SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the years ended December 31, 2023, 2022, and 2021, respectively, along with reconciliations 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, 2023	Multifamily		All Other		Total
Revenue	$	246,364	$	14,945	$	261,309
Property operating expenses, including real estate taxes	98,762		7,050		105,812
Net operating income	$	147,602	$	7,895	$	155,497
Property management expenses					(9,353)
Casualty loss					(2,095)
Depreciation and amortization					(101,678)
Impairment of real estate investments					(5,218)
General and administrative expenses					(20,080)
Gain on sale of real estate and other investments					71,244
Loss on litigation settlement					(3,864)
Interest expense					(36,429)
Interest and other income					1,207
Net income					$	49,231

	(in thousands)
Year ended December 31, 2022	Multifamily		All Other		Total
Revenue	$	224,375	$	32,341	$	256,716
Property operating expenses, including real estate taxes	92,327		16,310		108,637
Net operating income	$	132,048	$	16,031	$	148,079
Property management expenses					(9,895)
Casualty loss					(1,591)
Depreciation and amortization					(105,257)
General and administrative expenses					(17,516)
Gain on sale of real estate and other investments					41
Interest expense					(32,750)
Interest and other income					1,248
Net loss					$	(17,641)

	(in thousands)
Year ended December 31, 2021	Multifamily		All Other		Total
Revenue	$	173,436	$	28,269	$	201,705
Property operating expenses, including real estate taxes	68,618		13,239		81,857
Net operating income	$	104,818	$	15,030	$	119,848
Property management expenses					(8,752)
Casualty loss					(344)
Depreciation and amortization					(92,165)
General and administrative expenses					(16,213)
Gain on sale of real estate and other investments					27,518
Interest expense					(29,078)
Interest income and other loss					(2,915)
Net loss					$	(2,101)

Segment Assets and Accumulated Depreciation

Segment Assets and Accumulated Depreciation 

	(in thousands)
As of December 31, 2023	Multifamily		All Other		Total
Segment assets
Property owned	$	2,402,544	$	17,602	$	2,420,146
Less accumulated depreciation	(526,565)		(4,138)		(530,703)
Total real estate investments	$	1,875,979	$	13,464	$	1,889,443
Cash and cash equivalents					8,630
Restricted cash					639
Other assets					27,649
Total Assets					$	1,926,361

	(in thousands)
As of December 31, 2022	Multifamily		All Other		Total
Segment assets
Property owned	$	2,274,202	$	259,922	$	2,534,124
Less accumulated depreciation	(443,828)		(91,573)		(535,401)
Total real estate investments	$	1,830,374	$	168,349	$	1,998,723
Cash and cash equivalents					10,458
Restricted cash					1,433
Other assets					22,687
Total Assets					$	2,033,301