SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2018

SEGMENT REPORTING

Summary of Segment Revenues and Net Operating Income

	Three months ended  March 31, 2018						Three months ended  March 31, 2017
	Residential		Commercial		Total		Residential		Commercial		Total
	(in thousands)						(in thousands)
Income from rental operations	$	22,349	$	6,880	$	29,229	$	21,047	$	6,982	$	28,029
Expenses from rental operations		12,209		1,768		13,977		11,620		1,834		13,454
Net operating income	$	10,140	$	5,112	$	15,252	$	9,427	$	5,148	$	14,575
Interest						4,499						4,639
Depreciation and amortization						5,350						5,363
Administration of REIT						1,155						1,503
Loss on lease terminations						—						115
Other (income)/expense						(1,010)						(245)
Net income					$	5,258					$	3,200

Summary of Segment Assets and Accumulated Depreciation

As of March 31, 2018	Residential		Commercial		Total
	(in thousands)
Real estate investments	$	564,171	$	202,399	$	766,570
Accumulated depreciation		(79,772)		(36,009)		(115,781)
	$	484,399	$	166,390		650,789
Cash and cash equivalents						9,972
Restricted deposits and funded reserves						7,041
Investment in unconsolidated affiliates						2,679
Receivables and other assets						7,995
Financing and lease costs, less accumulated amortization						720
Intangible assets, less accumulated amortization						12,667
Total Assets					$	691,863

As of December 31, 2017	Residential		Commercial		Total
	(in thousands)
Real estate investments	$	557,309	$	202,394	$	759,703
Accumulated depreciation		(76,404)		(34,622)		(111,026)
	$	480,905	$	167,772		648,677
Cash and cash equivalents						12,490
Restricted deposits and funded reserves						8,063
Investment in unconsolidated affiliates						2,772
Receivables and other assets						5,603
Financing and lease costs, less accumulated amortization						737
Intangible assets, less accumulated amortization						13,263
Total Assets					$	691,605