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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of our operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. Our chief operating decision-makers evaluate each property's operating results to make decisions about resources to be allocated and to assess performance and do not group the properties based on geography, size, or type for this purpose. Our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, our apartment communities are aggregated into a single reportable segment. Our executive management team comprises our chief operating decision-makers. This team measures the performance of our reportable segment based on net operating income (“NOI”), which we define as total real estate revenues less property operating expenses, including real estate taxes. We believe that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance. The following tables present NOI for the three and six months ended June 30, 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 June 30, 2020 | Multifamily |  |  | All Other |  |  | Total |
Revenue | $ | 43,492 |  |  | $ | 418 |  |  | $ | 43,910 |
Property operating expenses, including real estate taxes | 17,521 |  |  | 249 |  |  | 17,770 |
Net operating income | $ | 25,971 |  |  | $ | 169 |  |  | $ | 26,140 |
Property management |  |  |  |  | (1,345 | )
Casualty gain (loss) |  |  |  |  | (913 | )
Depreciation and amortization |  |  |  |  | (18,156 | )
General and administrative expenses |  |  |  |  | (3,202 | )
Interest expense |  |  |  |  | (6,940 | )
Interest and other income |  |  |  |  | 538 |
Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement |  |  |  |  | (3,895 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | (190 | )
Net income (loss) |  |  |  |  | $ | (4,085 | )
| (in thousands)
Three Months Ended June 30, 2019 | Multifamily |  |  | All Other |  |  | Total |
Revenue | $ | 39,867 |  |  | $ | 7,067 |  |  | $ | 46,934 |
Property operating expenses, including real estate taxes | 16,203 |  |  | 3,313 |  |  | 19,516 |
Net operating income | $ | 23,664 |  |  | $ | 3,754 |  |  | $ | 27,418 |
Property management |  |  |  |  | (1,445 | )
Casualty gain (loss) |  |  |  |  | (92 | )
Depreciation and amortization |  |  |  |  | (18,437 | )
General and administrative expenses |  |  |  |  | (3,549 | )
Interest expense |  |  |  |  | (7,590 | )
Loss on debt extinguishment |  |  |  |  | (407 | )
Interest and other income |  |  |  |  | 468 |
Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement |  |  |  |  | (3,634 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | 615 |
Gain (loss) on litigation settlement |  |  |  |  | 6,286 |
Net income (loss) |  |  |  |  | $ | 3,267 |
| (in thousands)
Six Months Ended June 30, 2020 | Multifamily |  |  | All Other |  |  | Total |
Revenue | $ | 86,823 |  |  | $ | 1,493 |  |  | $ | 88,316 |
Property operating expenses, including real estate taxes | 36,099 |  |  | 604 |  |  | 36,703 |
Net operating income | $ | 50,724 |  |  | $ | 889 |  |  | $ | 51,613 |
Property management expenses |  |  |  |  | (2,899 | )
Casualty gain (loss) |  |  |  |  | (1,240 | )
Depreciation and amortization |  |  |  |  | (36,316 | )
General and administrative expenses |  |  |  |  | (6,630 | )
Interest expense |  |  |  |  | (13,851 | )
Loss on debt extinguishment |  |  |  |  | (17 | )
Interest and other income |  |  |  |  | (2,239 | )
Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement |  |  |  |  | (11,579 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | (190 | )
Net income (loss) |  |  |  |  | $ | (11,769 | )
| (in thousands)
Six Months Ended June 30, 2019 | Multifamily |  |  | All Other |  |  | Total |
Revenue | $ | 78,606 |  |  | $ | 13,936 |  |  | $ | 92,542 |
Property operating expenses, including real estate taxes | 32,974 |  |  | 6,578 |  |  | 39,552 |
Net operating income | $ | 45,632 |  |  | $ | 7,358 |  |  | $ | 52,990 |
Property management expenses |  |  |  |  | (2,999 | )
Casualty gain (loss) |  |  |  |  | (733 | )
Depreciation and amortization |  |  |  |  | (36,548 | )
General and administrative expenses |  |  |  |  | (7,355 | )
Interest expense |  |  |  |  | (15,486 | )
Loss on debt extinguishment |  |  |  |  | (409 | )
Interest and other income |  |  |  |  | 892 |
Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement |  |  |  |  | (9,648 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | 669 |
Gain (loss) on litigation settlement |  |  |  |  | 6,286 |
Net income (loss) |  |  |  |  | $ | (2,693 | )
Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of June 30, 2020, and December 31, 2019, respectively, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of June 30, 2020 | Multifamily |  |  | All Other |  |  | Total |
Segment assets |  |  |  |  |  |  |  |
Property owned | $ | 1,660,419 |  |  | $ | 33,614 |  |  | $ | 1,694,033 |
Less accumulated depreciation | (373,244 | ) |  | (10,673 | ) |  | (383,917 | )
Total property owned | $ | 1,287,175 |  |  | $ | 22,941 |  |  | $ | 1,310,116 |
Cash and cash equivalents |  |  |  |  | 52,714 |
Restricted cash |  |  |  |  | 2,535 |
Other assets |  |  |  |  | 16,484 |
Mortgage loans receivable |  |  |  |  | 10,961 |
Total Assets |  |  |  |  | $ | 1,392,810 |
| (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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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