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SEGMENTS
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
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. We do not group our operations based on geography, size, or type. 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. “All other” is composed of non-multifamily properties, non-multifamily components of mixed use properties, and properties disposed or designated as held for sale.
Prior to the third quarter of fiscal year 2018, we reported our results in two reportable segments: multifamily and healthcare. We sold substantially all of our healthcare portfolio during the third quarter of fiscal year 2018 and classified it as discontinued operations, at which point healthcare no longer met the quantitative thresholds for reporting as a separate 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, 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 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, 2020MultifamilyAll OtherTotal
Revenue$171,231 $6,763 $177,994 
Property operating expenses, including real estate taxes70,044 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 investments25,503 
Net income (loss)$4,743 
 (in thousands)
Year ended December 31, 2019MultifamilyAll OtherTotal
Revenue$155,635 $30,120 $185,755 
Property operating expenses, including real estate taxes63,909 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 settlement6,586 
Net income (loss)  $84,822 
 
 (in thousands)
Transition period ended December 31, 2018MultifamilyAll OtherTotal
Revenue$96,234 $25,637 $121,871 
Property operating expenses, including real estate taxes39,360 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 taxes70,460 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 
 (in thousands)
As of December 31, 2020MultifamilyAll OtherTotal
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 equivalents392 
Restricted cash6,918 
Other assets18,904 
Mortgage loans receivable24,661 
Total Assets$1,464,183 

 (in thousands)
As of December 31, 2019MultifamilyAll OtherTotal
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 cash19,538 
Other assets  34,829 
Unimproved land1,376 
Mortgage loans receivable  16,140 
Total Assets  $1,392,418