Segment Reporting

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

13. Segment Reporting

The Company operates in three reportable segments: multifamily properties, office properties, real estate-related loans and securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment.

The following table sets forth the total assets by segment:

	June 30, 2020		December 31, 2019
Multifamily	$	138,664,863	$	140,841,295
Office		136,388,048		93,629,245
Real estate related loans and securities		79,626,985		49,297,799
Other (Corporate)		25,452,537		29,717,653
Total assets	$	380,132,433	$	313,485,992

The following table sets forth the financial results by segment for the three months ended June 30, 2020:

	Multifamily		Office			Real Estate-Related Loans and Securities		Total
Revenues:
Rental revenues	$	2,729,859	$	3,215,473		$	—	$	5,945,332
Other revenues		80,608		178,080			—		258,688
Total revenues		2,810,467		3,393,553			—		6,204,020
Expenses:
Rental property operating		1,272,817		1,328,330			—		2,601,147
Total expenses		1,272,817		1,328,330			—		2,601,147
Income from real estate-related loans and securities		—		—			1,338,053		1,338,053
Unrealized gain (loss) on investments		—		(279,382	)		1,817,009		1,537,627
Segment net operating income	$	1,537,650	$	1,785,841		$	3,155,062	$	6,478,553
Depreciation and amortization	$	1,846,889	$	1,929,263		$	—	$	3,776,152
General and administrative expenses									739,397
Performance fee									186,678
Interest expense									1,206,036
Net gain									570,290
Net loss attributable to non-controlling interests									110,054
Net gain attributable to stockholders								$	680,344

The following table sets forth the financial results by segment for the six months ended June 30, 2020:

	Multifamily		Office			Real Estate-Related Loans and Securities		Total
Revenues:
Rental revenues	$	5,396,680	$	5,962,713		$	—	$	11,359,393
Other revenues		223,235		362,203			—		585,438
Total revenues		5,619,915		6,324,916			—		11,944,831
Expenses:
Rental property operating		2,291,119		2,326,630			—		4,617,749
Total expenses		2,291,119		2,326,630			—		4,617,749
Income from real estate-related loans and securities		—		—			2,691,680		2,691,680
Unrealized gain (loss) on investments		—		(784,302	)		521,235		(263,067	)
Segment net operating income	$	3,328,796	$	3,213,984		$	3,212,915	$	9,755,695
Depreciation and amortization	$	3,699,891	$	3,465,926		$	—	$	7,165,817
General and administrative expenses									1,389,976
Performance fee									998,328
Interest expense									2,622,323
Net loss									(2,420,749	)
Net loss attributable to non-controlling interests									214,648
Net loss attributable to stockholders								$	(2,206,101	)

The following table sets forth the financial results by segment for the three months ended June 30, 2019:

	Multifamily		Office		Real Estate-Related Loans and Securities		Total
Revenues:
Rental revenues	$	1,191,314	$	—	$	—	$	1,191,314
Other revenues		37,408		—		—		37,408
Total revenues		1,228,722		—		—		1,228,722
Expenses:
Rental property operating		480,372		—		—		480,372
Total expenses		480,372		—		—		480,372
Income from real estate-related loans and securities		—		—		140,532		140,532
Unrealized gain (loss) on investments		—		—		—
Segment net operating income	$	748,350	$	—	$	140,532	$	888,882
Depreciation and amortization	$	1,043,275	$	—	$	—	$	1,043,275
General and administrative expenses								278,107
Performance fee								—
Interest expense								683,797
Net loss								(1,116,297	)
Net loss attributable to non-controlling interests								71,534
Net loss attributable to stockholders							$	(1,044,763	)

The following table sets forth the financial results by segment for the six months ended June 30, 2019:

	Multifamily		Office		Real Estate-Related Loans and Securities		Total
Revenues:
Rental revenues	$	1,191,314	$	—	$	—	$	1,191,314
Other revenues		37,408		—		—		37,408
Total revenues		1,228,722		—		—		1,228,722
Expenses:
Rental property operating		480,372		—		—		480,372
Total expenses		480,372		—		—		480,372
Income from real estate-related loans and securities		—		—		141,388		141,388
Unrealized gain (loss) on investments		—		—		—
Segment net operating income	$	748,350	$	—	$	141,388	$	889,738
Depreciation and amortization	$	1,043,275	$	—	$	—	$	1,043,275
General and administrative expenses								449,398
Performance fee								—
Interest expense								683,797
Net loss								(1,286,732	)
Net loss attributable to non-controlling interests								71,534
Net loss attributable to stockholders							$	(1,215,198	)