SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three and nine months ended September 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 September 30, 2021	Multifamily		All Other		Total
Revenue	$	49,248	$	1,165	$	50,413
Property operating expenses, including real estate taxes	20,066		284		20,350
Net operating income	$	29,182	$	881	$	30,063
Property management					(2,203)
Casualty gain (loss)					10
Depreciation and amortization					(22,447)
General and administrative expenses					(4,279)
Interest expense					(7,302)
Interest and other income					(5,082)
Net income (loss)					$	(11,240)

	(in thousands)
Three Months Ended September 30, 2020	Multifamily		All Other		Total
Revenue	$	40,688	$	3,450	$	44,138
Property operating expenses, including real estate taxes	16,900		1,631		18,531
Net operating income	$	23,788	$	1,819	$	25,607
Property management					(1,442)
Casualty gain (loss)					(91)
Depreciation and amortization					(18,995)
General and administrative expenses					(3,077)
Interest expense					(6,771)
Interest and other income					277
Income (loss) before gain (loss) on sale of real estate and other investments					(4,492)
Gain (loss) on sale of real estate and other investments					25,676
Net income (loss)					$	21,184

	(in thousands)
Nine Months Ended September 30, 2021	Multifamily		All Other		Total
Revenue	$	138,447	$	5,270	$	143,717
Property operating expenses, including real estate taxes	55,907		2,444		58,351
Net operating income	$	82,540	$	2,826	$	85,366
Property management expenses					(6,055)
Casualty gain (loss)					(64)
Depreciation and amortization					(61,747)
General and administrative expenses					(11,982)
Interest expense					(21,622)
Interest and other income					(4,032)
Income (loss) before gain (loss) on sale of real estate and other investments					(20,136)
Gain (loss) on sale of real estate and other investments					26,840
Net income (loss)					$	6,704

	(in thousands)
Nine Months Ended September 30, 2020	Multifamily		All Other		Total
Revenue	$	120,946	$	11,508	$	132,454
Property operating expenses, including real estate taxes	49,626		5,608		55,234
Net operating income	$	71,320	$	5,900	$	77,220
Property management expenses					(4,341)
Casualty gain (loss)					(1,331)
Depreciation and amortization					(55,311)
General and administrative expenses					(9,707)
Interest expense					(20,622)
Interest and other income					(1,979)
Income (loss) before gain (loss) on sale of real estate and other investments					(16,071)
Gain (loss) on sale of real estate and other investments					25,486
Net income (loss)					$	9,415

Segment Assets and Accumulated Depreciation

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

	(in thousands)
As of September 30, 2021	Multifamily		All Other		Total
Segment assets
Property owned	$	2,170,321	$	33,285	$	2,203,606
Less accumulated depreciation	(414,829)		(12,097)		(426,926)
Total property owned	$	1,755,492	$	21,188	$	1,776,680
Mortgage loans receivable					42,160
Cash and cash equivalents					20,816
Restricted cash					2,376
Other assets					34,919
Total Assets					$	1,876,951

	(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