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Segment Information
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
We operate in a single reportable segment which includes the ownership, development, redevelopment and acquisition of apartment communities. None of our operating properties meet the criteria to be considered separate operating segments on a stand-alone basis. Within the residential segment, we do not distinguish or group our consolidated operations based on size (only one community, Riverside Apartments, comprises more than 10% of consolidated revenues), type (all assets in the segment are residential) or geography (all but five communities are within the Washington, DC metro region). Further, our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. As a result, our operating properties are aggregated into a single reportable segment: residential.

We have one remaining office property, Watergate 600, which does not meet the criteria for a reportable segment, and has been classified within “Other” on our segment disclosure tables.

We evaluate performance based upon net operating income (“NOI”) of the combined properties in the segment. Our reportable operating segment consolidates similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment’s performance. NOI is a key measurement of our segment profit and loss and is defined as real estate rental revenue less real estate expenses.
The following tables present revenues, NOI, capital expenditures and total assets for the three months ended March 31, 2023 and 2022 from our Residential segment as well as Other, and reconcile NOI to net loss as reported (in thousands):
 Three Months Ended March 31, 2023
 Residential
Other (1)
Consolidated
Real estate rental revenue$50,991 $4,818 $55,809 
Real estate expenses18,144 1,377 19,521 
Net operating income$32,847 $3,441 $36,288 
Other income (expense):
Property management expenses(1,769)
General and administrative expenses(6,841)
Transformation costs(2,900)
Depreciation and amortization(21,536)
Interest expense(6,831)
Loss on extinguishment of debt(54)
Net loss$(3,643)
Capital expenditures$5,417 $374 $5,791 
Total assets$1,676,596 $178,403 $1,854,999 

 Three Months Ended March 31, 2022
 Residential
Other (1)
Consolidated
Real estate rental revenue$43,334 $4,470 $47,804 
Real estate expenses15,901 1,251 17,152 
Net operating income$27,433 $3,219 $30,652 
Other income (expense):
Property management expenses(1,750)
General and administrative expenses(6,939)
Transformation costs(2,223)
Depreciation and amortization(22,200)
Interest expense(5,650)
Other income386 
Net loss$(7,724)
Capital expenditures$3,430 $596 $4,026 
Total assets$1,545,731 $330,993 $1,876,724 
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(1)     Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment.