SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2024

SEGMENT REPORTING

Summary of Segment Revenues and Net Operating Income

	Three months ended September 30, 2024						Three months ended September 30, 2023
	Residential		Commercial		Total		Residential		Commercial		Total
	(in thousands)						(in thousands)
Income from rental operations	$	36,519	$	4,958	$	41,477	$	30,993	$	5,208	$	36,201
Expenses from rental operations		20,215		1,572		21,787		18,513		1,516		20,029
Net operating income	$	16,304	$	3,386	$	19,690	$	12,480	$	3,692	$	16,172
Depreciation and amortization						7,622						5,990
Interest						6,577						5,377
Administration of REIT						1,197						1,229
Other expense						213						160
Net income					$	4,081					$	3,416

	Nine months ended September 30, 2024						Nine months ended September 30, 2023
	Residential		Commercial		Total		Residential		Commercial		Total
	(in thousands)						(in thousands)
Income from rental operations	$	102,921	$	15,114	$	118,035	$	91,486	$	15,444	$	106,930
Expenses from rental operations		58,694		4,313		63,007		57,446		4,660		62,106
Net operating income	$	44,227	$	10,801	$	55,028	$	34,040	$	10,784	$	44,824
Depreciation and amortization						20,564						19,026
Interest						17,455						16,064
Administration of REIT						4,083						3,680
Other income						(1,982)						(1,402)
Net income					$	14,908					$	7,456

Summary of Segment Assets and Accumulated Depreciation

As of September 30, 2024	Residential		Commercial		Total
	(in thousands)
Real estate investments	$	914,116	$	178,524	$	1,092,640
Accumulated depreciation		(178,633)		(52,498)		(231,131)
Total real estate investments, net	$	735,483	$	126,026	$	861,509
Lease intangible assets, less accumulated amortization		624		2,503		3,127
Cash and cash equivalents						11,145
Restricted deposits						9,781
Investment in unconsolidated affiliates						28,775
Notes receivable						1,527
Notes receivable, affiliates						7,868
Other assets, net						21,189
Total Assets					$	944,921

As of December 31, 2023	Residential		Commercial		Total
	(in thousands)
Real estate investments	$	789,249	$	181,555	$	970,804
Accumulated depreciation		(164,793)		(49,791)		(214,584)
Total real estate investments, net	$	624,456	$	131,764	$	756,220
Lease intangible assets, less accumulated amortization		—		2,983		2,983
Cash and cash equivalents						26,919
Restricted deposits						10,142
Investment in unconsolidated affiliates						26,601
Notes receivable						64
Notes receivable, affiliates						8,821
Assets held for sale						1,568
Other assets, net						21,515
Total Assets					$	854,833