SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2016

SEGMENT REPORTING

Summary of Segment Revenues and Net Operating Income

	Year ended December 31, 2016						Year ended December 31, 2015						Year ended December 31, 2014
	Residential		Commercial		Total		Residential		Commercial		Total		Residential		Commercial		Total
	(in thousands)						(in thousands)						(in thousands)
Income from rental operations	$	80,497	$	27,566	$	108,063	$	75,914	$	21,268	$	97,182	$	53,499	$	17,437	$	70,936
Expenses from rental operations		43,766		6,924		50,690		39,898		4,809		44,707		27,794		3,019		30,813
Net operating income	$	36,731	$	20,642	$	57,373	$	36,016	$	16,459	$	52,475	$	25,705	$	14,418	$	40,123
Interest						18,366						17,141						12,958
Depreciation and amortization						22,145						19,574						13,575
Administration of REIT						5,600						5,647						6,824
Loss on impairment of property						—						412						—
Loss on lease terminations						299						—						58
Other (income)/expense						(1,894)						(1,683)						(2,595)
Net income					$	12,857					$	11,384					$	9,303

Summary of Segment Assets and Accumulated Depreciation

As of December 31, 2016	Residential		Commercial		Total
	(in thousands)
Real estate investments	$	514,341	$	200,959	$	715,300
Accumulated depreciation		(63,148)		(29,177)		(92,325)
	$	451,193	$	171,782		622,975
Cash and cash equivalents						12,034
Restricted deposits and funded reserves						7,213
Investment in unconsolidated affiliates						3,653
Receivables and other assets						5,354
Financing and lease costs, less accumulated amortization						950
Assets held for sale						2,482
Intangible assets, less accumulated amortization						15,852
Total Assets					$	670,513

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						1,240
Assets held for sale						1,721
Intangible assets, less accumulated amortization						18,184
Total Assets					$	642,375