SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three-month periods ended March 31, 2019 and 2018, 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, 2019	Multifamily		All Other		Total
Revenue	$	44,814	$	794	$	45,608
Property operating expenses, including real estate taxes	19,688		348		20,036
Net operating income	$	25,126	$	446	$	25,572
Property management					(1,554		)
Casualty gain (loss)					(641		)
Depreciation and amortization					(18,111		)
General and administrative expenses					(3,806		)
Interest expense					(7,896		)
Loss on debt extinguishment					(2		)
Interest and other income					424
Income (loss) before gain (loss) on sale of real estate and other investments					(6,014		)
Gain (loss) on sale of real estate and other investments					54
Net income (loss)					$	(5,960	)

	(in thousands)
Three Months Ended March 31, 2018	Multifamily		All Other		Total
Revenue	$	40,054	$	2,981	$	43,035
Property operating expenses, including real estate taxes	18,128		1,139		19,267
Net operating income	$	21,926	$	1,842	$	23,768
Property management					(1,377		)
Casualty gain (loss)					(50		)
Depreciation and amortization					(20,516		)
General and administrative expenses					(3,619		)
Interest expense					(8,296		)
Loss on debt extinguishment					(121		)
Interest and other income					689
Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations					(9,522		)
Gain (loss) on sale of real estate and other investments					2,304
Income (loss) from continuing operations					(7,218		)
Income (loss) from discontinued operations					13,882
Net income (loss)					$	6,664

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of March 31, 2019, and December 31, 2018, respectively, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of March 31, 2019	Multifamily			All Other			Total
Segment assets
Property owned	$	1,628,195		$	44,963		$	1,673,158
Less accumulated depreciation	(357,420		)	(14,252		)	(371,672		)
Total property owned	$	1,270,775		$	30,711		$	1,301,486
Cash and cash equivalents							23,329
Restricted cash							4,819
Other assets							29,166
Unimproved land							2,252
Mortgage loans receivable							10,260
Total Assets							$	1,371,312

	(in thousands)
As of December 31, 2018	Multifamily			All Other			Total
Segment assets
Property owned	$	1,582,917		$	44,719		$	1,627,636
Less accumulated depreciation	(340,081		)	(13,790		)	(353,871		)
Total property owned	$	1,242,836		$	30,929		$	1,273,765
Cash and cash equivalents							13,792
Restricted cash							5,464
Other assets							27,265
Unimproved land							5,301
Mortgage loans receivable							10,410
Total Assets							$	1,335,997