SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2015

SEGMENT REPORTING

Summary of Segment Revenues and Net Operating Income

Year ended December 31, 2015	Residential		Commercial		Total
	(in thousands)
Income from rental operations	$	75,914	$	21,268	$	97,182
Expenses from rental operations		39,898		4,809		44,707
Net operating income	$	36,016	$	16,459	$	52,475
Interest						16,475
Depreciation and amortization						20,240
Administration of REIT						5,647
Loss on impairment of property						412
Other (income)/expense						(1,683)
Net income					$	11,384

Year ended December 31, 2014	Residential		Commercial		Total
	(in thousands)
Income from rental operations	$	53,499	$	17,437	$	70,936
Expenses from rental operations		27,794		3,019		30,813
Net operating income	$	25,705	$	14,418	$	40,123
Interest						12,495
Depreciation and amortization						14,038
Administration of REIT						6,824
Loss on lease termination						58
Other (income)/expense						(2,595)
Net income					$	9,303

Summary of Segment Assets and Accumulated Depreciation

As of December 31, 2015	Residential		Commercial		Total
	(in thousands)
Real estate investments	$	472,129	$	197,355	$	669,484
Accumulated depreciation		(50,668)		(24,307)		(74,975)
	$	421,461	$	173,048		594,509
Cash and cash equivalents						6,461
Restricted deposits and funded reserves						6,115
Investment in unconsolidated affiliates						9,022
Receivables and other assets						5,123
Financing  and lease costs, less accumulated amortization						4,621
Assets held for sale						1,721
Intangible assets, less accumulated amortization						18,184
Total Assets					$	645,756

As of December 31, 2014	Residential		Commercial		Total
	(in thousands)
Real estate investments	$	438,609	$	152,527	$	591,136
Accumulated depreciation		(38,729)		(20,144)		(58,873)
	$	399,880	$	132,383		532,263
Cash and cash equivalents						643
Restricted deposits and funded reserves						6,732
Investment in unconsolidated affiliates						9,081
Receivables and other assets						5,319
Financing  and lease costs, less accumulated amortization						3,761
Intangible assets, less accumulated amortization						9,222
Total Assets					$	567,021