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SEGMENTS (Tables)

6 Months Ended

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

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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
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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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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