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v3.19.3

SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2019 USD ($) | Sep. 30, 2018 USD ($) | Sep. 30, 2019 USD ($) segment | Sep. 30, 2018 USD ($) | Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items] |  |  |  |  |
Number of reportable segments | segment |  |  | 1 |  |
Segment revenues and net operating income [Abstract] |  |  |  |  |
Revenue | $ 47,436 | $ 45,406 | $ 139,978 | $ 134,638 |
Property operating expenses, including real estate taxes | 19,910 | 19,487 | 59,462 | 57,691 |
Net operating income | 27,526 | 25,919 | 80,516 | 76,947 |
Casualty gain (loss) | (178) | (225) | (911) | (275) |
Depreciation and amortization | (18,751) | (19,164) | (55,299) | (58,812) |
Impairment of real estate investments | 0 | 0 | 0 | (17,809) |
General and administrative expenses | (3,448) | (3,147) | (10,803) | (11,114) |
Interest expense | (7,694) | (8,193) | (23,180) | (25,051) |
Loss on debt extinguishment | (1,087) | (540) | (1,496) | (673) |
Interest and other income | 498 | 395 | 1,390 | 1,544 |
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations | (4,687) | (6,224) | (14,335) | (39,333) |
Gain (loss) on sale of real estate and other investments | 39,105 | 9,095 | 39,774 | 11,399 |
Gain (loss) on litigation settlement | 300 | 0 | 6,586 | 0 |
Income (loss) from continuing operations | 34,718 | 2,871 | 32,025 | (27,934) |
Income (loss) from discontinued operations | 0 | 570 | 0 | 14,690 |
NET INCOME (LOSS) | 34,718 | 3,441 | 32,025 | (13,244) |
Segment assets |  |  |  |  |
Property owned | 1,720,352 |  | 1,720,352 |  | $ 1,627,636
Less accumulated depreciation | (370,492) |  | (370,492) |  | (353,871)
Total property owned | 1,349,860 |  | 1,349,860 |  | 1,273,765
Cash and cash equivalents | 8,500 | 36,910 | 8,500 | 36,910 | 13,792
Restricted cash | 3,339 | 4,669 | 3,339 | 4,669 | 5,464
Other assets | 30,589 |  | 30,589 |  | 27,265
Unimproved land | 1,376 |  | 1,376 |  | 5,301
Mortgage loans receivable | 10,140 |  | 10,140 |  | 10,410
TOTAL ASSETS | 1,403,804 |  | 1,403,804 |  | 1,335,997
Management Service |  |  |  |  |
Segment revenues and net operating income [Abstract] |  |  |  |  |
Property management | (1,553) | (1,269) | (4,552) | (4,090) |
Casualty gain (loss) |  | (225) |  |  |
Operating Segments | Multifamily |  |  |  |  |
Segment revenues and net operating income [Abstract] |  |  |  |  |
Revenue | 43,916 | 40,885 | 129,457 | 119,069 |
Property operating expenses, including real estate taxes | 18,455 | 17,491 | 54,888 | 51,342 |
Net operating income | 25,461 | 23,394 | 74,569 | 67,727 |
Segment assets |  |  |  |  |
Property owned | 1,684,943 |  | 1,684,943 |  | 1,582,917
Less accumulated depreciation | (360,955) |  | (360,955) |  | (340,081)
Total property owned | 1,323,988 |  | 1,323,988 |  | 1,242,836
Operating Segments | All Other |  |  |  |  |
Segment revenues and net operating income [Abstract] |  |  |  |  |
Revenue | 3,520 | 4,521 | 10,521 | 15,569 |
Property operating expenses, including real estate taxes | 1,455 | 1,996 | 4,574 | 6,349 |
Net operating income | 2,065 | $ 2,525 | 5,947 | $ 9,220 |
Segment assets |  |  |  |  |
Property owned | 35,409 |  | 35,409 |  | 44,719
Less accumulated depreciation | (9,537) |  | (9,537) |  | (13,790)
Total property owned | $ 25,872 |  | $ 25,872 |  | $ 30,929

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