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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Real Estate Rental Revenue as a Percentage | 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 | %
Schedule of Percentage of Income Producing Real Estate Assets by Segment | 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 | %
Schedule of Reconciliation of Net Operating Income of Reportable Segments | 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 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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