Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.21.2
Segment Information (Tables)
6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Schedule of Reconciliation of Net Operating Income of Reportable Segments
The following tables present revenues, net operating income, capital expenditures and total assets for the three and six months ended June 30, 2021 and 2020 from our Multifamily segment as well as Corporate and Other, and reconcile net operating income of our reportable segments to net loss as reported (in thousands):
  Three Months Ended June 30, 2021
  Multifamily
Corporate and Other (1), (2)
Consolidated
Real estate rental revenue $ 36,862  $ 4,435  $ 41,297 
Real estate expenses 14,832  1,398  16,230 
Net operating income $ 22,030  $ 3,037  $ 25,067 
Depreciation and amortization (17,303)
General and administrative expenses (6,325)
Transformation costs (3,780)
Interest expense (10,158)
Other income 1,522 
Loss on interest rate derivatives (5,760)
Discontinued operations:
Income from operations of properties sold or held for sale 9,745 
Net loss $ (6,992)
Capital expenditures $ 4,062  $ 2,300  $ 6,362 
Total assets $ 1,315,640  $ 1,052,765  $ 2,368,405 

  Three Months Ended June 30, 2020
  Multifamily
Corporate and Other (1), (2)
Consolidated
Real estate rental revenue $ 36,066  $ 7,691  $ 43,757 
Real estate expenses 14,110  2,478  16,588 
Net operating income $ 21,956  $ 5,213  $ 27,169 
Depreciation and amortization (17,372)
General and administrative expenses (5,296)
Interest expense (8,751)
Loss on sale of real estate (7,539)
Loss on extinguishment of debt (206)
Discontinued operations:
Income from operations of properties sold or held for sale 6,589 
Net loss $ (5,406)
Capital expenditures $ 5,488  $ 9,118  $ 14,606 
Total assets $ 1,337,731  $ 1,204,991  $ 2,542,722 
Six Months Ended June 30, 2021
Multifamily
Corporate and Other (1), (2)
Consolidated
Real estate rental revenue $ 73,029  $ 8,875  $ 81,904 
Real estate expenses 30,004  2,680  32,684 
Net operating income $ 43,025  $ 6,195  $ 49,220 
Depreciation and amortization (34,290)
General and administrative (11,929)
Transformation costs (3,780)
Interest expense (20,281)
Other income 2,806 
Loss on interest rate derivatives (5,760)
Discontinued operations:
Income from operations of properties sold or held for sale 15,875 
Net loss $ (8,139)
Capital expenditures $ 7,799  $ 2,602  $ 10,401 

Six Months Ended June 30, 2020
Multifamily
Corporate and Other (1), (2)
Consolidated
Real estate rental revenue $ 72,651  $ 16,849  $ 89,500 
Real estate expenses 28,095  5,951  34,046 
Net operating income $ 44,556  $ 10,898  $ 55,454 
Depreciation and amortization (34,619)
General and administrative (11,633)
Interest expense (19,596)
Loss on sale of real estate (7,539)
Gain on extinguishment of debt 262 
Discontinued operations:
Income from operations of properties sold or held for sale 13,984 
Net loss $ (3,687)
Capital expenditures $ 8,957  $ 16,619  $ 25,576 
______________________________
(1)     Corporate and Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment.
(2)     Total assets and capital expenditures include office and retail properties classified as discontinued operations.