Operating Segments

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Multifamily Segment
Revenues	$	2,945	$	3,529	$	6,174	$	7,365
Operating expenses	(1,708)		(2,111)		(3,429)		(4,234)
Profit from segment	1,237		1,418		2,745		3,131
Commercial Segment
Revenues	4,314		6,665		8,566		13,190
Operating expenses	(2,104)		(2,947)		(4,411)		(6,656)
Profit from segment	2,210		3,718		4,155		6,534
Total profit from segments	$	3,447	$	5,136	$	6,900	$	9,665

The table below reflects the reconciliation of total profit from segments to net income for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total profit from segments	$	3,447	$	5,136	$	6,900	$	9,665
Other non-segment items of income (expense)
Depreciation and amortization	(2,298)		(3,211)		(4,647)		(6,538)
General and administrative	(2,194)		(5,866)		(4,914)		(9,101)
Advisory fee to related party	(2,858)		(5,739)		(6,043)		(8,175)
Other income	870		909		1,176		2,376
Interest income	9,419		5,616		16,201		11,260
Interest expense	(6,389)		(7,681)		(12,556)		(15,419)
Gain (loss) on foreign currency transaction	14,132		(4,793)		17,904		2,824
Loss on extinguishment of debt	—		—		(1,639)		—
Income from unconsolidated joint ventures	2,048		4,572		7,242		7,908
Gain (loss) on sales or write-down of assets	3,893		(24,445)		15,041		(7,047)
Income tax provision	(40)		1,841		(68)		1,801
Net income (loss)	$	20,030	$	(33,661)	$	34,597	$	(10,446)