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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2024
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 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. 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 and six months ended June 30, 2024 and 2023 from our Residential segment as well as Other, and reconcile NOI to net loss as reported (in thousands):
| Three Months Ended June 30, 2024
| Residential |  | Other (1) |  | Consolidated
Real estate rental revenue | $ | 55,492 |  |  | $ | 4,611 |  |  | $ | 60,103 |
Real estate expenses | 20,622 |  |  | 1,360 |  |  | 21,982 |
Net operating income | $ | 34,870 |  |  | $ | 3,251 |  |  | $ | 38,121 |
Other income (expense): |  |  |  |  |
Property management expenses |  |  |  |  | (2,175) |
General and administrative expenses |  |  |  |  | (6,138) |
Depreciation and amortization |  |  |  |  | (23,895) |
Interest expense |  |  |  |  | (9,384) |
Net loss |  |  |  |  | $ | (3,471) |
Capital expenditures | $ | 7,872 |  |  | $ | 52 |  |  | $ | 7,924 |
Total assets | $ | 1,738,354 |  |  | $ | 123,121 |  |  | $ | 1,861,475 |
| Three Months Ended June 30, 2023
| Residential |  | Other (1) |  | Consolidated
Real estate rental revenue | $ | 52,100 |  |  | $ | 4,499 |  |  | $ | 56,599 |
Real estate expenses | 19,054 |  |  | 1,204 |  |  | 20,258 |
Net operating income | $ | 33,046 |  |  | $ | 3,295 |  |  | $ | 36,341 |
Other expense: |  |  |  |  |
Property management expenses |  |  |  |  | (2,178) |
General and administrative expenses |  |  |  |  | (6,680) |
Transformation costs |  |  |  |  | (2,454) |
Depreciation and amortization |  |  |  |  | (21,415) |
Interest expense |  |  |  |  | (6,794) |
Other income |  |  |  |  | 569 |
Net loss |  |  |  |  | $ | (2,611) |
Capital expenditures | $ | 4,130 |  |  | $ | 262 |  |  | $ | 4,392 |
Total assets | $ | 1,664,947 |  |  | $ | 173,552 |  |  | $ | 1,838,499 |
(1) Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment.
| Six Months Ended June 30, 2024
| Residential |  | Other (1) |  | Consolidated
Real estate rental revenue | $ | 110,363 |  |  | 9,253 |  |  | $ | 119,616 |
Real estate expenses | 40,980 |  |  | 2,721 |  |  | 43,701 |
Net operating income | $ | 69,383 |  |  | $ | 6,532 |  |  | $ | 75,915 |
Other income (expense): |  |  |  |  |
Property management expenses |  |  |  |  | (4,393) |
General and administrative expenses |  |  |  |  | (12,334) |
Depreciation and amortization |  |  |  |  | (48,838) |
Interest expense |  |  |  |  | (18,878) |
Other income |  |  |  |  | 1,410 |
Net loss |  |  |  |  | $ | (7,118) |
Capital expenditures | $ | 21,437 |  |  | $ | 109 |  |  | $ | 21,546 |
| Six Months Ended June 30, 2023
| Residential |  | Other (1) |  | Consolidated
Real estate rental revenue | 103,091 |  |  | 9,317 |  |  | $ | 112,408 |
Real estate expenses | 37,198 |  |  | 2,581 |  |  | 39,779 |
Net operating income | $ | 65,893 |  |  | $ | 6,736 |  |  | $ | 72,629 |
Other income (expense): |  |  |  |  |
Property management expenses |  |  |  |  | (3,947) |
General and administrative expenses |  |  |  |  | (13,521) |
Transformation costs |  |  |  |  | (5,354) |
Depreciation and amortization |  |  |  |  | (42,951) |
Interest expense |  |  |  |  | (13,625) |
Loss on extinguishment of debt |  |  |  |  | (54) |
Other income |  |  |  |  | 569 |
Net loss |  |  |  |  | $ | (6,254) |
Capital expenditures | $ | 9,547 |  |  | $ | 636 |  |  | $ | 10,183 |
______________________________ (1) Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment.

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- Definition The entire disclosure for reporting segments including data and tables. 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