Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

Note 14 - Segment Reporting

The Company operates in two reportable segments: Real Estate and Real Estate Debt. The Company allocates resources and evaluates results based off of 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 as of June 30, 2023($ in thousands):

	Real Estate		Real Estate Debt		Other Corporate		Total
Total Assets	$	52,155	$	142,152	$	116,894	$	311,201

The following table sets forth the financial results by segment for the three months ended June 30, 2023 ($ in thousands):

	Real Estate			Real Estate Debt		Other Corporate		Total
Revenue									—
Rental revenue	$	1,054		$	—	$	—	$	1,054
Total revenues		1,054			—		—		1,054
Expenses
Rental property operating		(113	)		—		—		(113	)
Total segment expenses		(113	)		—		—		(113	)
Income from investments in real estate debt		—			3,161		—		3,161
Segment net operating income	$	941		$	3,161	$	—	$	4,102
Depreciation and amortization	$	(345	)	$	—	$	—	$	(345	)
General and administrative									(1,427	)
Management fee									(699	)
Performance participation allocation									(146	)
Other income, net									1,560
Net income								$	3,045
Net income attributable to non-controlling interests in ARIS OP								$	1,124
Net income attributable to ARIS stockholders								$	1,921

The following table sets forth the financial results by segment for the six months ended June 30, 2023 ($ in thousands):

	Real Estate			Real Estate Debt		Other Corporate		Total
Revenue									—
Rental revenue	$	2,047		$	—	$	—	$	2,047
Total revenues		2,047			—		—		2,047
Expenses
Rental property operating		(205	)		—		—		(205	)
Total segment expenses		(205	)		—		—		(205	)
Income from investments in real estate debt		—			3,896		—		3,896
Segment net operating income	$	1,842		$	3,896	$	—	$	5,738
Depreciation and amortization	$	(628	)	$	—	$	—	$	(628	)
General and administrative									(2,532	)
Management fee									(1,098	)
Performance participation allocation									(146	)
Other income, net									2,394
Net income								$	3,728
Net income attributable to non-controlling interests in ARIS OP								$	1,472
Net income attributable to ARIS stockholders								$	2,256

The Company had no investments and therefore operated in one reportable segment as of December 31, 2022.