SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three and six months ended June 30, 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 June 30, 2023	Multifamily		All Other		Total
Revenue	$	63,733	$	1,043	$	64,776
Property operating expenses, including real estate taxes	24,730		316		25,046
Net operating income	$	39,003	$	727	$	39,730
Property management					(2,247)
Casualty loss					(53)
Depreciation and amortization					(24,371)
General and administrative expenses					(4,162)
Loss on sale of real estate and other investments					(67)
Loss on litigation settlement					(2,864)
Interest expense					(8,641)
Interest and other income					295
Net loss					$	(2,380)

	(in thousands)
Three Months Ended June 30, 2022	Multifamily		All Other		Total
Revenue	$	57,436	$	5,680	$	63,116
Property operating expenses, including real estate taxes	23,398		2,818		26,216
Net operating income	$	34,038	$	2,862	$	36,900
Property management					(2,721)
Casualty loss					(382)
Depreciation and amortization					(24,768)
General and administrative expenses					(5,221)
Gain on sale of real estate and other investments					27
Interest expense					(7,561)
Interest and other loss					(17)
Net loss					$	(3,743)

	(in thousands)
Six Months Ended June 30, 2023	Multifamily		All Other		Total
Revenue	$	126,230	$	6,443	$	132,673
Property operating expenses, including real estate taxes	50,633		3,336		53,969
Net operating income	$	75,597	$	3,107	$	78,704
Property management					(4,815)
Casualty loss					(305)
Depreciation and amortization					(50,364)
General and administrative expenses					(11,885)
Gain on sale of real estate and other investments					60,092
Loss on litigation settlement					(2,864)
Interest expense					(18,960)
Interest and other income					344
Net income					$	49,947

	(in thousands)
Six Months Ended June 30, 2022	Multifamily		All Other		Total
Revenue	$	112,352	$	11,078	$	123,430
Property operating expenses, including real estate taxes	46,478		5,611		52,089
Net operating income	$	65,874	$	5,467	$	71,341
Property management					(4,974)
Casualty loss					(980)
Depreciation and amortization					(55,769)
General and administrative expenses					(9,721)
Gain on sale of real estate and other investments					27
Interest expense					(15,276)
Interest and other income					1,046
Net loss					$	(14,306)

Schedule of Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of June 30, 2023, and December 31, 2022, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:

	(in thousands)
As of June 30, 2023	Multifamily		All Other		Total
Segment assets
Property owned	$	2,407,300	$	26,838	$	2,434,138
Less accumulated depreciation	(534,566)		(8,698)		(543,264)
Total property owned	$	1,872,734	$	18,140	$	1,890,874
Cash and cash equivalents					9,745
Restricted cash					566
Other assets					18,992
Total Assets					$	1,920,177

	(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