SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three and nine months ended September 30, 2022 and 2021, respectively, along with reconciliations to net income in the Condensed Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Condensed Consolidated Financial Statements.

	(in thousands)
Three Months Ended September 30, 2022	Multifamily		All Other		Total
Revenue	$	64,404	$	1,034	$	65,438
Property operating expenses, including real estate taxes	27,009		320		27,329
Net operating income	$	37,395	$	714	$	38,109
Property management					(2,563)
Casualty gain (loss)					(276)
Depreciation and amortization					(23,720)
General and administrative expenses					(4,519)
Interest expense					(7,871)
Interest and other income					70
Net income (loss)					$	(770)

	(in thousands)
Three Months Ended September 30, 2021	Multifamily		All Other		Total
Revenue	$	49,088	$	1,325	$	50,413
Property operating expenses, including real estate taxes	20,066		284		20,350
Net operating income	$	29,022	$	1,041	$	30,063
Property management					(2,203)
Casualty gain (loss)					10
Depreciation and amortization					(22,447)
General and administrative expenses					(4,279)
Interest expense					(7,302)
Interest and other income					(5,082)
Net income (loss)					$	(11,240)

	(in thousands)
Nine Months Ended September 30, 2022	Multifamily		All Other		Total
Revenue	$	186,002	$	2,866	$	188,868
Property operating expenses, including real estate taxes	78,539		879		79,418
Net operating income	$	107,463	$	1,987	$	109,450
Property management expenses					(7,537)
Casualty gain (loss)					(1,256)
Depreciation and amortization					(79,489)
General and administrative expenses					(14,240)
Gain (loss) on sale of real estate and other investments					27
Interest expense					(23,147)
Interest and other income					1,116
Net income (loss)					$	(15,076)

	(in thousands)
Nine Months Ended September 30, 2021	Multifamily		All Other		Total
Revenue	$	138,287	$	5,430	$	143,717
Property operating expenses, including real estate taxes	55,907		2,444		58,351
Net operating income	$	82,380	$	2,986	$	85,366
Property management expenses					(6,055)
Casualty gain (loss)					(64)
Depreciation and amortization					(61,747)
General and administrative expenses					(11,982)
Gain (loss) on sale of real estate and other investments					26,840
Interest expense					(21,622)
Interest and other income					(4,032)
Net income (loss)					$	6,704

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of September 30, 2022, and December 31, 2021, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:

	(in thousands)
As of September 30, 2022	Multifamily		All Other		Total
Segment assets
Property owned	$	2,486,836	$	26,634	$	2,513,470
Less accumulated depreciation	(503,038)		(7,962)		(511,000)
Total property owned	$	1,983,798	$	18,672	$	2,002,470
Cash and cash equivalents					14,957
Restricted cash					1,417
Other assets					19,742
Total Assets					$	2,038,586

	(in thousands)
As of December 31, 2021	Multifamily		All Other		Total
Segment assets
Property owned	$	2,244,250	$	26,920	$	2,271,170
Less accumulated depreciation	(436,004)		(7,588)		(443,592)
Total property owned	$	1,808,246	$	19,332	$	1,827,578
Mortgage loans receivable					43,276
Cash and cash equivalents					31,267
Restricted cash					7,358
Other assets					30,582
Total Assets					$	1,940,061