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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the three and nine months ended September 30, 2019 and 2018, respectively, along with reconciliations to net income in the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.
| (in thousands)
Three Months Ended September 30, 2019 | Multifamily |  |  | All Other |  |  | Total |
Revenue | $ | 43,916 |  |  | $ | 3,520 |  |  | $ | 47,436 |
Property operating expenses, including real estate taxes | 18,455 |  |  | 1,455 |  |  | 19,910 |
Net operating income | $ | 25,461 |  |  | $ | 2,065 |  |  | $ | 27,526 |
Property management |  |  |  |  | (1,553 | )
Casualty gain (loss) |  |  |  |  | (178 | )
Depreciation and amortization |  |  |  |  | (18,751 | )
General and administrative expenses |  |  |  |  | (3,448 | )
Interest expense |  |  |  |  | (7,694 | )
Loss on debt extinguishment |  |  |  |  | (1,087 | )
Interest and other income |  |  |  |  | 498 |
Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement |  |  |  |  | (4,687 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | 39,105 |
Gain (loss) on litigation settlement |  |  |  |  | 300 |
Net income (loss) |  |  |  |  | $ | 34,718 |
| (in thousands)
Three Months Ended September 30, 2018 | Multifamily |  |  | All Other |  |  | Total |
Revenue | $ | 40,885 |  |  | $ | 4,521 |  |  | $ | 45,406 |
Property operating expenses, including real estate taxes | 17,491 |  |  | 1,996 |  |  | 19,487 |
Net operating income | $ | 23,394 |  |  | $ | 2,525 |  |  | $ | 25,919 |
Property management |  |  |  |  | (1,269 | )
Casualty gain (loss) |  |  |  |  | (225 | )
Depreciation and amortization |  |  |  |  | (19,164 | )
General and administrative expenses |  |  |  |  | (3,147 | )
Interest expense |  |  |  |  | (8,193 | )
Loss on debt extinguishment |  |  |  |  | (540 | )
Interest and other income |  |  |  |  | 395 |
Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  |  | (6,224 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | 9,095 |
Income (loss) from continuing operations |  |  |  |  | 2,871 |
Income (loss) from discontinued operations |  |  |  |  | 570 |
Net income (loss) |  |  |  |  | $ | 3,441 |
| (in thousands)
Nine Months Ended September 30, 2019 | Multifamily |  |  | All Other |  |  | Total |
Real estate revenue | $ | 129,457 |  |  | $ | 10,521 |  |  | $ | 139,978 |
Real estate expenses | 54,888 |  |  | 4,574 |  |  | 59,462 |
Net operating income | $ | 74,569 |  |  | $ | 5,947 |  |  | $ | 80,516 |
Property management expenses |  |  |  |  | (4,552 | )
Casualty gain (loss) |  |  |  |  | (911 | )
Depreciation and amortization |  |  |  |  | (55,299 | )
General and administrative expenses |  |  |  |  | (10,803 | )
Interest expense |  |  |  |  | (23,180 | )
Loss on debt extinguishment |  |  |  |  | (1,496 | )
Interest and other income |  |  |  |  | 1,390 |
Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement |  |  |  |  | (14,335 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | 39,774 |
Gain (loss) on litigation settlement |  |  |  |  | 6,586 |
Net income (loss) |  |  |  |  | $ | 32,025 |
| (in thousands)
Nine Months Ended September 30, 2018 | Multifamily |  |  | All Other |  |  | Total |
Real estate revenue | $ | 119,069 |  |  | $ | 15,569 |  |  | $ | 134,638 |
Real estate expenses | 51,342 |  |  | 6,349 |  |  | 57,691 |
Net operating income | $ | 67,727 |  |  | $ | 9,220 |  |  | $ | 76,947 |
Property management expenses |  |  |  |  | (4,090 | )
Casualty gain (loss) |  |  |  |  | (275 | )
Depreciation and amortization |  |  |  |  | (58,812 | )
Impairment of real estate investments |  |  |  |  | (17,809 | )
General and administrative expenses |  |  |  |  | (11,114 | )
Interest expense |  |  |  |  | (25,051 | )
Loss on debt extinguishment |  |  |  |  | (673 | )
Interest and other income |  |  |  |  | 1,544 |
Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  |  | (39,333 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | 11,399 |
Income (loss) from continuing operations |  |  |  |  | (27,934 | )
Income (loss) from discontinued operations |  |  |  |  | 14,690 |
Net income (loss) |  |  |  |  | $ | (13,244 | )
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of September 30, 2019, and December 31, 2018, respectively, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of September 30, 2019 | Multifamily |  |  | All Other |  |  | Total |
Segment assets |  |  |  |  |  |  |  |
Property owned | $ | 1,684,943 |  |  | $ | 35,409 |  |  | $ | 1,720,352 |
Less accumulated depreciation | (360,955 | ) |  | (9,537 | ) |  | (370,492 | )
Total property owned | $ | 1,323,988 |  |  | $ | 25,872 |  |  | $ | 1,349,860 |
Cash and cash equivalents |  |  |  |  | 8,500 |
Restricted cash |  |  |  |  | 3,339 |
Other assets |  |  |  |  | 30,589 |
Unimproved land |  |  |  |  | 1,376 |
Mortgage loans receivable |  |  |  |  | 10,140 |
Total Assets |  |  |  |  | $ | 1,403,804 |
| (in thousands)
As of December 31, 2018 | Multifamily |  |  | All Other |  |  | Total |
Segment assets |  |  |  |  |  |  |  |
Property owned | $ | 1,582,917 |  |  | $ | 44,719 |  |  | $ | 1,627,636 |
Less accumulated depreciation | (340,081 | ) |  | (13,790 | ) |  | (353,871 | )
Total property owned | $ | 1,242,836 |  |  | $ | 30,929 |  |  | $ | 1,273,765 |
Cash and cash equivalents |  |  |  |  | 13,792 |
Restricted cash |  |  |  |  | 5,464 |
Other assets |  |  |  |  | 27,265 |
Unimproved land |  |  |  |  | 5,301 |
Mortgage loans receivable |  |  |  |  | 10,410 |
Total Assets |  |  |  |  | $ | 1,335,997 |

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