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SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the years ended December 31, 2022, 2021, and 2020 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, 2022 |  | Multifamily | All Other | Total
Revenue |  | $ | 252,950 |  | $ | 3,766 |  | $ | 256,716 |
Property operating expenses, including real estate taxes |  | 107,431 |  | 1,206 |  | 108,637 |
Net operating income |  | $ | 145,519 |  | $ | 2,560 |  | $ | 148,079 |
Property management expenses |  |  |  | (9,895) |
Casualty loss |  |  |  | (1,591) |
Depreciation and amortization |  |  |  | (105,257) |
General and administrative expenses |  |  |  | (17,516) |
Gain (loss) on sale of real estate and other investments |  |  |  | 41 |
Interest expense |  |  |  | (32,750) |
Interest and other income (loss) |  |  |  | 1,248 |
Net income (loss) |  |  |  | $ | (17,641) |
|  | (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) |
Interest and other income |  |  |  | (2,915) |
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) |
Interest and other income |  |  |  | (1,575) |
Net income (loss) |  |  |  | $ | 4,743 |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation
|  | (in thousands)
As of December 31, 2022 |  | Multifamily | All Other | Total
Segment assets |  |  |  |
Property owned |  | $ | 2,507,448 |  | $ | 26,676 |  | $ | 2,534,124 |
Less accumulated depreciation |  | (527,199) |  | (8,202) |  | (535,401) |
Total property owned |  | $ | 1,980,249 |  | $ | 18,474 |  | $ | 1,998,723 |
Cash and cash equivalents |  |  |  | 10,458 |
Restricted cash |  |  |  | 1,433 |
Other assets |  |  |  | 22,687 |
Total Assets |  |  |  | $ | 2,033,301 |
|  | (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 |

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- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 + Details
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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 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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