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SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the three and six months ended June 30, 2023 and 2022, 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, 2023 | Multifamily |  | All Other |  | Total
Revenue | $ | 63,733 |  |  | $ | 1,043 |  |  | $ | 64,776 |
Property operating expenses, including real estate taxes | 24,730 |  |  | 316 |  |  | 25,046 |
Net operating income | $ | 39,003 |  |  | $ | 727 |  |  | $ | 39,730 |
Property management |  |  |  |  | (2,247) |
Casualty loss |  |  |  |  | (53) |
Depreciation and amortization |  |  |  |  | (24,371) |
General and administrative expenses |  |  |  |  | (4,162) |
Loss on sale of real estate and other investments |  |  |  |  | (67) |
Loss on litigation settlement |  |  |  |  | (2,864) |
Interest expense |  |  |  |  | (8,641) |
Interest and other income |  |  |  |  | 295 |
Net loss |  |  |  |  | $ | (2,380) |
| (in thousands)
Three Months Ended June 30, 2022 | Multifamily |  | All Other |  | Total
Revenue | $ | 57,436 |  |  | $ | 5,680 |  |  | $ | 63,116 |
Property operating expenses, including real estate taxes | 23,398 |  |  | 2,818 |  |  | 26,216 |
Net operating income | $ | 34,038 |  |  | $ | 2,862 |  |  | $ | 36,900 |
Property management |  |  |  |  | (2,721) |
Casualty loss |  |  |  |  | (382) |
Depreciation and amortization |  |  |  |  | (24,768) |
General and administrative expenses |  |  |  |  | (5,221) |
Gain on sale of real estate and other investments |  |  |  |  | 27 |
Interest expense |  |  |  |  | (7,561) |
Interest and other loss |  |  |  |  | (17) |
Net loss |  |  |  |  | $ | (3,743) |
| (in thousands)
Six Months Ended June 30, 2023 | Multifamily |  | All Other |  | Total
Revenue | $ | 126,230 |  |  | $ | 6,443 |  |  | $ | 132,673 |
Property operating expenses, including real estate taxes | 50,633 |  |  | 3,336 |  |  | 53,969 |
Net operating income | $ | 75,597 |  |  | $ | 3,107 |  |  | $ | 78,704 |
Property management |  |  |  |  | (4,815) |
Casualty loss |  |  |  |  | (305) |
Depreciation and amortization |  |  |  |  | (50,364) |
General and administrative expenses |  |  |  |  | (11,885) |
Gain on sale of real estate and other investments |  |  |  |  | 60,092 |
Loss on litigation settlement |  |  |  |  | (2,864) |
Interest expense |  |  |  |  | (18,960) |
Interest and other income |  |  |  |  | 344 |
Net income |  |  |  |  | $ | 49,947 |
| (in thousands)
Six Months Ended June 30, 2022 | Multifamily |  | All Other |  | Total
Revenue | $ | 112,352 |  |  | $ | 11,078 |  |  | $ | 123,430 |
Property operating expenses, including real estate taxes | 46,478 |  |  | 5,611 |  |  | 52,089 |
Net operating income | $ | 65,874 |  |  | $ | 5,467 |  |  | $ | 71,341 |
Property management |  |  |  |  | (4,974) |
Casualty loss |  |  |  |  | (980) |
Depreciation and amortization |  |  |  |  | (55,769) |
General and administrative expenses |  |  |  |  | (9,721) |
Gain on sale of real estate and other investments |  |  |  |  | 27 |
Interest expense |  |  |  |  | (15,276) |
Interest and other income |  |  |  |  | 1,046 |
Net loss |  |  |  |  | $ | (14,306) |
Schedule of Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of June 30, 2023, and December 31, 2022, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
| (in thousands)
As of June 30, 2023 | Multifamily |  | All Other |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,407,300 |  |  | $ | 26,838 |  |  | $ | 2,434,138 |
Less accumulated depreciation | (534,566) |  |  | (8,698) |  |  | (543,264) |
Total property owned | $ | 1,872,734 |  |  | $ | 18,140 |  |  | $ | 1,890,874 |
Cash and cash equivalents |  |  |  |  | 9,745 |
Restricted cash |  |  |  |  | 566 |
Other assets |  |  |  |  | 18,992 |
Total Assets |  |  |  |  | $ | 1,920,177 |
| (in thousands)
As of December 31, 2022 | Multifamily |  | All Other |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,385,351 |  |  | $ | 148,773 |  |  | $ | 2,534,124 |
Less accumulated depreciation | (487,129) |  |  | (48,272) |  |  | (535,401) |
Total property owned | $ | 1,898,222 |  |  | $ | 100,501 |  |  | $ | 1,998,723 |
Cash and cash equivalents |  |  |  |  | 10,458 |
Restricted cash |  |  |  |  | 1,433 |
Other assets |  |  |  |  | 22,687 |
Total Assets |  |  |  |  | $ | 2,033,301 |

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