XML 60 R26.htm IDEA: XBRL DOCUMENT v3.19.3

SEGMENT REPORTING (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

+ Details

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration