Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Reconciliation of Net Operating Income of Reportable Segments

The following tables present revenues, net operating income, capital expenditures and total assets for the three and nine months ended September 30, 2021 and 2020 from our Residential segment as well as Other, and reconcile net operating income to net income (loss) as reported (in thousands):

	Three Months Ended September 30, 2021
	Residential		Other (1), (3)		Consolidated
Real estate rental revenue	38,046		4,453		$	42,499
Real estate expenses	14,146		1,299		15,445
Net operating income	$	23,900	$	3,154	$	27,054
Other income (expense):
Property management expenses					(1,499)
General and administrative expenses					(7,909)
Transformation costs					(1,016)
Depreciation and amortization					(18,252)
Interest expense					(8,106)
Loss on interest rate derivatives					(106)
Loss on extinguishment of debt					(12,727)
Other income					231
Discontinued operations:
Income from operations of properties sold or held for sale					7,208
Gain on sale of real estate, net					46,441
Net income					$	31,319
Capital expenditures	$	7,283	$	1,002	$	8,285
Total assets	$	1,355,893	$	496,917	$	1,852,810

	Three Months Ended September 30, 2020
	Residential		Other (2), (3)		Consolidated
Real estate rental revenue	36,292		7,424		$	43,716
Real estate expenses	13,660		2,453		16,113
Net operating income	$	22,632	$	4,971	$	27,603
Other income (expense):
Property management expenses					(1,541)
General and administrative expenses					(6,330)
Depreciation and amortization					(18,064)
Interest expense					(8,711)
Discontinued operations:
Income from operations of properties sold or held for sale					6,087
Net loss					$	(956)
Capital expenditures	$	6,520	$	6,590	$	13,110
Total assets	$	1,338,812	$	1,193,460	$	2,532,272

	Nine Months Ended September 30, 2021
	Residential		Other (1), (3)		Consolidated
Real estate rental revenue	$	111,075	$	13,328	$	124,403
Real estate expenses	41,440		3,740		45,180
Net operating income	$	69,635	$	9,588	$	79,223
Other income (expense):
Property management expenses					(4,448)
General and administrative expenses					(19,838)
Transformation costs					(4,796)
Depreciation and amortization					(52,542)
Interest expense					(28,387)
Loss on interest rate derivatives					(5,866)
Loss on extinguishment of debt					(12,727)
Other income					3,037
Discontinued operations:
Income from operations of properties sold or held for sale					23,083
Gain on sale of real estate, net					46,441
Net income					$	23,180
Capital expenditures	$	15,082	$	3,604	$	18,686

	Nine Months Ended September 30, 2020
	Residential		Other (2), (3)		Consolidated
Real estate rental revenue	$	108,942	$	24,274	$	133,216
Real estate expenses	39,100		7,918		47,018
Net operating income	$	69,842	$	16,356	$	86,198
Other income (expense):
Property management expenses					(4,682)
General and administrative expenses					(17,963)
Depreciation and amortization					(52,683)
Loss on sale of real estate					(7,539)
Interest expense					(28,307)
Gain on extinguishment of debt					262
Discontinued operations:
Income from operations of properties sold or held for sale					20,071
Net loss					$	(4,643)
Capital expenditures	$	15,477	$	23,209	$	38,686

______________________________

(1)     Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment.

(2)    Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment and office properties sold during 2020: John Marshall II, Monument II and 1227 25th Street.

(3)     Total assets and capital expenditures include office and retail properties classified as discontinued operations.