XML 47 R34.htm IDEA: XBRL DOCUMENT
v3.22.0.1

SEGMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Segment Reporting [Abstract] |
Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the years ended December 31, 2021, 2020, and 2019 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, 2021 |  | Multifamily | All Other | Total
Revenue |  | $ | 195,624 |  | $ | 6,081 |  | $ | 201,705 |
Property operating expenses, including real estate taxes |  | 79,096 |  | 2,761 |  | 81,857 |
Net operating income |  | $ | 116,528 |  | $ | 3,320 |  | $ | 119,848 |
Property management expenses |  |  |  | (8,752) |
Casualty loss |  |  |  | (344) |
Depreciation and amortization |  |  |  | (92,165) |
General and administrative expenses |  |  |  | (16,213) |
Gain (loss) on sale of real estate and other investments |  |  |  | 27,518 |
Interest expense |  |  |  | (29,078) |
Loss on debt extinguishment |  |  |  | (535) |
Interest and other income (loss) |  |  |  | (2,380) |
Net income (loss) |  |  |  | $ | (2,101) |
|  | (in thousands)
Year ended December 31, 2020 |  | Multifamily | All Other | Total
Revenue |  | $ | 164,126 |  | $ | 13,868 |  | $ | 177,994 |
Property operating expenses, including real estate taxes |  | 66,356 |  | 6,802 |  | 73,158 |
Net operating income |  | $ | 97,770 |  | $ | 7,066 |  | $ | 104,836 |
Property management expenses |  |  |  | (5,801) |
Casualty loss |  |  |  | (1,662) |
Depreciation and amortization |  |  |  | (75,593) |
General and administrative expenses |  |  |  | (13,440) |
Gain (loss) on sale of real estate and other investments |  |  |  | 25,503 |
Interest expense |  |  |  | (27,525) |
Loss on debt extinguishment |  |  |  | (23) |
Interest and other income |  |  |  | (1,552) |
Net income (loss) |  |  |  | $ | 4,743 |
|  | (in thousands)
Year ended December 31, 2019 |  | Multifamily | All Other | Total
Revenue |  | $ | 148,644 |  | $ | 37,111 |  | $ | 185,755 |
Property operating expenses, including real estate taxes |  | 60,760 |  | 17,555 |  | 78,315 |
Net operating income |  | $ | 87,884 |  | $ | 19,556 |  | $ | 107,440 |
Property management expenses |  |  |  | (6,186) |
Casualty loss |  |  |  | (1,116) |
Depreciation and amortization |  |  |  | (74,271) |
General and administrative expenses |  |  |  | (14,450) |
Gain (loss) on sale of real estate and other investments |  |  |  | 97,624 |
Interest expense |  |  |  | (30,537) |
Loss on debt extinguishment |  |  |  | (2,360) |
Interest and other income |  |  |  | 2,092 |
Income (loss) before gain on litigation settlement |  |  |  | 78,236 |
Gain (loss) on litigation settlement |  |  |  | 6,586 |
Net income (loss) |  |  |  | $ | 84,822 |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation
|  | (in thousands)
As of December 31, 2021 |  | Multifamily | All Other | Total
Segment assets |  |  |  |
Property owned |  | $ | 2,244,250 |  | $ | 26,920 |  | $ | 2,271,170 |
Less accumulated depreciation |  | (436,004) |  | (7,588) |  | (443,592) |
Total property owned |  | $ | 1,808,246 |  | $ | 19,332 |  | $ | 1,827,578 |
Cash and cash equivalents |  |  |  | 31,267 |
Restricted cash |  |  |  | 7,358 |
Other assets |  |  |  | 30,582 |
Mortgage loans receivable |  |  |  | 43,276 |
Total Assets |  |  |  | $ | 1,940,061 |
|  | (in thousands)
As of December 31, 2020 |  | Multifamily | All Other | Total
Segment assets |  |  |  |
Property owned |  | $ | 1,727,287 |  | $ | 85,270 |  | $ | 1,812,557 |
Less accumulated depreciation |  | (368,717) |  | (30,532) |  | (399,249) |
Total property owned |  | $ | 1,358,570 |  | $ | 54,738 |  | $ | 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 |

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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 Reference 2: 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=123359005&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=123359005&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=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration