SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the years ended December 31, 2022, 2021, and 2020 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements.

	(in thousands)
Year ended December 31, 2022	Multifamily		All Other		Total
Revenue	$	252,950	$	3,766	$	256,716
Property operating expenses, including real estate taxes	107,431		1,206		108,637
Net operating income	$	145,519	$	2,560	$	148,079
Property management expenses					(9,895)
Casualty loss					(1,591)
Depreciation and amortization					(105,257)
General and administrative expenses					(17,516)
Gain (loss) on sale of real estate and other investments					41
Interest expense					(32,750)
Interest and other income (loss)					1,248
Net income (loss)					$	(17,641)

	(in thousands)
Year ended December 31, 2021	Multifamily		All Other		Total
Revenue	$	195,624	$	6,081	$	201,705
Property operating expenses, including real estate taxes	79,096		2,761		81,857
Net operating income	$	116,528	$	3,320	$	119,848
Property management expenses					(8,752)
Casualty loss					(344)
Depreciation and amortization					(92,165)
General and administrative expenses					(16,213)
Gain (loss) on sale of real estate and other investments					27,518
Interest expense					(29,078)
Interest and other income					(2,915)
Net income (loss)					$	(2,101)

	(in thousands)
Year ended December 31, 2020	Multifamily		All Other		Total
Revenue	$	164,126	$	13,868	$	177,994
Property operating expenses, including real estate taxes	66,356		6,802		73,158
Net operating income	$	97,770	$	7,066	$	104,836
Property management expenses					(5,801)
Casualty loss					(1,662)
Depreciation and amortization					(75,593)
General and administrative expenses					(13,440)
Gain (loss) on sale of real estate and other investments					25,503
Interest expense					(27,525)
Interest and other income					(1,575)
Net income (loss)					$	4,743

Segment Assets and Accumulated Depreciation

Segment Assets and Accumulated Depreciation 

	(in thousands)
As of December 31, 2022	Multifamily		All Other		Total
Segment assets
Property owned	$	2,507,448	$	26,676	$	2,534,124
Less accumulated depreciation	(527,199)		(8,202)		(535,401)
Total property owned	$	1,980,249	$	18,474	$	1,998,723
Cash and cash equivalents					10,458
Restricted cash					1,433
Other assets					22,687
Total Assets					$	2,033,301

	(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
Cash and cash equivalents					31,267
Restricted cash					7,358
Other assets					30,582
Mortgage loans receivable					43,276
Total Assets					$	1,940,061