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SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Revenues and Net Operating Income (Loss) for Reportable Segments | The following tables present NOI for the years ended December 31, 2024, 2023, and 2022, respectively, along with reconciliations to net income (loss) 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, 2024 |  | Multifamily | All Other | Total
Revenue |  | $ | 257,865 |  | $ | 3,118 |  | $ | 260,983 |
Property operating expenses |  |  |  |
On-site compensation(1) |  | 27,060 |  | 86 |  | 27,146 |
Repairs and maintenance(2) |  | 15,142 |  | 259 |  | 15,401 |
Utilities |  | 15,300 |  | 224 |  | 15,524 |
Administrative and marketing |  | 7,147 |  | 36 |  | 7,183 |
Insurance |  | 10,983 |  | 101 |  | 11,084 |
Real estate taxes |  | 26,317 |  | 589 |  | 26,906 |
Net operating income |  | $ | 155,916 |  | $ | 1,823 |  | $ | 157,739 |
Property management expenses |  |  |  | (9,128) |
Casualty loss |  |  |  | (3,307) |
Depreciation and amortization |  |  |  | (106,450) |
General and administrative expenses |  |  |  | (17,802) |
Loss on sale of real estate and other investments |  |  |  | (577) |
Interest expense |  |  |  | (37,280) |
Interest and other income |  |  |  | 2,613 |
Net loss |  |  |  | $ | (14,192) |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
|  | (in thousands)
Year ended December 31, 2023 |  | Multifamily | All Other | Total
Revenue |  | $ | 243,515 |  | $ | 17,794 |  | $ | 261,309 |
Property operating expenses |  |  |  |
On-site compensation(1) |  | 25,934 |  | 1,969 |  | 27,903 |
Repairs and maintenance(2) |  | 13,953 |  | 1,727 |  | 15,680 |
Utilities |  | 15,421 |  | 1,598 |  | 17,019 |
Administrative and marketing |  | 5,804 |  | 425 |  | 6,229 |
Insurance |  | 9,399 |  | 823 |  | 10,222 |
Real estate taxes |  | 26,722 |  | 2,037 |  | 28,759 |
Net operating income |  | $ | 146,282 |  | $ | 9,215 |  | $ | 155,497 |
Property management expenses |  |  |  | (9,353) |
Casualty loss |  |  |  | (2,095) |
Depreciation and amortization |  |  |  | (101,678) |
Impairment of real estate investments |  |  |  | (5,218) |
General and administrative expenses |  |  |  | (20,080) |
Gain on sale of real estate and other investments |  |  |  | 71,244 |
Interest expense |  |  |  | (36,429) |
Interest and other income |  |  |  | 1,207 |
Loss on litigation settlement |  |  |  | (3,864) |
Net income |  |  |  | $ | 49,231 |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
|  | (in thousands)
Year ended December 31, 2022 |  | Multifamily | All Other | Total
Revenue |  | $ | 221,836 |  | $ | 34,880 |  | $ | 256,716 |
Property operating expenses |  |  |  |
On-site compensation(1) |  | 23,038 |  | 4,306 |  | 27,344 |
Repairs and maintenance(2) |  | 14,300 |  | 3,396 |  | 17,696 |
Utilities |  | 15,845 |  | 3,527 |  | 19,372 |
Administrative and marketing |  | 5,130 |  | 784 |  | 5,914 |
Insurance |  | 8,007 |  | 1,737 |  | 9,744 |
Real estate taxes |  | 24,524 |  | 4,043 |  | 28,567 |
Net operating income |  | $ | 130,992 |  | $ | 17,087 |  | $ | 148,079 |
Property management expenses |  |  |  | (9,895) |
Casualty loss |  |  |  | (1,591) |
Depreciation and amortization |  |  |  | (105,257) |
General and administrative expenses |  |  |  | (17,516) |
Gain on sale of real estate and other investments |  |  |  | 41 |
Interest expense |  |  |  | (32,750) |
Interest income and other loss |  |  |  | 1,248 |
Net loss |  |  |  | $ | (17,641) |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of December 31, 2024 and 2023, respectively, along with reconciliations to the Consolidated Financial Statements:
|  | (in thousands)
As of December 31, 2024 |  | Multifamily | All Other | Total
Segment assets |  |  |  |
Property owned |  | $ | 2,462,762 |  | $ | 17,979 |  | $ | 2,480,741 |
Less accumulated depreciation |  | (621,446) |  | (4,534) |  | (625,980) |
Total real estate investments |  | $ | 1,841,316 |  | $ | 13,445 |  | $ | 1,854,761 |
Cash and cash equivalents |  |  |  | 12,030 |
Restricted cash |  |  |  | 1,099 |
Other assets |  |  |  | 45,817 |
Total Assets |  |  |  | $ | 1,913,707 |
|  | (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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