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SEGMENT REPORTING (Tables) | 3 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the three months ended March 31, 2020 and 2019, 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 March 31, 2020 | Multifamily |  |  | All Other |  |  | Total |
Revenue | $ | 43,331 |  |  | $ | 1,075 |  |  | $ | 44,406 |
Property operating expenses, including real estate taxes | 18,578 |  |  | 355 |  |  | 18,933 |
Net operating income | $ | 24,753 |  |  | $ | 720 |  |  | $ | 25,473 |
Property management |  |  |  |  | (1,554 | )
Casualty gain (loss) |  |  |  |  | (327 | )
Depreciation and amortization |  |  |  |  | (18,160 | )
General and administrative expenses |  |  |  |  | (3,428 | )
Interest expense |  |  |  |  | (6,911 | )
Interest and other income |  |  |  |  | (2,777 | )
Net income (loss) |  |  |  |  | $ | (7,684 | )
| (in thousands)
Three Months Ended March 31, 2019 | Multifamily |  |  | All Other |  |  | Total |
Revenue | $ | 38,739 |  |  | $ | 6,869 |  |  | $ | 45,608 |
Property operating expenses, including real estate taxes | 16,770 |  |  | 3,266 |  |  | 20,036 |
Net operating income | $ | 21,969 |  |  | $ | 3,603 |  |  | $ | 25,572 |
Property management |  |  |  |  | (1,554 | )
Casualty gain (loss) |  |  |  |  | (641 | )
Depreciation and amortization |  |  |  |  | (18,111 | )
General and administrative expenses |  |  |  |  | (3,806 | )
Interest expense |  |  |  |  | (7,896 | )
Loss on debt extinguishment |  |  |  |  | (2 | )
Interest and other income |  |  |  |  | 424 |
Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  |  | (6,014 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | 54 |
Net income (loss) |  |  |  |  | $ | (5,960 | )
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of March 31, 2020, and December 31, 2019, respectively, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of March 31, 2020 | Multifamily |  |  | All Other |  |  | Total |
Segment assets |  |  |  |  |  |  |  |
Property owned | $ | 1,653,829 |  |  | $ | 33,607 |  |  | $ | 1,687,436 |
Less accumulated depreciation | (356,045 | ) |  | (10,262 | ) |  | (366,307 | )
Total property owned | $ | 1,297,784 |  |  | $ | 23,345 |  |  | $ | 1,321,129 |
Cash and cash equivalents |  |  |  |  | 26,338 |
Restricted cash |  |  |  |  | 2,344 |
Other assets |  |  |  |  | 21,124 |
Unimproved land |  |  |  |  | 1,376 |
Mortgage loans receivable |  |  |  |  | 16,775 |
Total Assets |  |  |  |  | $ | 1,389,086 |
| (in thousands)
As of December 31, 2019 | Multifamily |  |  | All Other |  |  | Total |
Segment assets |  |  |  |  |  |  |  |
Property owned | $ | 1,609,471 |  |  | $ | 33,607 |  |  | $ | 1,643,078 |
Less accumulated depreciation | (339,272 | ) |  | (9,850 | ) |  | (349,122 | )
Total property owned | $ | 1,270,199 |  |  | $ | 23,757 |  |  | $ | 1,293,956 |
Cash and cash equivalents |  |  |  |  | 26,579 |
Restricted cash |  |  |  |  | 19,538 |
Other assets |  |  |  |  | 34,829 |
Unimproved land |  |  |  |  | 1,376 |
Mortgage loans receivable |  |  |  |  | 16,140 |
Total Assets |  |  |  |  | $ | 1,392,418 |

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- 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
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