XML 44 R31.htm IDEA: XBRL DOCUMENT v3.24.3

SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the three and nine months ended September 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 September 30, 2024			Multifamily						All Other						Total
Revenue			$	64,457					$	568					$	65,025
Property operating expenses, including real estate taxes			26,430						229						26,659
Net operating income			$	38,027					$	339					$	38,366
Property management expense															(2,242)
Casualty gain															412
Depreciation and amortization															(26,084)
General and administrative expenses															(4,102)
Interest expense															(8,946)
Interest and other income															645
Net loss															$	(1,951)

			(in thousands)
Three Months Ended September 30, 2023			Multifamily						All Other						Total
Revenue			$	60,789					$	3,779					$	64,568
Property operating expenses, including real estate taxes			25,018						1,727						26,745
Net operating income			$	35,771					$	2,052					$	37,823
Property management expense															(2,197)
Casualty loss															(937)
Depreciation and amortization															(24,697)
General and administrative expenses															(3,832)
Gain on sale of real estate and other investments															11,235
Interest expense															(8,556)
Interest and other income															330
Net income															$	9,169

			(in thousands)
Nine Months Ended September 30, 2024			Multifamily						All Other						Total
Revenue			$	192,262					$	2,312					$	194,574
Property operating expenses, including real estate taxes			75,943						974						76,917
Net operating income			$	116,319					$	1,338					$	117,657
Property management expense															(6,794)
Casualty loss															(918)
Depreciation and amortization															(78,810)
General and administrative expenses															(12,941)
Loss on sale of real estate and other investments															(577)
Interest expense															(27,485)
Interest and other income															1,462
Net loss															$	(8,406)

			(in thousands)
Nine Months Ended September 30, 2023			Multifamily						All Other						Total
Revenue			$	180,759					$	16,482					$	197,241
Property operating expenses, including real estate taxes			72,771						7,943						80,714
Net operating income			$	107,988					$	8,539					$	116,527
Property management expense															(7,012)
Casualty loss															(1,242)
Depreciation and amortization															(75,061)
General and administrative expenses															(15,717)
Gain on sale of real estate and other investments															71,327
Loss on litigation settlement															(2,864)
Interest expense															(27,516)
Interest and other income															674
Net income															$	59,116

Schedule of Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of September 30, 2024, and December 31, 2023, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:

			(in thousands)
As of September 30, 2024			Multifamily						All Other						Total
Segment assets
Property owned			$	2,420,947					$	17,308					$	2,438,255
Less accumulated depreciation			(599,814)						(4,361)						(604,175)
Total real estate investments			$	1,821,133					$	12,947					$	1,834,080
Cash and cash equivalents															14,453
Restricted cash															2,794
Other assets															36,078
Total Assets															$	1,887,405

			(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
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration