments | | $ | 1,053,271 | | $ | 161,775 | | $ | 1,215,046 | Accumulated depreciation | | | (219,611) | | | (53,097) | | | (272,708) | Total real estate investments, net | | $ | 833,660 | | $ | 108,678 | | $ | 942,338 | Lease intangible assets, less accumulated amortization | | | — | | | 1,278 | | | 1,278 | Cash and cash equivalents | | | | | | | | | 4,599 | Restricted deposits | | | | | | | | | 15,224 | Investment in unconsolidated affiliates | | | | | | | | | 29,773 | Notes receivable | | | | | | | | | 1,398 | Notes receivable, affiliates | | | | | | | | | 2,315 | Assets held for sale | | | | | | | | | 7,741 | Other assets, net | | | | | | | | | 23,156 | Total Assets | | | | | | | | $ | 1,027,822 |
| | | | | | | | | | As of December 31, 2025 | | Residential | | Commercial | | Total | | | | (in thousands) | Real estate investments | | $ | 989,224 | | $ | 170,115 | | $ | 1,159,339 | Accumulated depreciation | | | (202,714) | | | (54,237) | | | (256,951) | Total real estate investments, net | | $ | 786,510 | | $ | 115,878 | | $ | 902,388 | Lease intangible assets, less accumulated amortization | | | 365 | | | 1,633 | | | 1,998 | Cash and cash equivalents | | | | | | | | | 7,764 | Restricted deposits | | | | | | | | | 9,812 | Investment in unconsolidated affiliates | | | | | | | | | 29,791 | Notes receivable | | | | | | | | | 1,500 | Notes receivable, affiliates | | | | | | | | | 2,315 | Assets held for sale | | | | | | | | | 2,832 | Other assets, net | | | | | | | | | 20,228 | Total Assets | | | | | | | | $ | 978,628 |
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