SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three months ended March 31, 2022 and 2021, 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 March 31, 2022	Multifamily		All Other		Total
Revenue	$	59,398	$	916	$	60,314
Property operating expenses, including real estate taxes	25,544		329		25,873
Net operating income	$	33,854	$	587	$	34,441
Property management					(2,253)
Casualty gain (loss)					(598)
Depreciation and amortization					(31,001)
General and administrative expenses					(4,500)
Interest expense					(7,715)
Interest and other income					1,063
Net income (loss)					$	(10,563)

	(in thousands)
Three Months Ended March 31, 2021	Multifamily		All Other		Total
Revenue	$	44,241	$	2,407	$	46,648
Property operating expenses, including real estate taxes	17,874		1,367		19,241
Net operating income	$	26,367	$	1,040	$	27,407
Property management					(1,767)
Casualty gain (loss)					(101)
Depreciation and amortization					(19,992)
General and administrative expenses					(3,906)
Interest expense					(7,231)
Interest and other income					431
Net income (loss)					$	(5,159)

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of March 31, 2022, and December 31, 2021, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:

	(in thousands)
As of March 31, 2022	Multifamily		All Other		Total
Segment assets
Property owned	$	2,364,167	$	26,785	$	2,390,952
Less accumulated depreciation	(457,985)		(7,767)		(465,752)
Total property owned	$	1,906,182	$	19,018	$	1,925,200
Cash and cash equivalents					13,313
Restricted cash					2,409
Other assets					24,651
Total Assets					$	1,965,573

	(in thousands)
As of December 31, 2021	Multifamily		All Other		Total
Segment assets
Property owned	$	2,244,250	$	26,920	$	2,271,170
Less accumulated depreciation	(436,004)		(7,588)		(443,592)
Total property owned	$	1,808,246	$	19,332	$	1,827,578
Mortgage loans receivable					43,276
Cash and cash equivalents					31,267
Restricted cash					7,358
Other assets					30,582
Total Assets					$	1,940,061