SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Revenues and Net Operating Income for Reportable Segments

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, 2020	Multifamily		All Other		Total
Revenue	$	42,463	$	1,675	$	44,138
Property operating expenses, including real estate taxes	17,910		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 income					281
Income (loss) before gain (loss) on sale of real estate and other investments					(4,492)
Gain (loss) on sale of real estate and other investments					25,676
Net income (loss)					$	21,184

	(in thousands)
Three Months Ended September 30, 2019	Multifamily		All Other		Total
Revenue	$	38,971	$	8,465	$	47,436
Property operating expenses, including real estate taxes	16,043		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 income					498
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 investments					39,105
Gain (loss) on litigation settlement					300
Net income (loss)					$	34,718

	(in thousands)
Nine Months Ended September 30, 2020	Multifamily		All Other		Total
Revenue	$	126,296	$	6,158	$	132,454
Property operating expenses, including real estate taxes	52,403		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 investments					25,486
Net income (loss)					$	9,415

	(in thousands)
Nine Months Ended September 30, 2019	Multifamily		All Other		Total
Revenue	$	114,726	$	25,252	$	139,978
Property operating expenses, including real estate taxes	47,387		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 income					1,390
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 investments					39,774
Gain (loss) on litigation settlement					6,586
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, 2020	Multifamily		All Other		Total
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 receivable					17,986
Cash and cash equivalents					16,804
Restricted cash					2,199
Other assets					16,947
Total Assets					$	1,478,934

	(in thousands)
As of December 31, 2019	Multifamily		All Other		Total
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 land					1,376
Mortgage loans receivable					16,140
Cash and cash equivalents					26,579
Restricted cash					19,538
Other assets					34,829
Total Assets					$	1,392,418