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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING 
We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of our operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. Our chief operating decision-makers evaluate each property's operating results to make decisions about resources to be allocated and to assess performance and do not group the properties based on geography, size, or type for this purpose. Our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, our apartment communities are aggregated into a single reportable segment. "All other" includes non-multifamily components of mixed-use properties and apartment communities we have sold.
Our executive management team comprises our chief operating decision-makers. This team measures the performance of our reportable segment based on net operating income (“NOI”), which we define as total real estate revenues less property operating expenses, including real estate taxes. We believe that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization,
financing, property management overhead, casualty losses, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.
The following tables present NOI for the three and nine months ended September 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 September 30, 2020MultifamilyAll OtherTotal
Revenue$42,463 $1,675 $44,138 
Property operating expenses, including real estate taxes17,910 621 18,531 
Net operating income $24,553 $1,054 $25,607 
Property management (1,442)
Casualty gain (loss)(91)
Depreciation and amortization(18,995)
General and administrative expenses(3,077)
Interest expense(6,771)
Loss on debt extinguishment(4)
Interest and other income281 
Income (loss) before gain (loss) on sale of real estate and other investments(4,492)
Gain (loss) on sale of real estate and other investments25,676 
Net income (loss)$21,184 
 (in thousands)
Three Months Ended September 30, 2019MultifamilyAll OtherTotal
Revenue$38,971 $8,465 $47,436 
Property operating expenses, including real estate taxes16,043 3,867 19,910 
Net operating income$22,928 $4,598 $27,526 
Property management (1,553)
Casualty gain (loss)(178)
Depreciation and amortization(18,751)
General and administrative expenses(3,448)
Interest expense(7,694)
Loss on debt extinguishment(1,087)
Interest and other income498 
Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement(4,687)
Gain (loss) on sale of real estate and other investments39,105 
Gain (loss) on litigation settlement300 
Net income (loss)$34,718 
 (in thousands)
Nine Months Ended September 30, 2020MultifamilyAll OtherTotal
Revenue$126,296 $6,158 $132,454 
Property operating expenses, including real estate taxes52,403 2,831 55,234 
Net operating income$73,893 $3,327 $77,220 
Property management expenses(4,341)
Casualty gain (loss)(1,331)
Depreciation and amortization(55,311)
General and administrative expenses(9,707)
Interest expense(20,622)
Loss on debt extinguishment(21)
Interest and other income(1,958)
Income (loss) before gain (loss) on sale of real estate and other investments(16,071)
Gain (loss) on sale of real estate and other investments25,486 
Net income (loss)$9,415 
 (in thousands)
Nine Months Ended September 30, 2019MultifamilyAll OtherTotal
Revenue$114,726 $25,252 $139,978 
Property operating expenses, including real estate taxes47,387 12,075 59,462 
Net operating income$67,339 $13,177 $80,516 
Property management expenses(4,552)
Casualty gain (loss)(911)
Depreciation and amortization(55,299)
General and administrative expenses(10,803)
Interest expense(23,180)
Loss on debt extinguishment(1,496)
Interest and other income1,390 
Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement(14,335)
Gain (loss) on sale of real estate and other investments39,774 
Gain (loss) on litigation settlement6,586 
Net income (loss)$32,025 
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of September 30, 2020, and December 31, 2019, respectively, along with reconciliations to the condensed consolidated financial statements:
 (in thousands)
As of September 30, 2020MultifamilyAll OtherTotal
Segment assets   
Property owned$1,772,356 $33,034 $1,805,390 
Less accumulated depreciation(369,523)(10,869)(380,392)
Total property owned$1,402,833 $22,165 $1,424,998 
Mortgage loans receivable17,986 
Cash and cash equivalents16,804 
Restricted cash2,199 
Other assets16,947 
Total Assets$1,478,934 
 (in thousands)
As of December 31, 2019MultifamilyAll OtherTotal
Segment assets   
Property owned$1,572,530 $70,548 $1,643,078 
Less accumulated depreciation(319,318)(29,804)(349,122)
Total property owned$1,253,212 $40,744 $1,293,956 
Unimproved land1,376 
Mortgage loans receivable16,140 
Cash and cash equivalents26,579 
Restricted cash19,538 
Other assets34,829 
Total Assets$1,392,418