Segments (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Net Operating Income of Reportable Segments

The following tables set forth financial information by segment for the three and six months ended June 30, 2025 and 2024 (in thousands) and includes a reconciliation of the primary measure of segment profit (NOI) to net income (loss):


	For the Three Months Ended June 30, 2025
	Retail Real Estate		Office Real Estate		Multifamily Real Estate		General Contracting and Real Estate Services		Real Estate Financing		Other (1)		Total
Revenues
Rental revenues	$	24,816	$	24,392	$	15,939	$	—	$	—	$	—	$	65,147
General contracting and real estate services revenues (2)	—		—		—		31,976		—		—		31,976
Interest income (real estate financing segment)	—		—		—		—		3,673		467		4,140
Total revenues	24,816		24,392		15,939		31,976		3,673		467		101,263
Expenses
Rental expenses (3)	4,244		6,268		5,565		—		—		—		16,077
Real estate taxes	2,259		2,678		1,653		—		—		—		6,590
General contracting and real estate services expenses (2)	—		—		—		30,592		—		—		30,592
Interest expense (real estate financing segment) (4)	—		—		—		—		1,927		—		1,927
Total segment operating expenses	6,503		8,946		7,218		30,592		1,927		—		55,186
Segment net operating income	18,313		15,446		8,721		1,384		1,746		467		46,077
Interest income (excluding real estate financing segment)	9		12		44		—		—		(65)		—
Depreciation and amortization	(7,772)		(8,517)		(5,396)		—		—		(67)		(21,752)
General and administrative expenses	—		—		—		—		—		(5,998)		(5,998)
Acquisition, development, and other pursuit costs	—		—		—		(257)		—		(29)		(286)


Interest expense (excluding real estate financing segment) (5)	(7,287)		(7,850)		(4,207)		—		—		—		(19,344)
Equity in loss of unconsolidated real estate entities	(33)		212		(501)		—		—		—		(322)
Gain on consolidation of real estate entities	421		2,888		3,606		—		—		—		6,915

Change in fair value of derivatives and other	109		291		144		—		104		—		648
Unrealized credit loss provision	—		—		—		—		(33)		242		209
Other income (expense), net	4		(2)		—		—		—		1		3
Income tax provision	—		—		—		567		—		—		567
Net income (loss)	$	3,764	$	2,480	$	2,411	$	1,694	$	1,817	$	(5,449)	$	6,717


	For the Three Months Ended June 30, 2024
	Retail Real Estate		Office Real Estate		Multifamily Real Estate		General Contracting and Real Estate Services		Real Estate Financing		Other (a)		Total
Revenues
Rental revenues	$	26,094	$	22,870	$	14,301	$	—	$	—	$	—	$	63,265
General contracting and real estate services revenues (b)	—		—		—		116,839		—		—		116,839
Interest income (real estate financing segment)	—		—		—		—		3,966		666		4,632
Total revenues	26,094		22,870		14,301		116,839		3,966		666		184,736
Expenses
Rental expenses (c)	4,394		5,956		4,737		—		—		—		15,087
Real estate taxes	2,420		2,135		1,331		—		—		—		5,886
General contracting and real estate services expenses	—		—		—		112,500		—		—		112,500
Interest expense (real estate financing segment)	—		—		—		—		1,767		—		1,767
Total segment operating expenses	6,814		8,091		6,068		112,500		1,767		—		135,240
Segment net operating income	19,280		14,779		8,233		4,339		2,199		666		49,496
Interest income (excluding real estate financing segment)	25		—		27		—		—		(52)		—
Depreciation and amortization	(9,044)		(8,346)		(3,670)		—		—		(123)		(21,183)
General and administrative expenses	—		—		—		—		—		(4,503)		(4,503)
Acquisition, development, and other pursuit costs	—		(5,528)		—		—		—		—		(5,528)
Impairment charges	—		(1,494)		—		—		—		—		(1,494)
Gain (loss) on real estate dispositions, net	—		—		—		—		—		—		—
Interest expense	(7,586)		(7,165)		(4,709)		—		—		—		(19,460)
Equity in loss of unconsolidated real estate entities	—		—		—		—		—		—		—
Gain (loss) on consolidation of real estate entities	—		—		—		—		—		—		—
Loss on extinguishment of debt	—		—		—		—		—		—		—
Change in fair value of derivatives and other	1,499		1,135		416		—		562		786		4,398
Unrealized credit loss (release) provision	—		—		—		—		227		1		228
Other (expense) income, net	36		22		—		—		—		21		79
Income tax (benefit) provision	—		1,634		—		(388)		—		—		1,246
Net income (loss)	$	4,210	$	(4,963)	$	297	$	3,951	$	2,988	$	(3,204)	$	3,279


	For the Six Months Ended June 30, 2025
	Retail Real Estate		Office Real Estate		Multifamily Real Estate		General Contracting and Real Estate Services		Real Estate Financing		Other (1)		Total
Revenues
Rental revenues	$	49,568	$	48,290	$	31,090	$	—	$	—	$	—	$	128,948
General contracting and real estate services revenues (2)	—		—		—		78,590		—		—		78,590
Interest income (real estate financing segment)	—		—		—		—		$	7,409	959		8,368
Total revenues	49,568		48,290		31,090		78,590		7,409		959		215,906
Expenses
Rental expenses (3)	8,704		12,638		10,359		—		—		—		31,701
Real estate taxes	4,569		4,968		2,990		—		—		—		12,527
General contracting and real estate services expenses (2)	—		—		—		75,842		—		—		75,842
Interest expense (real estate financing segment) (4)	—		—		—		—		3,641		—		3,641
Total segment operating expenses	13,273		17,606		13,349		75,842		3,641		—		123,711
Segment net operating income	36,295		30,684		17,741		2,748		3,768		959		92,195
Interest income (excluding real estate financing segment)	21		12		83		—		—		(116)		—
Depreciation and amortization	(16,576)		(18,085)		(10,049)		—		—		(258)		(44,968)
General and administrative expenses	—		—		—		—		—		(13,384)		(13,384)
Acquisition, development, and other pursuit costs	—		—		—		(257)		—		(83)		(340)


Interest expense (excluding real estate financing segment) (5)	(12,963)		(14,309)		(8,467)		—		—		—		(35,739)
Equity in loss of unconsolidated real estate entities	(142)		(1,094)		(999)		—		—		—		(2,235)
Gain on consolidation of real estate entities	421		2,888		3,606		—		—		—		6,915

Change in fair value of derivatives and other	(362)		12		(109)		—		(103)		—		(562)
Unrealized credit loss release	—		—		—		—		(55)		242		187
Other income (expense), net	5		(1)		14		—		—		(90)		(72)
Income tax benefit	—		—		—		377		—		—		377
Net income (loss)	6,699		107		1,820		2,868		3,610		(12,730)		2,374


	For the Six Months Ended June 30, 2024
	Retail Real Estate		Office Real Estate		Multifamily Real Estate		General Contracting and Real Estate Services		Real Estate Financing		Other (1)		Total
Revenues
Rental revenues	$	51,745	$	44,748	$	28,653	$	—	$	—	$	—	$	125,146
General contracting and real estate services revenues (2)	—		—		—		243,814		—		—		243,814
Interest income (real estate financing segment)	—		—		—		—		$	7,966	1,292		9,258
Total revenues	51,745		44,748		28,653		243,814		7,966		1,292		378,218
Expenses
Rental expenses (3)	8,605		12,079		9,008		—		—		—		29,692
Real estate taxes	4,835		4,350		2,626		—		—		—		11,811
General contracting and real estate services expenses (2)	—		—		—		235,398		—		—		235,398
Interest expense (real estate financing segment) (4)	—		—		—		—		3,099		—		3,099
Total segment operating expenses	13,440		16,429		11,634		235,398		3,099		—		280,000
Segment net operating income	38,305		28,319		17,019		8,416		4,867		1,292		98,218
Interest income (excluding real estate financing segment)	43		—		39		—		—		(82)		—
Depreciation and amortization	(17,818)		(16,475)		(7,453)		—		—		(267)		(42,013)
General and administrative expenses	—		—		—		—		—		(10,377)		(10,377)
Acquisition, development, and other pursuit costs	—		(5,528)		—		—		—		—		(5,528)
Impairment charges	—		(1,494)		—		—		—		—		(1,494)

Interest expense (excluding real estate financing segment) (5)	(14,047)		(13,162)		(8,894)		—		—		—		(36,103)



Change in fair value of derivatives and other	6,077		4,540		1,498		—		2,189		2,982		17,286
Unrealized credit loss (release) provision	—		—		—		—		149		(4)		145
Other income (expense), net	42		89		(15)		—		—		42		158
Income tax provision (benefit)	—		1,634		—		(922)		—		—		712
Net income (loss)	$	12,602	$	(2,077)	$	2,194	$	7,494	$	7,205	$	(6,414)	$	21,004

____________________________

(1) Other includes items not directly associated with the operation and management of the Company’s real estate properties, general contracting and real estate services, and real estate financing businesses. General and administrative expenses include corporate office personnel salaries and benefits, bank fees, accounting fees, legal fees, and other corporate office expenses.

(2) General contracting and real estate services revenues for the three months ended June 30, 2025 and 2024 exclude revenues related to intercompany construction contracts of $4.3 million and $4.3 million, respectively, which are eliminated in consolidation. General contracting and real estate services revenues for the six months ended June 30, 2025 and 2024 exclude revenues related to intercompany construction contracts of $7.1 million and $12.7 million, respectively, which are eliminated in consolidation. General contracting and real estate services expenses for the three months ended June 30, 2025 and 2024 exclude expenses related to intercompany construction contracts of $4.2 million and $4.3 million, respectively, which are eliminated in consolidation. General contracting and real estate services expenses for the six months ended June 30, 2025 and 2024 exclude expenses related to intercompany construction contracts of $7.0 million and $12.6 million, respectively, which are eliminated in consolidation.

(3) Rental expenses represent costs directly associated with the operation and management of the Company’s real estate properties. Rental expenses include asset management fees, property management fees, repairs and maintenance, insurance, and utilities.

(4) Interest expense within the real estate financing segment is allocated based on the average outstanding principal of notes receivable in the real estate financing portfolio, and the effective interest rate on the credit facility, the M&T term loan facility, and the TD term loan facility, each as defined in Note 9.

(5) Interest expense (excluding real estate financing segment) is allocated by first allocating secured debt to the relevant properties. Unsecured debt is then allocated using the total value of unencumbered income producing property, and allocating to the retail, office, and multifamily segments based on property classification.

Segment, Reconciliation of Other Items from Segments to Consolidated

The following table summarizes key balance sheet data by segment (in thousands):


	Retail Real Estate		Office Real Estate		Multifamily Real Estate		General Contracting and Real Estate Services(a)		Real Estate Financing		Other		Total
June 30, 2025
Real estate investments, at cost	$	862,896	$	871,888	$	730,634	$	—	$	—	$	—	$	2,465,418
Notes receivable, net	—		—		—		—		139,773		—		139,773
Equity method investments	1,231		46,104		—		—		—		—		47,335

December 31, 2024
Real estate investments, at cost	$	836,740	$	812,679	$	547,566	$	—	$	—	$	—	$	2,196,985
Notes receivable, net	—		—		—		—		121,433		11,132		132,565
Equity method investments	7,630		62,288		88,233		—		—		—		158,151

(a) General contracting and real estate services does not have any assets because the general contracting and real estate services segment manages projects on behalf of clients and does not retain ownership of the assets. The assets are primarily comprised of cash and accounts receivable.