SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three months ended March 31, 2024 and 2023, respectively, along with reconciliations to net income (loss) 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, 2024	Multifamily		All Other		Total
Revenue	$	63,339	$	1,167	$	64,506
Property operating expenses, including real estate taxes	24,561		508		25,069
Net operating income	$	38,778	$	659	$	39,437
Property management expense					(2,330)
Casualty loss					(820)
Depreciation and amortization					(27,012)
General and administrative expenses					(4,623)
Loss on sale of real estate and other investments					(577)
Interest expense					(9,207)
Interest and other income					340
Net loss					$	(4,792)

	(in thousands)
Three Months Ended March 31, 2023	Multifamily		All Other		Total
Revenue	$	59,439	$	8,458	$	67,897
Property operating expenses, including real estate taxes	24,526		4,397		28,923
Net operating income	$	34,913	$	4,061	$	38,974
Property management expense					(2,568)
Casualty loss					(252)
Depreciation and amortization					(25,993)
General and administrative expenses					(7,723)
Gain on sale of real estate and other investments					60,159
Interest expense					(10,319)
Interest and other income					49
Net income					$	52,327

Schedule of Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of March 31, 2024, and December 31, 2023, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:

	(in thousands)
As of March 31, 2024	Multifamily		All Other		Total
Segment assets
Property owned	$	2,396,195	$	17,293	$	2,413,488
Less accumulated depreciation	(549,160)		(4,071)		(553,231)
Total real estate investments	$	1,847,035	$	13,222	$	1,860,257
Cash and cash equivalents					12,682
Restricted cash					1,066
Other assets					29,468
Total Assets					$	1,903,473

	(in thousands)
As of December 31, 2023	Multifamily		All Other		Total
Segment assets
Property owned	$	2,381,461	$	38,685	$	2,420,146
Less accumulated depreciation	(524,364)		(6,339)		(530,703)
Total real estate investments	$	1,857,097	$	32,346	$	1,889,443
Cash and cash equivalents					8,630
Restricted cash					639
Other assets					27,649
Total Assets					$	1,926,361