Operating Segments

3 Months Ended

Mar. 31, 2022

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 properties and (ii) the acquisition, ownership and management of commercial 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 months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
Multifamily Segment
Revenues	$	3,229	$	3,836
Operating expenses	(1,721)		(2,123)
Profit from segment	1,508		1,713
Commercial Segment
Revenues	4,252		6,525
Operating expenses	(2,307)		(3,709)
Profit from segment	1,945		2,816
Total profit from segments	$	3,453	$	4,529

The table below reflects the reconciliation of total profit from segments to net income for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
Total profit from segments	$	3,453	$	4,529
Other non-segment items of income (expense)
Depreciation	(2,349)		(3,327)
General and administrative	(2,720)		(3,235)
Advisory fee to related party	(3,185)		(2,436)
Other income	306		1,467
Interest income	6,782		5,644
Interest expense	(6,167)		(7,738)
Gain on foreign currency transaction	3,772		7,617
Loss on extinguishment of debt	(1,639)		—
Income from unconsolidated joint ventures	5,194		3,336
Gain on sales or write-down of assets	11,148		17,398
Income tax provision	(28)		(40)
Net income	$	14,567	$	23,215