NOTE 3  segment reporting  We report our results in two reportable segments: residential and commercial properties. Our residential properties include multifamily properties. Our commercial properties include retail, office, industrial, restaurant and medical properties. We assess and measure operating results based on net operating income (NOI), which we define as total real estate segment revenues less real estate expenses (which consist of real estate taxes, property management fees, utilities, repairs and maintenance, insurance and direct administrative costs). We believe NOI is an important measure of operating performance even though it should not be considered an alternative to net income or cash flow from operating activities. NOI is unaffected by financing, depreciation, amortization and certain general and administrative expenses. The accounting policies of each segment are consistent with those described in Note 2 of this report.  Segment Revenues and Net Operating Income  The revenues and net operating income for the reportable segments (residential and commercial) are summarized as follows for the three and six months ended June 30, 2020 and 2019, along with reconciliations to the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements.                       Three months ended June 30, 2020  Three months ended June 30, 2019                     Residential Commercial Total Residential Commercial Total   (in thousands)  (in thousands) Income from rental operations  $ 24,381  $ 6,440  $ 30,821  $ 23,822  $ 6,448  $ 30,270 Expenses from rental operations   12,560   1,540   14,100   12,995   1,856   14,851 Net operating income  $ 11,821  $ 4,900  $ 16,721  $ 10,827  $ 4,592  $ 15,419 Depreciation and amortization         5,246         5,353 Interest         4,224         4,582 Administration of REIT         1,085         971 Other (income)/expense         (231)         (308) Net income        $ 6,397        $ 4,821                       Six months ended June 30, 2020  Six months ended June 30, 2019  Residential Commercial Total Residential Commercial Total   (in thousands)  (in thousands) Income from rental operations  $ 48,376  $ 12,351  $ 60,727  $ 47,258  $ 12,844  $ 60,102 Expenses from rental operations   26,472   3,327   29,799   26,384   3,675   30,059 Net operating income  $ 21,904  $ 9,024  $ 30,928  $ 20,874  $ 9,169  $ 30,043 Depreciation and amortization         10,498         10,891 Interest         8,574         9,298 Administration of REIT         2,247         2,082 Other (income)/expense         (2,015)         (839) Net income        $ 11,624        $ 8,611  Segment Assets and Accumulated Depreciation            As of June 30, 2020 Residential Commercial Total   (in thousands) Real estate investments  $ 629,968  $ 196,134  $ 826,102 Accumulated depreciation   (111,432)   (43,193)   (154,625)   $ 518,536  $ 152,941   671,477 Cash and cash equivalents         8,697 Restricted deposits and funded reserves         13,792 Investment in unconsolidated affiliates         8,275 Note receivable         2,063 Intangible assets, less accumulated amortization         8,032 Other assets, net         6,339 Total Assets        $ 718,675            As of December 31, 2019 Residential Commercial Total   (in thousands) Real estate investments  $ 605,813  $ 196,215  $ 802,028 Accumulated depreciation   (104,170)   (42,146)   (146,316)   $ 501,643  $ 154,069   655,712 Cash and cash equivalents         9,002 Restricted deposits and funded reserves         8,380 Investment in unconsolidated affiliates         7,915 Note receivable         1,300 Intangible assets, less accumulated amortization         9,133 Other assets, net         8,244 Total Assets        $ 699,686