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SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 and 2023, respectively, along with reconciliations to net income (loss) 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, 2024 | Multifamily |  | All Other |  | Total
Revenue | $ | 64,466 |  |  | $ | 577 |  |  | $ | 65,043 |
Property operating expenses, including real estate taxes | 24,953 |  |  | 236 |  |  | 25,189 |
Net operating income | $ | 39,513 |  |  | $ | 341 |  |  | $ | 39,854 |
Property management expense |  |  |  |  | (2,222) |
Casualty loss |  |  |  |  | (510) |
Depreciation and amortization |  |  |  |  | (25,714) |
General and administrative expenses |  |  |  |  | (4,216) |
Interest expense |  |  |  |  | (9,332) |
Interest and other income |  |  |  |  | 477 |
Net loss |  |  |  |  | $ | (1,663) |
| (in thousands)
Three Months Ended June 30, 2023 | Multifamily |  | All Other |  | Total
Revenue | $ | 60,531 |  |  | $ | 4,245 |  |  | $ | 64,776 |
Property operating expenses, including real estate taxes | 23,228 |  |  | 1,818 |  |  | 25,046 |
Net operating income | $ | 37,303 |  |  | $ | 2,427 |  |  | $ | 39,730 |
Property management expense |  |  |  |  | (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)
Six Months Ended June 30, 2024 | Multifamily |  | All Other |  | Total
Revenue | $ | 127,806 |  |  | $ | 1,743 |  |  | $ | 129,549 |
Property operating expenses, including real estate taxes | 49,513 |  |  | 745 |  |  | 50,258 |
Net operating income | $ | 78,293 |  |  | $ | 998 |  |  | $ | 79,291 |
Property management expense |  |  |  |  | (4,552) |
Casualty loss |  |  |  |  | (1,330) |
Depreciation and amortization |  |  |  |  | (52,726) |
General and administrative expenses |  |  |  |  | (8,839) |
Loss on sale of real estate and other investments |  |  |  |  | (577) |
Interest expense |  |  |  |  | (18,539) |
Interest and other income |  |  |  |  | 817 |
Net loss |  |  |  |  | $ | (6,455) |
| (in thousands)
Six Months Ended June 30, 2023 | Multifamily |  | All Other |  | Total
Revenue | $ | 119,971 |  |  | $ | 12,702 |  |  | $ | 132,673 |
Property operating expenses, including real estate taxes | 47,753 |  |  | 6,216 |  |  | 53,969 |
Net operating income | $ | 72,218 |  |  | $ | 6,486 |  |  | $ | 78,704 |
Property management expense |  |  |  |  | (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 |
Schedule of Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of June 30, 2024, and December 31, 2023, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
| (in thousands)
As of June 30, 2024 | Multifamily |  | All Other |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,410,982 |  |  | $ | 17,308 |  |  | $ | 2,428,290 |
Less accumulated depreciation | (574,474) |  |  | (4,217) |  |  | (578,691) |
Total real estate investments | $ | 1,836,508 |  |  | $ | 13,091 |  |  | $ | 1,849,599 |
Cash and cash equivalents |  |  |  |  | 14,328 |
Restricted cash |  |  |  |  | 1,084 |
Other assets |  |  |  |  | 34,414 |
Total Assets |  |  |  |  | $ | 1,899,425 |
| (in thousands)
As of December 31, 2023 | Multifamily |  | All Other |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,381,461 |  |  | $ | 38,685 |  |  | $ | 2,420,146 |
Less accumulated depreciation | (524,364) |  |  | (6,339) |  |  | (530,703) |
Total real estate investments | $ | 1,857,097 |  |  | $ | 32,346 |  |  | $ | 1,889,443 |
Cash and cash equivalents |  |  |  |  | 8,630 |
Restricted cash |  |  |  |  | 639 |
Other assets |  |  |  |  | 27,649 |
Total Assets |  |  |  |  | $ | 1,926,361 |

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