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SEGMENTS (Tables)

12 Months Ended

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

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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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
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