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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | NOTE 14: SEGMENT INFORMATION We operate in a single reportable segment which includes the ownership, development, redevelopment and acquisition of apartment communities. 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 six 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. Prior to the end of the second quarter of 2021, we had two reportable segments: office and residential. During the third quarter of 2021, we closed on the sales of the Office Portfolio and the Retail Portfolio (see note 3), and following such sales, 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. Real estate rental revenue as a percentage of the total for each of the reportable operating segments for the three years ended December 31, 2023 was as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Multifamily | 92 | % |  | 91 | % |  | 89 | %
Other | 8 | % |  | 9 | % |  | 11 | %
The percentage of income producing real estate assets classified as held and used, at cost, for each of the reportable operating segments as of December 31, 2023 and 2022 was as follows:
| 2023 |  | 2022
Multifamily | 96 | % |  | 92 | %
Other | 4 | % |  | 8 | %
The following tables present revenues, net operating income, capital expenditures and total assets for the three years ended December 31, 2023 from these segments, and reconciles net operating income of reportable segments to net (loss) income as reported (in thousands):
| Twelve Months Ended December 31, 2023
| Residential |  | Other (1) |  | Consolidated
Real estate rental revenue | $ | 209,311 |  |  | $ | 18,600 |  |  | $ | 227,911 |
Real estate expenses | 74,535 |  |  | 5,295 |  |  | 79,830 |
Net operating income | $ | 134,776 |  |  | $ | 13,305 |  |  | $ | 148,081 |
Property management expenses |  |  |  |  | (8,108) |
General and administrative expenses |  |  |  |  | (25,887) |
Transformation costs |  |  |  |  | (6,339) |
Depreciation and amortization |  |  |  |  | (88,950) |
Interest expense |  |  |  |  | (30,429) |
Loss on extinguishment of debt |  |  |  |  | (54) |
Other income |  |  |  |  | 569 |
Real estate impairment |  |  |  |  | (41,860) |
Net loss |  |  |  |  | $ | (52,977) |
Capital expenditures | $ | 37,782 |  |  | $ | 844 |  |  | $ | 38,626 |
Total assets | $ | 1,768,426 |  |  | $ | 131,602 |  |  | $ | 1,900,028 |
| Twelve Months Ended December 31, 2022
| Residential |  | Other (1) |  | Consolidated
Real estate rental revenue | $ | 190,500 |  |  | 18,880 |  |  | $ | 209,380 |
Real estate expenses | 68,735 |  |  | 5,266 |  |  | 74,001 |
Net operating income | $ | 121,765 |  |  | $ | 13,614 |  |  | $ | 135,379 |
Property management expenses |  |  |  |  | (7,436) |
General and administrative expenses |  |  |  |  | (28,258) |
Transformation costs |  |  |  |  | (9,686) |
Depreciation and amortization |  |  |  |  | (91,722) |
Interest expense |  |  |  |  | (24,940) |
Loss on extinguishment of debt |  |  |  |  | (4,917) |
Other income |  |  |  |  | 712 |
Net loss |  |  |  |  | $ | (30,868) |
Capital expenditures | $ | 35,081 |  |  | $ | 3,175 |  |  | $ | 38,256 |
Total assets | $ | 1,691,176 |  |  | $ | 181,430 |  |  | $ | 1,872,606 |
| Twelve Months Ended December 31, 2021
| Residential |  | Other (1), (2) |  | Consolidated
Real estate rental revenue | $ | 150,965 |  | $ | 18,186 |  |  | $ | 169,151 |
Real estate expenses | 55,527 |  | 5,255 |  |  | 60,782 |
Net operating income | $ | 95,438 |  |  | $ | 12,931 |  |  | $ | 108,369 |
Property management expenses |  |  |  |  | (6,133) |
General and administrative expenses |  |  |  |  | (27,538) |
Transformation costs |  |  |  |  | (6,635) |
Depreciation and amortization |  |  |  |  | (72,656) |
Interest expense |  |  |  |  | (34,063) |
Loss on interest rate derivatives |  |  |  |  | (5,866) |
Loss on extinguishment of debt |  |  |  |  | (12,727) |
Other income |  |  |  |  | 4,109 |
Discontinued operations: |  |  |  |  |
Income from properties sold or held for sale |  |  |  |  | 23,083 |
Gain on sale of real estate |  |  |  |  | 46,441 |
Net income |  |  |  |  | $ | 16,384 |
Capital expenditures | $ | 27,953 |  | $ | 4,506 |  |  | $ | 32,459 |
Total assets | $ | 1,455,328 |  | $ | 420,666 |  |  | $ | 1,875,994 |
______________________________ (1) Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment. (2) Total capital expenditures include office and retail properties classified as discontinued operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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