SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2021

Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three months ended March 31, 2021 and 2020, 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 March 31, 2021	Multifamily		All Other		Total
Revenue	$	45,983	$	665	$	46,648
Property operating expenses, including real estate taxes	18,881		360		19,241
Net operating income	$	27,102	$	305	$	27,407
Property management					(1,767)
Casualty gain (loss)					(101)
Depreciation and amortization					(19,992)
General and administrative expenses					(3,906)
Interest expense					(7,231)

Interest and other income					431



Net income (loss)					$	(5,159)


	(in thousands)
Three Months Ended March 31, 2020	Multifamily		All Other		Total
Revenue	$	41,845	$	2,561	$	44,406
Property operating expenses, including real estate taxes	17,660		1,273		18,933
Net operating income	$	24,185	$	1,288	$	25,473
Property management					(1,554)
Casualty gain (loss)					(327)
Depreciation and amortization					(18,160)

General and administrative expenses					(3,428)
Interest expense					(6,911)

Interest and other income					(2,777)





Net income (loss)					$	(7,684)

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of March 31, 2021, and December 31, 2020, respectively, along with reconciliations to the condensed consolidated financial statements:


	(in thousands)
As of March 31, 2021	Multifamily		All Other		Total
Segment assets
Property owned	$	1,850,310	$	33,097	$	1,883,407
Less accumulated depreciation	(396,743)		(11,271)		(408,014)
Total property owned	$	1,453,567	$	21,826	$	1,475,393

Mortgage loans receivable					30,107
Cash and cash equivalents					10,816
Restricted cash					1,610
Other assets					18,427
Total Assets					$	1,536,353


	(in thousands)
As of December 31, 2020	Multifamily		All Other		Total
Segment assets
Property owned	$	1,779,378	$	33,179	$	1,812,557
Less accumulated depreciation	(387,989)		(11,260)		(399,249)
Total property owned	$	1,391,389	$	21,919	$	1,413,308

Mortgage loans receivable					24,661
Cash and cash equivalents					392
Restricted cash					6,918
Other assets					18,904
Total Assets					$	1,464,183