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SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements.
|  | (in thousands)
Year ended December 31, 2020 |  | Multifamily | All Other | Total
Revenue |  | $ | 171,231 |  | $ | 6,763 |  | $ | 177,994 |
Property operating expenses, including real estate taxes |  | 70,044 |  | 3,114 |  | 73,158 |
Net operating income |  | $ | 101,187 |  | $ | 3,649 |  | $ | 104,836 |
Property management expenses |  |  |  | (5,801) |
Casualty loss |  |  |  | (1,662) |
Depreciation and amortization |  |  |  | (75,593) |
General and administrative expenses |  |  |  | (13,440) |
Interest expense |  |  |  | (27,525) |
Loss on debt extinguishment |  |  |  | (23) |
Interest and other income (loss) |  |  |  | (1,552) |
Income (loss) before gain (loss) on sale of real estate and other investments |  |  |  | (20,760) |
Gain (loss) on sale of real estate and other investments |  |  |  | 25,503 |
Net income (loss) |  |  |  | $ | 4,743 |
|  | (in thousands)
Year ended December 31, 2019 |  | Multifamily | All Other | Total
Revenue |  | $ | 155,635 |  | $ | 30,120 |  | $ | 185,755 |
Property operating expenses, including real estate taxes |  | 63,909 |  | 14,406 |  | 78,315 |
Net operating income |  | $ | 91,726 |  | $ | 15,714 |  | $ | 107,440 |
Property management expenses |  |  |  | (6,186) |
Casualty loss |  |  |  | (1,116) |
Depreciation and amortization |  |  |  | (74,271) |
General and administrative expenses |  |  |  | (14,450) |
Interest expense |  |  |  | (30,537) |
Loss on debt extinguishment |  |  |  | (2,360) |
Interest and other income |  |  |  | 2,092 |
Income (loss) before gain on sale of real estate and other investments and gain (loss) on litigation settlement |  |  |  | (19,388) |
Gain (loss) on sale of real estate and other investments |  |  |  | 97,624 |
Gain (loss) on litigation settlement |  |  |  | 6,586 |
Net income (loss) |  |  |  | $ | 84,822 |
|  | (in thousands)
Transition period ended December 31, 2018 |  | Multifamily | All Other | Total
Revenue |  | $ | 96,234 |  | $ | 25,637 |  | $ | 121,871 |
Property operating expenses, including real estate taxes |  | 39,360 |  | 11,359 |  | 50,719 |
Net operating income |  | $ | 56,874 |  | $ | 14,278 |  | $ | 71,152 |
Property management expenses |  |  |  | (3,663) |
Casualty loss |  |  |  | (915) |
Depreciation and amortization |  |  |  | (50,456) |
Impairment of real estate investments |  |  |  | (1,221) |
General and administrative expenses |  |  |  | (9,812) |
Interest expense |  |  |  | (21,359) |
Loss on debt extinguishment |  |  |  | (556) |
Interest and other income |  |  |  | 1,233 |
Income (loss) before gain on sale of real estate and other investments |  |  |  | (15,597) |
Gain (loss) on sale of real estate and other investments |  |  |  | 9,707 |
Income (loss) from continuing operations |  |  |  | (5,890) |
Income (loss) from discontinued operations |  |  |  | 570 |
Net income (loss) |  |  |  | $ | (5,320) |
|  | (in thousands)
Fiscal Year ended April 30, 2018 |  | Multifamily (1) | All Other (1) | Total
Revenue |  | $ | 159,983 |  | $ | 9,762 |  | $ | 169,745 |
Property operating expenses, including real estate taxes |  | 70,460 |  | 2,574 |  | 73,034 |
Net operating income |  | $ | 89,523 |  | $ | 7,188 |  | $ | 96,711 |
Property management expenses |  |  |  | (5,526) |
Casualty loss |  |  |  | (500) |
Depreciation and amortization |  |  |  | (82,070) |
Impairment of real estate investments |  |  |  | (18,065) |
General and administrative expenses |  |  |  | (14,203) |
Acquisition and investment related costs |  |  |  | (51) |
Interest expense |  |  |  | (34,178) |
Loss on debt extinguishment |  |  |  | (940) |
Interest and other income |  |  |  | 1,508 |
Income (loss) before loss on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  | (57,314) |
Gain (loss) on sale of real estate and other investments |  |  |  | 20,120 |
Income (loss) from continuing operations |  |  |  | (37,194) |
Income (loss) from discontinued operations |  |  |  | 164,823 |
Net income (loss) |  |  |  | $ | 127,629 |
(1)Revenue, property operating expenses, including real estate taxes, and net operating income for the year ended April 30, 2018 have not been updated for properties sold during the years ended December 31, 2020 and 2019.
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation
|  | (in thousands)
As of December 31, 2020 |  | Multifamily | All Other | Total
Segment assets |  |  |  |
Property owned |  | $ | 1,779,378 |  | $ | 33,179 |  | $ | 1,812,557 |
Less accumulated depreciation |  | (387,989) |  | (11,260) |  | (399,249) |
Total property owned |  | $ | 1,391,389 |  | $ | 21,919 |  | $ | 1,413,308 |
Cash and cash equivalents |  |  |  | 392 |
Restricted cash |  |  |  | 6,918 |
Other assets |  |  |  | 18,904 |
Mortgage loans receivable |  |  |  | 24,661 |
Total Assets |  |  |  | $ | 1,464,183 |
|  | (in thousands)
As of December 31, 2019 |  | Multifamily | All Other | Total
Segment assets |  |  |  |
Property owned |  | $ | 1,572,529 |  | $ | 70,549 |  | $ | 1,643,078 |
Less accumulated depreciation |  | (319,318) |  | (29,804) |  | (349,122) |
Total property owned |  | $ | 1,253,211 |  | $ | 40,745 |  | $ | 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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