v3.24.2
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, 2024MultifamilyAll OtherTotal
Revenue$64,466 $577 $65,043 
Property operating expenses, including real estate taxes24,953 236 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 income477 
Net loss
$(1,663)
 (in thousands)
Three Months Ended June 30, 2023MultifamilyAll OtherTotal
Revenue$60,531 $4,245 $64,776 
Property operating expenses, including real estate taxes23,228 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, 2024MultifamilyAll OtherTotal
Revenue$127,806 $1,743 $129,549 
Property operating expenses, including real estate taxes49,513 745 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 income817 
Net loss
$(6,455)
(in thousands)
Six Months Ended June 30, 2023MultifamilyAll OtherTotal
Revenue$119,971 $12,702 $132,673 
Property operating expenses, including real estate taxes47,753 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 income344 
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, 2024MultifamilyAll OtherTotal
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 equivalents14,328 
Restricted cash1,084 
Other assets34,414 
Total Assets$1,899,425 
 (in thousands)
As of December 31, 2023MultifamilyAll OtherTotal
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 equivalents8,630 
Restricted cash639 
Other assets27,649 
Total Assets$1,926,361