Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by 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	)