SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Revenues and Net Operating Income (Loss) for Reportable Segments

The following tables present NOI for the years ended December 31, 2024, 2023, and 2022, respectively, along with reconciliations to net income (loss) as reported in the Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Consolidated Financial Statements.

	(in thousands)
Year ended December 31, 2024	Multifamily		All Other		Total
Revenue	$	257,865	$	3,118	$	260,983
Property operating expenses
On-site compensation(1)	27,060		86		27,146
Repairs and maintenance(2)	15,142		259		15,401
Utilities	15,300		224		15,524
Administrative and marketing	7,147		36		7,183
Insurance	10,983		101		11,084
Real estate taxes	26,317		589		26,906
Net operating income	$	155,916	$	1,823	$	157,739
Property management expenses					(9,128)
Casualty loss					(3,307)
Depreciation and amortization					(106,450)
General and administrative expenses					(17,802)
Loss on sale of real estate and other investments					(577)
Interest expense					(37,280)
Interest and other income					2,613
Net loss					$	(14,192)

(1)On-site compensation for administration, leasing, and maintenance personnel.

(2)Includes turnover expense.

	(in thousands)
Year ended December 31, 2023	Multifamily		All Other		Total
Revenue	$	243,515	$	17,794	$	261,309
Property operating expenses
On-site compensation(1)	25,934		1,969		27,903
Repairs and maintenance(2)	13,953		1,727		15,680
Utilities	15,421		1,598		17,019
Administrative and marketing	5,804		425		6,229
Insurance	9,399		823		10,222
Real estate taxes	26,722		2,037		28,759
Net operating income	$	146,282	$	9,215	$	155,497
Property management expenses					(9,353)
Casualty loss					(2,095)
Depreciation and amortization					(101,678)
Impairment of real estate investments					(5,218)
General and administrative expenses					(20,080)
Gain on sale of real estate and other investments					71,244
Interest expense					(36,429)
Interest and other income					1,207
Loss on litigation settlement					(3,864)
Net income					$	49,231

(1)On-site compensation for administration, leasing, and maintenance personnel.

(2)Includes turnover expense.

	(in thousands)
Year ended December 31, 2022	Multifamily		All Other		Total
Revenue	$	221,836	$	34,880	$	256,716
Property operating expenses
On-site compensation(1)	23,038		4,306		27,344
Repairs and maintenance(2)	14,300		3,396		17,696
Utilities	15,845		3,527		19,372
Administrative and marketing	5,130		784		5,914
Insurance	8,007		1,737		9,744
Real estate taxes	24,524		4,043		28,567
Net operating income	$	130,992	$	17,087	$	148,079
Property management expenses					(9,895)
Casualty loss					(1,591)
Depreciation and amortization					(105,257)
General and administrative expenses					(17,516)
Gain on sale of real estate and other investments					41
Interest expense					(32,750)
Interest income and other loss					1,248
Net loss					$	(17,641)

(1)On-site compensation for administration, leasing, and maintenance personnel.

(2)Includes turnover expense.

Segment Assets and Accumulated Depreciation

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

	(in thousands)
As of December 31, 2024	Multifamily		All Other		Total
Segment assets
Property owned	$	2,462,762	$	17,979	$	2,480,741
Less accumulated depreciation	(621,446)		(4,534)		(625,980)
Total real estate investments	$	1,841,316	$	13,445	$	1,854,761
Cash and cash equivalents					12,030
Restricted cash					1,099
Other assets					45,817
Total Assets					$	1,913,707

	(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