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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2024
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. We have one office property, Watergate 600, which does not meet the quantitative or qualitative criteria for a reportable segment and has been classified within “Other”, along with business activities that are not part of an operating segment, on our segment disclosure tables. Our CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of assessing the performance and allocating resources to the operating segment. The CODM uses net operating income (“NOI”), defined as real estate rental revenue less real estate expenses (the significant segment expense), as the key basis of measurement for the reported segment profit or loss. Real estate rental revenue as a percentage of the total for the Residential reportable segment and Other for the three years ended December 31, 2024 was as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Residential | 92 | % |  | 92 | % |  | 91 | %
Other | 8 | % |  | 8 | % |  | 9 | %
The percentage of income producing real estate assets classified as held and used, at cost, for the Residential reportable segment and Other as of December 31, 2024 and 2023 was as follows:
| 2024 |  | 2023
Residential | 96 | % |  | 96 | %
Other | 4 | % |  | 4 | %
The following tables present revenues, net operating income, capital expenditures and total assets for the three years ended December 31, 2024 from the Residential reportable segment and Other, and reconciles the consolidated net operating income to net loss as reported (in thousands):
| Twelve Months Ended December 31, 2024
| Residential |  | Other |  | Consolidated
Real estate rental revenue | $ | 223,638 |  |  | $ | 18,297 |  |  | $ | 241,935 |
Real estate expenses | 83,066 |  |  | 5,635 |  |  | 88,701 |
Net operating income | $ | 140,572 |  |  | $ | 12,662 |  |  | $ | 153,234 |
Property management expenses |  |  |  |  | (8,861) |
General and administrative expenses |  |  |  |  | (24,969) |
Depreciation and amortization |  |  |  |  | (95,935) |
Interest expense |  |  |  |  | (37,835) |
Loss on extinguishment of debt |  |  |  |  | (147) |
Other income |  |  |  |  | 1,410 |
Net loss |  |  |  |  | $ | (13,103) |
Capital expenditures | $ | 47,054 |  |  | $ | 548 |  |  | $ | 47,602 |
Total assets | $ | 1,719,087 |  |  | $ | 126,675 |  |  | $ | 1,845,762 |
| Twelve Months Ended December 31, 2023
| Residential |  | Other |  | 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 |  | 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 |

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