Operating Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Operating Segments

Operating Segments

Our 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 properties ("Residential Segment") and (ii) the acquisition, ownership and management of commercial real estate properties ("Commercial Segment"). The services for our segments include property rentals 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 profit by reportable segment:

	For the Years Ended December 31,
	2021		2020		2019
Residential Segment
Revenue	$	14,495	$	14,686	$	13,517
Operating expenses	(8,167)		(8,482)		(9,305)
Profit from segment	6,328		6,204		4,212
Commercial Segment
Revenue	23,313		37,223		32,714
Operating expenses	(12,693)		(15,878)		(16,389)
Profit from segment	10,620		21,345		16,325
Total profit from segments	$	16,948	$	27,549	$	20,537

The following table reconciles our profit by reportable segment to net income (loss):

	For the Years Ended December 31,
	2021		2020		2019
Segment operating income	$	16,948	$	27,549	$	20,537
Other non-segment items of income (expense)
Depreciation and amortization	(11,870)		(14,755)		(13,379)
General and administrative	(15,942)		(10,614)		(11,089)
Advisory Fee	(13,985)		(9,409)		(9,216)
Other income	4,231		7,117		12,757
Interest Income	23,421		23,098		25,955
Interest Expense	(29,080)		(35,004)		(39,860)
Loss on foreign currency transactions	(6,175)		(13,378)		(15,108)
Los on extinguishment of debt	(1,451)		—		(5,219)
Equity in income (loss) from unconsolidated joint ventures	14,634		(379)		(2,313)
Gain on sale or write-down of assets	24,647		36,895		15,192
Income tax provision	1,067		147		—
Net income (loss)	$	6,445	$	11,267	$	(21,743)

The table below reconciles the segment information to the corresponding amounts in the consolidated balance sheets:

	December 31,
	2021		2020
Segment assets	$	263,937	$	342,965
Real estate	63,945		65,149
Investments in unconsolidated joint ventures	61,621		60,425
Notes receivable	136,607		130,626
Receivable from related parties	100,599		129,335
Other assets and receivables	143,860		137,264
Total assets	$	770,569	$	865,764