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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Reconciliation of Net Operating Income of Reportable Segments | 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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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