SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three and six months ended June 30, 2021 and 2020, respectively, along with reconciliations to net income 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 June 30, 2021	Multifamily		All Other		Total
Revenue	$	44,957	$	1,699	$	46,656
Property operating expenses, including real estate taxes	17,967		793		18,760
Net operating income	$	26,990	$	906	$	27,896
Property management					(2,085)
Casualty gain (loss)					27
Depreciation and amortization					(19,308)
General and administrative expenses					(3,797)
Interest expense					(7,089)
Interest and other income					619
Income (loss) before gain (loss) on sale of real estate and other investments					(3,737)
Gain (loss) on sale of real estate and other investments					26,840
Net income (loss)					$	23,103

	(in thousands)
Three Months Ended June 30, 2020	Multifamily		All Other		Total
Revenue	$	40,213	$	3,697	$	43,910
Property operating expenses, including real estate taxes	15,952		1,818		17,770
Net operating income	$	24,261	$	1,879	$	26,140
Property management					(1,345)
Casualty gain (loss)					(913)
Depreciation and amortization					(18,156)
General and administrative expenses					(3,202)
Interest expense					(6,940)
Interest and other income					521
Income (loss) before gain (loss) on sale of real estate and other investments					(3,895)
Gain (loss) on sale of real estate and other investments					(190)
Net income (loss)					$	(4,085)

	(in thousands)
Six Months Ended June 30, 2021	Multifamily		All Other		Total
Revenue	$	89,198	$	4,106	$	93,304
Property operating expenses, including real estate taxes	35,841		2,160		38,001
Net operating income	$	53,357	$	1,946	$	55,303
Property management expenses					(3,852)
Casualty gain (loss)					(74)
Depreciation and amortization					(39,300)
General and administrative expenses					(7,703)
Interest expense					(14,320)
Interest and other income					1,050
Income (loss) before gain (loss) on sale of real estate and other investments					(8,896)
Gain (loss) on sale of real estate and other investments					26,840
Net income (loss)					$	17,944

	(in thousands)
Six Months Ended June 30, 2020	Multifamily		All Other		Total
Revenue	$	80,258	$	8,058	$	88,316
Property operating expenses, including real estate taxes	32,726		3,977		36,703
Net operating income	$	47,532	$	4,081	$	51,613
Property management expenses					(2,899)
Casualty gain (loss)					(1,240)
Depreciation and amortization					(36,316)
General and administrative expenses					(6,630)
Interest expense					(13,851)
Interest and other income					(2,256)
Income (loss) before gain (loss) on sale of real estate and other investments					(11,579)
Gain (loss) on sale of real estate and other investments					(190)
Net income (loss)					$	(11,769)

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of June 30, 2021, and December 31, 2020, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:

	(in thousands)
As of June 30, 2021	Multifamily		All Other		Total
Segment assets
Property owned	$	1,805,592	$	33,245	$	1,838,837
Less accumulated depreciation	(395,716)		(11,684)		(407,400)
Total property owned	$	1,409,876	$	21,561	$	1,431,437
Mortgage loans receivable					37,457
Cash and cash equivalents					5,194
Restricted cash					8,444
Other assets					17,218
Total Assets					$	1,499,750

	(in thousands)
As of December 31, 2020	Multifamily		All Other		Total
Segment assets
Property owned	$	1,727,229	$	85,328	$	1,812,557
Less accumulated depreciation	(368,717)		(30,532)		(399,249)
Total property owned	$	1,358,512	$	54,796	$	1,413,308
Mortgage loans receivable					24,661
Cash and cash equivalents					392
Restricted cash					6,918
Other assets					18,904
Total Assets					$	1,464,183