| Schedule of segment information |
| | | | | | | | | | | | Three Months Ended June 30, 2026 | | | Multifamily | | Commercial | | Total | | | | (In thousands, at our share) | Property rental revenue | | $ | 48,765 | | $ | 49,659 | | $ | 98,424 | Other property revenue | | | 799 | | | 4,825 | | | 5,624 | Total property revenue | | | 49,564 | | | 54,484 | | | 104,048 | Property expense: | | | | | | | | | | Real estate taxes | | | 6,562 | | | 5,045 | | | 11,607 | Payroll | | | 3,651 | | | 3,259 | | | 6,910 | Utilities | | | 3,696 | | | 3,344 | | | 7,040 | Repairs and maintenance | | | 5,869 | | | 5,399 | | | 11,268 | Other property operating | | | 3,210 | | | 2,962 | | | 6,172 | Total property expense | | | 22,988 | | | 20,009 | | | 42,997 | NOI from reportable segments | | $ | 26,576 | | $ | 34,475 | | | 61,051 | Other NOI (1) | | | | | | | | | 26 | NOI | | | | | | | | $ | 61,077 | | | Three Months Ended June 30, 2025 | | | Multifamily | | Commercial | | Total | | | | (In thousands, at our share) | Property rental revenue | | $ | 53,563 | | $ | 51,683 | | $ | 105,246 | Other property revenue | | | 654 | | | 4,568 | | | 5,222 | Total property revenue | | | 54,217 | | | 56,251 | | | 110,468 | Property expense: | | | | | | | | | | Real estate taxes | | | 6,165 | | | 5,803 | | | 11,968 | Payroll | | | 3,845 | | | 3,102 | | | 6,947 | Utilities | | | 3,776 | | | 2,768 | | | 6,544 | Repairs and maintenance | | | 6,276 | | | 5,233 | | | 11,509 | Other property operating | | | 3,188 | | | 4,384 | | | 7,572 | Total property expense | | | 23,250 | | | 21,290 | | | 44,540 | NOI from reportable segments | | $ | 30,967 | | $ | 34,961 | | | 65,928 | Other NOI (1) | | | | | | | | | (295) | NOI | | | | | | | | $ | 65,633 |
| | | | | | | | | | | | Six Months Ended June 30, 2026 | | | Multifamily | | Commercial | | Total | | | | (In thousands, at our share) | Property rental revenue | | $ | 96,481 | | $ | 105,549 | | $ | 202,030 | Other property revenue | | | 1,407 | | | 8,645 | | | 10,052 | Total property revenue | | | 97,888 | | | 114,194 | | | 212,082 | Property expense: | | | | | | | | | | Real estate taxes | | | 12,867 | | | 9,925 | | | 22,792 | Payroll | | | 7,455 | | | 6,691 | | | 14,146 | Utilities | | | 7,802 | | | 8,387 | | | 16,189 | Repairs and maintenance | | | 10,606 | | | 10,614 | | | 21,220 | Other property operating | | | 6,212 | | | 9,325 | | | 15,537 | Total property expense | | | 44,942 | | | 44,942 | | | 89,884 | NOI from reportable segments | | $ | 52,946 | | $ | 69,252 | | | 122,198 | Other NOI (1) | | | | | | | | | (200) | NOI | | | | | | | | $ | 121,998 |
| | | | | | | | | | | | Six Months Ended June 30, 2025 | | | Multifamily | | Commercial | | Total | | | | (In thousands, at our share) | Property rental revenue | | $ | 108,165 | | $ | 101,440 | | $ | 209,605 | Other property revenue | | | 1,275 | | | 8,304 | | | 9,579 | Total property revenue | | | 109,440 | | | 109,744 | | | 219,184 | Property expense: | | | | | | | | | | Real estate taxes | | | 11,736 | | | 11,395 | | | 23,131 | Payroll | | | 7,587 | | | 6,109 | | | 13,696 | Utilities | | | 7,694 | | | 6,170 | | | 13,864 | Repairs and maintenance | | | 11,713 | | | 9,705 | | | 21,418 | Other property operating | | | 6,233 | | | 8,532 | | | 14,765 | Total property expense | | | 44,963 | | | 41,911 | | | 86,874 | NOI from reportable segments | | $ | 64,477 | | $ | 67,833 | | | 132,310 | Other NOI (1) | | | | | | | | | (1,392) | NOI | | | | | | | | $ | 130,918 |
| (1) | Includes activity related to development assets and land assets for which we are the ground lessor. |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | X | 2026 | | 2025 | | | | (In thousands) | Total property revenue at our share | | $ | 104,048 | | $ | 110,468 | | $ | 212,082 | | $ | 219,184 | Third-party real estate services revenue, excluding reimbursements, at our share | | | 7,152 | | | 6,850 | | | 13,660 | | | 13,234 | Reimbursement revenue (1) | | | 10,066 | | | 7,775 | | | 20,710 | | | 16,049 | Our share of revenue attributable to unconsolidated real estate ventures | | | (1,898) | | | (2,151) | | | (4,001) | | | (4,257) | Real estate venture partner’s share of revenue attributable to consolidated real estate ventures | | | 2,818 | | | 508 | | | 4,296 | | | 508 | Other property revenue | | | 3,197 | | | 1,354 | | | 2,839 | | | 3,089 | Other adjustments (2) | | | 3,992 | | | 1,675 | | | 7,391 | | | (642) | Total revenue per statements of operations | | $ | 129,375 | | $ | 126,479 | | $ | 256,977 | | $ | 247,165 |
| (1) | Represents reimbursements of expenses incurred by us on behalf of third parties, including allocated payroll costs and amounts paid to third-party contractors for construction management projects. |
| (2) | Adjustment to include deferred rent, above/below market lease amortization/accretion, commercial lease termination revenue and lease incentive amortization. |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | X | 2026 | | 2025 | | | | (In thousands) | NOI at our share | | $ | 61,077 | | $ | 65,633 | | $ | 121,998 | | $ | 130,918 | Net third-party real estate services, excluding reimbursements, at our share | | | 906 | | | 1,453 | | | 1,375 | | | 601 | Add: | | | | | | | | | | | | | Income (loss) from unconsolidated real estate ventures, net | | | (586) | | | 1,091 | | | (960) | | | 499 | Interest and other income, net | | | 4,658 | | | 698 | | | 6,058 | | | 1,223 | Gain (loss) on the sale of real estate, net | | | (285) | | | 41,832 | | | 20,790 | | | 42,369 | Less: | | | | | | | | | | | | | Depreciation and amortization expense | | | 44,791 | | | 47,560 | | | 90,096 | | | 95,147 | General and administrative expense: corporate and other | | | 15,404 | | | 16,720 | | | 30,691 | | | 32,277 | Transaction and other costs | | | 685 | | | 2,846 | | | 10,526 | | | 4,757 | Interest expense | | | 36,029 | | | 35,571 | | | 71,577 | | | 70,771 | (Gain) loss on the extinguishment of debt, net | | | — | | | (2,234) | | | — | | | 2,402 | Impairment loss | | | 44,065 | | | 31,813 | | | 45,565 | | | 40,296 | Adjustments: | | | | | | | | | | | | | Our share of net third-party real estate services attributable to real estate ventures | | | (268) | | | (210) | | | (527) | | | (515) | NOI attributable to unconsolidated real estate ventures at our share | | | (1,172) | | | (1,287) | | | (2,397) | | | (2,277) | Real estate venture partner’s share of NOI attributable to consolidated real estate ventures | | | 1,822 | | | 272 | | | 2,623 | | | 272 | Non-cash rent adjustments (1) | | | 2,925 | | | (71) | | | 4,645 | | | (2,510) | Other adjustments (2) | | | (552) | | | (399) | | | (639) | | | (2,092) | Total adjustments | | | 2,755 | | | (1,695) | | | 3,705 | | | (7,122) | Loss before income tax (expense) benefit | | $ | (72,449) | | $ | (23,264) | | $ | (95,489) | | $ | (77,162) |
| (1) | Adjustment to include deferred rent, above/below market lease amortization/accretion and lease incentive amortization. |
| (2) | Adjustment to include payments associated with assumed lease liabilities related to operating properties and to exclude commercial lease termination revenue, related party management fees, corporate entity activity and inter-segment activity. |
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