SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2022

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, 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 June 30, 2022	Multifamily		All Other		Total
Revenue	$	62,201	$	915	$	63,116
Property operating expenses, including real estate taxes	25,986		230		26,216
Net operating income	$	36,215	$	685	$	36,900
Property management					(2,721)
Casualty gain (loss)					(382)
Depreciation and amortization					(24,768)
General and administrative expenses					(5,221)
Gain (loss) on sale of real estate and other investments					27
Interest expense					(7,561)
Interest and other income					(17)
Net income (loss)					$	(3,743)

	(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)
Gain (loss) on sale of real estate and other investments					26,840
Interest expense					(7,089)
Interest and other income					619
Net income (loss)					$	23,103

	(in thousands)
Six Months Ended June 30, 2022	Multifamily		All Other		Total
Revenue	$	121,599	$	1,831	$	123,430
Property operating expenses, including real estate taxes	51,529		560		52,089
Net operating income	$	70,070	$	1,271	$	71,341
Property management expenses					(4,974)
Casualty gain (loss)					(980)
Depreciation and amortization					(55,769)
General and administrative expenses					(9,721)
Gain (loss) on sale of real estate and other investments					27
Interest expense					(15,276)
Interest and other income					1,046
Net income (loss)					$	(14,306)

	(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)
Gain (loss) on sale of real estate and other investments					26,840
Interest expense					(14,320)
Interest and other income					1,050
Net income (loss)					$	17,944

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of June 30, 2022, and December 31, 2021, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:

	(in thousands)
As of June 30, 2022	Multifamily		All Other		Total
Segment assets
Property owned	$	2,374,726	$	26,701	$	2,401,427
Less accumulated depreciation	(480,113)		(7,721)		(487,834)
Total property owned	$	1,894,613	$	18,980	$	1,913,593
Cash and cash equivalents					13,156
Restricted cash					1,914
Other assets					18,950
Total Assets					$	1,947,613

	(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