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SEGMENT REPORTING (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the three and six months ended June 30, 2022 and 2021, 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, 2022 | Multifamily |  | All Other |  | Total
Revenue | $ | 62,201 |  |  | $ | 915 |  |  | $ | 63,116 |
Property operating expenses, including real estate taxes | 25,986 |  |  | 230 |  |  | 26,216 |
Net operating income | $ | 36,215 |  |  | $ | 685 |  |  | $ | 36,900 |
Property management |  |  |  |  | (2,721) |
Casualty gain (loss) |  |  |  |  | (382) |
Depreciation and amortization |  |  |  |  | (24,768) |
General and administrative expenses |  |  |  |  | (5,221) |
Gain (loss) on sale of real estate and other investments |  |  |  |  | 27 |
Interest expense |  |  |  |  | (7,561) |
Interest and other income |  |  |  |  | (17) |
Net income (loss) |  |  |  |  | $ | (3,743) |
| (in thousands)
Three Months Ended June 30, 2021 | Multifamily |  | All Other |  | Total
Revenue | $ | 44,957 |  |  | $ | 1,699 |  |  | $ | 46,656 |
Property operating expenses, including real estate taxes | 17,967 |  |  | 793 |  |  | 18,760 |
Net operating income | $ | 26,990 |  |  | $ | 906 |  |  | $ | 27,896 |
Property management |  |  |  |  | (2,085) |
Casualty gain (loss) |  |  |  |  | 27 |
Depreciation and amortization |  |  |  |  | (19,308) |
General and administrative expenses |  |  |  |  | (3,797) |
Gain (loss) on sale of real estate and other investments |  |  |  |  | 26,840 |
Interest expense |  |  |  |  | (7,089) |
Interest and other income |  |  |  |  | 619 |
Net income (loss) |  |  |  |  | $ | 23,103 |
| (in thousands)
Six Months Ended June 30, 2022 | Multifamily |  | All Other |  | Total
Revenue | $ | 121,599 |  |  | $ | 1,831 |  |  | $ | 123,430 |
Property operating expenses, including real estate taxes | 51,529 |  |  | 560 |  |  | 52,089 |
Net operating income | $ | 70,070 |  |  | $ | 1,271 |  |  | $ | 71,341 |
Property management expenses |  |  |  |  | (4,974) |
Casualty gain (loss) |  |  |  |  | (980) |
Depreciation and amortization |  |  |  |  | (55,769) |
General and administrative expenses |  |  |  |  | (9,721) |
Gain (loss) on sale of real estate and other investments |  |  |  |  | 27 |
Interest expense |  |  |  |  | (15,276) |
Interest and other income |  |  |  |  | 1,046 |
Net income (loss) |  |  |  |  | $ | (14,306) |
| (in thousands)
Six Months Ended June 30, 2021 | Multifamily |  | All Other |  | Total
Revenue | $ | 89,198 |  |  | $ | 4,106 |  |  | $ | 93,304 |
Property operating expenses, including real estate taxes | 35,841 |  |  | 2,160 |  |  | 38,001 |
Net operating income | $ | 53,357 |  |  | $ | 1,946 |  |  | $ | 55,303 |
Property management expenses |  |  |  |  | (3,852) |
Casualty gain (loss) |  |  |  |  | (74) |
Depreciation and amortization |  |  |  |  | (39,300) |
General and administrative expenses |  |  |  |  | (7,703) |
Gain (loss) on sale of real estate and other investments |  |  |  |  | 26,840 |
Interest expense |  |  |  |  | (14,320) |
Interest and other income |  |  |  |  | 1,050 |
Net income (loss) |  |  |  |  | $ | 17,944 |
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of June 30, 2022, and December 31, 2021, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
| (in thousands)
As of June 30, 2022 | Multifamily |  | All Other |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,374,726 |  |  | $ | 26,701 |  |  | $ | 2,401,427 |
Less accumulated depreciation | (480,113) |  |  | (7,721) |  |  | (487,834) |
Total property owned | $ | 1,894,613 |  |  | $ | 18,980 |  |  | $ | 1,913,593 |
Cash and cash equivalents |  |  |  |  | 13,156 |
Restricted cash |  |  |  |  | 1,914 |
Other assets |  |  |  |  | 18,950 |
Total Assets |  |  |  |  | $ | 1,947,613 |
| (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 |
Mortgage loans receivable |  |  |  |  | 43,276 |
Cash and cash equivalents |  |  |  |  | 31,267 |
Restricted cash |  |  |  |  | 7,358 |
Other assets |  |  |  |  | 30,582 |
Total Assets |  |  |  |  | $ | 1,940,061 |

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