SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three months ended March 31, 2023 and 2022, 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 March 31, 2023	Multifamily		All Other		Total
Revenue	$	62,498	$	5,399	$	67,897
Property operating expenses, including real estate taxes	25,903		3,020		28,923
Net operating income	$	36,595	$	2,379	$	38,974
Property management					(2,568)
Casualty gain (loss)					(252)
Depreciation and amortization					(25,993)
General and administrative expenses					(7,723)
Gain (loss) on sale of real estate and other investments					60,159
Interest expense					(10,319)

Interest and other income					49


Net income (loss)					$	52,327


	(in thousands)
Three Months Ended March 31, 2022	Multifamily		All Other		Total
Revenue	$	54,916	$	5,398	$	60,314
Property operating expenses, including real estate taxes	23,080		2,793		25,873
Net operating income	$	31,836	$	2,605	$	34,441
Property management					(2,253)
Casualty gain (loss)					(598)
Depreciation and amortization					(31,001)

General and administrative expenses					(4,500)

Interest expense					(7,715)

Interest and other income					1,063




Net income (loss)					$	(10,563)

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of March 31, 2023, and December 31, 2022, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:


	(in thousands)
As of March 31, 2023	Multifamily		All Other		Total
Segment assets
Property owned	$	2,394,065	$	26,846	$	2,420,911
Less accumulated depreciation	(510,716)		(8,451)		(519,167)
Total property owned	$	1,883,349	$	18,395	$	1,901,744


Cash and cash equivalents					8,939
Restricted cash					48,903
Other assets					19,298
Total Assets					$	1,978,884


	(in thousands)
As of December 31, 2022	Multifamily		All Other		Total
Segment assets
Property owned	$	2,385,351	$	148,773	$	2,534,124
Less accumulated depreciation	(487,129)		(48,272)		(535,401)
Total property owned	$	1,898,222	$	100,501	$	1,998,723


Cash and cash equivalents					10,458
Restricted cash					1,433
Other assets					22,687
Total Assets					$	2,033,301