Operating Segments

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Residential Segment
Revenue	$	32,608	$	17,828	$	14,495
Operating expenses	(17,749)		(9,524)		(8,167)
Profit from segment	14,859		8,304		6,328
Commercial Segment
Revenue	14,415		16,252		23,313
Operating expenses	(10,147)		(8,815)		(12,693)
Profit from segment	4,268		7,437		10,620
Total profit from segments	$	19,127	$	15,741	$	16,948

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

	For the Years Ended December 31,
	2023		2022		2021
Profit from reportable segments	$	19,127	$	15,741	$	16,948
Other non-segment items of income (expense)
Depreciation and amortization	(13,646)		(9,686)		(11,870)
General and administrative	(10,011)		(10,033)		(15,942)
Advisory fee to related party	(10,187)		(8,753)		(13,985)
Other income	3,477		3,464		4,231
Interest income	26,847		26,559		17,760
Interest expense	(9,502)		(17,529)		(23,419)
Gain (loss) on foreign currency transactions	993		20,067		(6,175)
Loss on early extinguishment of debt	(1,710)		(2,805)		(1,451)
Equity in income from unconsolidated joint ventures	3,242		469,268		14,634
(Loss) gain on sale, remeasurement or write down of assets	(1,923)		87,132		24,647
Income tax provision	(1,456)		(98,108)		1,067
Net income	$	5,251	$	475,317	$	6,445

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

	December 31,
	2023		2022
Segment assets	$	462,419	$	448,995
Real estate	69,139		80,055
Investments in unconsolidated joint ventures	10,060		28,226
Notes receivable	144,142		139,609
Receivable from related parties	96,533		108,184
Cash, short-term investments and other non-segment assets	241,191		392,410
Total assets	$	1,023,484	$	1,197,479