Operating Segments

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Operating Segments

Operating SegmentsOur segments are based on the internal reporting that we review for operational decision-making purposes. We operate in two reportable segments: (i) the acquisition, development, ownership and management of multifamily apartment communities and (ii) the acquisition, ownership and management of commercial real estate properties. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, advisory fees, interest income and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level.

The following table presents our reportable segments for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Multifamily Segment
Revenues	$	3,529	$	3,702	$	7,365	$	7,258
Operating expenses	(2,111)		(2,108)		(4,234)		(4,053)
Profit from segment	1,418		1,594		3,131		3,205
Commercial Segment
Revenues	6,665		7,863		13,190		15,749
Operating expenses	(2,947)		(3,702)		(6,656)		(8,066)
Profit from segment	3,718		4,161		6,534		7,683
Total profit from segments	$	5,136	$	5,755	$	9,665	$	10,888

The table below reflects the reconciliation of total profit from segments to net (loss) income for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Total profit from segments	$	5,136	$	5,755	$	9,665	$	10,888
Other non-segment items of income (expense)
Depreciation	(3,211)		(3,418)		(6,538)		(6,812)
General and administrative	(5,866)		(1,669)		(9,101)		(5,961)
Advisory fee to related party	(5,739)		(2,353)		(8,175)		(4,726)
Other income	5,616		5,284		2,376		4,864
Interest income	909		3,176		11,260		11,038
Interest expense	(7,681)		(9,071)		(15,419)		(18,673)
(Loss) gain on foreign currency transaction	(4,793)		(5,599)		2,824		2,244
Income (losses) from unconsolidated joint ventures	4,572		(719)		7,908		(979)
(Loss) gain on sales or write-down of assets	(24,445)		5,339		(7,047)		9,477
Income tax expense	1,841		(49)		1,801		(296)
Net (loss) income	$	(33,661)	$	(3,324)	$	(10,446)	$	1,064