SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2020

SEGMENT REPORTING

Summary of Segment Revenues and Net Operating Income

	Three months ended June 30, 2020						Three months ended June 30, 2019
	Residential		Commercial		Total		Residential		Commercial		Total
	(in thousands)						(in thousands)
Income from rental operations	$	24,381	$	6,440	$	30,821	$	23,822	$	6,448	$	30,270
Expenses from rental operations		12,560		1,540		14,100		12,995		1,856		14,851
Net operating income	$	11,821	$	4,900	$	16,721	$	10,827	$	4,592	$	15,419
Depreciation and amortization						5,246						5,353
Interest						4,224						4,582
Administration of REIT						1,085						971
Other (income)/expense						(231)						(308)
Net income					$	6,397					$	4,821

	Six months ended June 30, 2020						Six months ended June 30, 2019
	Residential		Commercial		Total		Residential		Commercial		Total
	(in thousands)						(in thousands)
Income from rental operations	$	48,376	$	12,351	$	60,727	$	47,258	$	12,844	$	60,102
Expenses from rental operations		26,472		3,327		29,799		26,384		3,675		30,059
Net operating income	$	21,904	$	9,024	$	30,928	$	20,874	$	9,169	$	30,043
Depreciation and amortization						10,498						10,891
Interest						8,574						9,298
Administration of REIT						2,247						2,082
Other (income)/expense						(2,015)						(839)
Net income					$	11,624					$	8,611

Summary of Segment Assets and Accumulated Depreciation

As of June 30, 2020	Residential		Commercial		Total
	(in thousands)
Real estate investments	$	629,968	$	196,134	$	826,102
Accumulated depreciation		(111,432)		(43,193)		(154,625)
	$	518,536	$	152,941		671,477
Cash and cash equivalents						8,697
Restricted deposits and funded reserves						13,792
Investment in unconsolidated affiliates						8,275
Note receivable						2,063
Intangible assets, less accumulated amortization						8,032
Other assets, net						6,339
Total Assets					$	718,675

As of December 31, 2019	Residential		Commercial		Total
	(in thousands)
Real estate investments	$	605,813	$	196,215	$	802,028
Accumulated depreciation		(104,170)		(42,146)		(146,316)
	$	501,643	$	154,069		655,712
Cash and cash equivalents						9,002
Restricted deposits and funded reserves						8,380
Investment in unconsolidated affiliates						7,915
Note receivable						1,300
Intangible assets, less accumulated amortization						9,133
Other assets, net						8,244
Total Assets					$	699,686