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SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2020
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, 2020 and 2019, 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, 2020
Multifamily

 
All Other

 
Total

Revenue
$
43,492

 
$
418

 
$
43,910

Property operating expenses, including real estate taxes
17,521

 
249

 
17,770

Net operating income
$
25,971

 
$
169

 
$
26,140

Property management
 
 
 
 
(1,345
)
Casualty gain (loss)
 
 
 
 
(913
)
Depreciation and amortization
 
 
 
 
(18,156
)
General and administrative expenses
 
 
 
 
(3,202
)
Interest expense
 
 
 
 
(6,940
)
Interest and other income
 
 
 
 
538

Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement
 
 
 
 
(3,895
)
Gain (loss) on sale of real estate and other investments
 
 
 
 
(190
)
Net income (loss)
 
 
 
 
$
(4,085
)
 
(in thousands)
Three Months Ended June 30, 2019
Multifamily

 
All Other

 
Total

Revenue
$
39,867

 
$
7,067

 
$
46,934

Property operating expenses, including real estate taxes
16,203

 
3,313

 
19,516

Net operating income
$
23,664

 
$
3,754

 
$
27,418

Property management
 
 
 
 
(1,445
)
Casualty gain (loss)
 
 
 
 
(92
)
Depreciation and amortization
 
 
 
 
(18,437
)
General and administrative expenses
 
 
 
 
(3,549
)
Interest expense
 
 
 
 
(7,590
)
Loss on debt extinguishment
 
 
 
 
(407
)
Interest and other income
 
 
 
 
468

Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement
 
 
 
 
(3,634
)
Gain (loss) on sale of real estate and other investments
 
 
 
 
615

Gain (loss) on litigation settlement
 
 
 
 
6,286

Net income (loss)
 
 
 
 
$
3,267


 
(in thousands)
Six Months Ended June 30, 2020
Multifamily

 
All Other

 
Total

Revenue
$
86,823

 
$
1,493

 
$
88,316

Property operating expenses, including real estate taxes
36,099

 
604

 
36,703

Net operating income
$
50,724

 
$
889

 
$
51,613

Property management expenses
 
 
 
 
(2,899
)
Casualty gain (loss)
 
 
 
 
(1,240
)
Depreciation and amortization
 
 
 
 
(36,316
)
General and administrative expenses
 
 
 
 
(6,630
)
Interest expense
 
 
 
 
(13,851
)
Loss on debt extinguishment
 
 
 
 
(17
)
Interest and other income
 
 
 
 
(2,239
)
Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement
 
 
 
 
(11,579
)
Gain (loss) on sale of real estate and other investments
 
 
 
 
(190
)
Net income (loss)
 
 
 
 
$
(11,769
)
 
(in thousands)
Six Months Ended June 30, 2019
Multifamily

 
All Other

 
Total

Revenue
$
78,606

 
$
13,936

 
$
92,542

Property operating expenses, including real estate taxes
32,974

 
6,578

 
39,552

Net operating income
$
45,632

 
$
7,358

 
$
52,990

Property management expenses
 
 
 
 
(2,999
)
Casualty gain (loss)
 
 
 
 
(733
)
Depreciation and amortization
 
 
 
 
(36,548
)
General and administrative expenses
 
 
 
 
(7,355
)
Interest expense
 
 
 
 
(15,486
)
Loss on debt extinguishment
 
 
 
 
(409
)
Interest and other income
 
 
 
 
892

Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement
 
 
 
 
(9,648
)
Gain (loss) on sale of real estate and other investments
 
 
 
 
669

Gain (loss) on litigation settlement
 
 
 
 
6,286

Net income (loss)
 
 
 
 
$
(2,693
)
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of June 30, 2020, and December 31, 2019, respectively, along with reconciliations to the condensed consolidated financial statements:
 
(in thousands)
As of June 30, 2020
Multifamily

 
All Other

 
Total

Segment assets
 

 
 

 
 

Property owned
$
1,660,419

 
$
33,614

 
$
1,694,033

Less accumulated depreciation
(373,244
)
 
(10,673
)
 
(383,917
)
Total property owned
$
1,287,175

 
$
22,941

 
$
1,310,116

Cash and cash equivalents
 
 
 
 
52,714

Restricted cash
 
 
 
 
2,535

Other assets
 
 
 
 
16,484

Mortgage loans receivable
 
 
 
 
10,961

Total Assets
 
 
 
 
$
1,392,810


 
(in thousands)
As of December 31, 2019
Multifamily

 
All Other

 
Total

Segment assets
 

 
 

 
 

Property owned
$
1,609,471

 
$
33,607

 
$
1,643,078

Less accumulated depreciation
(339,272
)
 
(9,850
)
 
(349,122
)
Total property owned
$
1,270,199

 
$
23,757

 
$
1,293,956

Cash and cash equivalents
 
 
 
 
26,579

Restricted cash
 
 
 
 
19,538

Other assets
 
 
 
 
34,829

Unimproved land
 
 
 
 
1,376

Mortgage loans receivable
 
 
 
 
16,140

Total Assets
 
 
 
 
$
1,392,418