Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.22.2
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Schedule Of Selected Results Of Operations And Asset Information
Selected results of operations for the three and six months ended June 30, 2022 and 2021 and selected asset information as of June 30, 2022 and December 31, 2021 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands):
Commercial
& Other Real Estate		 Multifamily
Real Estate & Services (d)		 Corporate
& Other (e)		 Total
Company
Total revenues:
Three months ended:
June 30, 2022 $ 27,392  $ 52,876  $ (442) $ 79,826 
June 30, 2021 39,886  40,279  (478) 79,687 
Six months ended:
June 30, 2022 $ 79,010  $ 99,393  $ (944) $ 177,459 
June 30, 2021 77,581  77,596  (957) 154,220 
Total operating and interest expenses (a):
Three months ended:
June 30, 2022 $ 13,645  $ 26,221  $ 27,714  $ 67,580 
June 30, 2021 15,946  30,909  27,732  74,587 
Six months ended:
June 30, 2022 $ 30,777  $ 51,008  $ 57,333  $ 139,118 
June 30, 2021 35,270  53,065  52,182  140,517 
Equity in earnings (loss) of unconsolidated joint ventures:
Three months ended:
June 30, 2022 $ —  $ 2,638  $ —  $ 2,638 
June 30, 2021 (14) 363  —  349 
Six months ended:
June 30, 2022 $ —  $ 2,151  $ —  $ 2,151 
June 30, 2021 (133) (974) —  (1,107)
Net operating income (loss) (b):
Three months ended:
June 30, 2022 $ 13,747  $ 29,293  $ (28,156) $ 14,884 
June 30, 2021 23,926  9,733  (28,210) 5,449 
Six months ended:
June 30, 2022 $ 48,233  $ 50,536  $ (58,277) $ 40,492 
June 30, 2021 42,178  23,557  (53,139) 12,596 
Total assets:
June 30, 2022 $ 952,889  $ 3,344,869  $ 13,239  $ 4,310,997 
December 31, 2021 1,216,717  3,294,226  16,375  4,527,318 
Total long-lived assets (c):
June 30, 2022 $ 881,373  $ 3,038,397  $ (1,602) $ 3,918,168 
December 31, 2021 1,087,198  3,098,492  (1,309) 4,184,381 
Total investments in unconsolidated joint ventures:
June 30, 2022 $ —  132,790  $ —  $ 132,790 
December 31, 2021 —  137,772  —  137,772 
(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.
(b)Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.
(c)Long-lived assets are comprised of net investment in rental property and unbilled rents receivable.
(d)Segment assets and operations were owned through a consolidated and variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations.
(e)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals.
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders
The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands):
Three Months Ended
June 30,		 Six Months Ended
June 30,
2022 2021 2022 2021
Net operating income $ 14,884 $ 5,449 $ 40,492 $ 12,596
Add (deduct):
Depreciation and amortization (27,733) (28,498) (53,851) (56,276)
Property Impairments —  (6,041) —  (6,041)
Land and other impairments, net (3,900) (7,519) (6,832) (7,932)
Realized gains (losses) and unrealized losses on disposition of rental property, net — 3,521 1,836 3,521
Gain on disposition of developable land 55,125 111 57,748 111
Gain (loss) from extinguishment of debt, net (129) (46,735) (6,418) (46,735)
Income (loss) from continuing operations 38,247  (79,712) 32,975  (100,756)
Discontinued operations
Income from discontinued operations 843 3,601 1,588 15,385
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 2,080 (4,440) 24,861
Total discontinued operations, net (3,597) 5,681 (2,852) 40,246
Net income (loss) 34,650  (74,031) 30,123  (60,510)
Noncontrolling interests in consolidated joint ventures 784 1,198 1,758 2,533
Noncontrolling interests in Operating Partnership (3,029) 7,742 (2,064) 10,122
Noncontrolling interest in discontinued operations 334 (517) 267 (3,659)
Redeemable noncontrolling interests (6,366) (6,471) (12,803) (12,942)
Net income (loss) available to common shareholders $ 26,373  $ (72,079) $ 17,281  $ (64,456)
The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands):
Three Months Ended
June 30,		 Six Months Ended
June 30,
2022 2021 2022 2021
Net operating income $ 14,884 $ 5,449 $ 40,492 $ 12,596
Add (deduct):
Depreciation and amortization (27,733) (28,498) (53,851) (56,276)
Property Impairments —  (6,041) —  (6,041)
Land and other impairments, net (3,900) (7,519) (6,832) (7,932)
Realized gains (losses) and unrealized losses on disposition of rental property, net —  3,521 1,836  3,521
Gain on disposition of developable land 55,125  111 57,748  111
Gain (loss) from extinguishment of debt, net (129) (46,735) (6,418) (46,735)
Income (loss) from continuing operations 38,247  (79,712) 32,975  (100,756)
Discontinued operations
Income from discontinued operations 843 3,601 1,588 15,385
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 2,080 (4,440) 24,861
Total discontinued operations, net (3,597) 5,681 (2,852) 40,246
Net income (loss) 34,650  (74,031) 30,123  (60,510)
Noncontrolling interests in consolidated joint ventures 784 1,198 1,758 2,533
Redeemable noncontrolling interests (6,366) (6,471) (12,803) (12,942)
Net income (loss) available to common unitholders $ 29,068  $ (79,304) $ 19,078  $ (70,919)