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SEGMENT INFORMATION (Tables)

6 Months Ended

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.

X

- 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

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- References

No definition available.

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