v3.22.2.2
SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Revenues and Net Operating Income for Reportable Segments
The following tables present NOI for the three and nine months ended September 30, 2022 and 2021, 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 September 30, 2022MultifamilyAll OtherTotal
Revenue$64,404 $1,034 $65,438 
Property operating expenses, including real estate taxes27,009 320 27,329 
Net operating income $37,395 $714 $38,109 
Property management (2,563)
Casualty gain (loss)(276)
Depreciation and amortization(23,720)
General and administrative expenses(4,519)
Interest expense(7,871)
Interest and other income70 
Net income (loss)$(770)
 (in thousands)
Three Months Ended September 30, 2021MultifamilyAll OtherTotal
Revenue$49,088 $1,325 $50,413 
Property operating expenses, including real estate taxes20,066 284 20,350 
Net operating income$29,022 $1,041 $30,063 
Property management (2,203)
Casualty gain (loss)10 
Depreciation and amortization(22,447)
General and administrative expenses(4,279)
Interest expense(7,302)
Interest and other income(5,082)
Net income (loss)$(11,240)
(in thousands)
Nine Months Ended September 30, 2022MultifamilyAll OtherTotal
Revenue$186,002 $2,866 $188,868 
Property operating expenses, including real estate taxes78,539 879 79,418 
Net operating income$107,463 $1,987 $109,450 
Property management expenses(7,537)
Casualty gain (loss)(1,256)
Depreciation and amortization(79,489)
General and administrative expenses(14,240)
Gain (loss) on sale of real estate and other investments27 
Interest expense(23,147)
Interest and other income1,116 
Net income (loss)$(15,076)
(in thousands)
Nine Months Ended September 30, 2021MultifamilyAll OtherTotal
Revenue$138,287 $5,430 $143,717 
Property operating expenses, including real estate taxes55,907 2,444 58,351 
Net operating income$82,380 $2,986 $85,366 
Property management expenses(6,055)
Casualty gain (loss)(64)
Depreciation and amortization(61,747)
General and administrative expenses(11,982)
Gain (loss) on sale of real estate and other investments26,840 
Interest expense(21,622)
Interest and other income(4,032)
Net income (loss)$6,704 
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of September 30, 2022, and December 31, 2021, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
 (in thousands)
As of September 30, 2022MultifamilyAll OtherTotal
Segment assets   
Property owned$2,486,836 $26,634 $2,513,470 
Less accumulated depreciation(503,038)(7,962)(511,000)
Total property owned$1,983,798 $18,672 $2,002,470 
Cash and cash equivalents14,957 
Restricted cash1,417 
Other assets19,742 
Total Assets$2,038,586 
 (in thousands)
As of December 31, 2021MultifamilyAll OtherTotal
Segment assets   
Property owned$2,244,250 $26,920 $2,271,170 
Less accumulated depreciation(436,004)(7,588)(443,592)
Total property owned$1,808,246 $19,332 $1,827,578 
Mortgage loans receivable43,276 
Cash and cash equivalents31,267 
Restricted cash7,358 
Other assets30,582 
Total Assets$1,940,061