Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 17 - 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 March 31, 2024 and December 31, 2023 ($ in thousands):

	March 31, 2024		December 31, 2023
Real Estate	$	182,382	$	183,492
Real Estate Debt		477,035		330,974
Other Corporate		46,477		95,205
Total Assets	$	705,894	$	609,671

The following table sets forth the financial results by segment for the three months ended March 31, 2024 ($ in thousands):

	Real Estate			Real Estate Debt			Other Corporate		Total
Revenue										—
Rental revenue	$	3,663		$	—		$	—	$	3,663
Total revenues		3,663			—			—		3,663
Expenses
Rental property operating		(573	)		—			—		(573	)
Interest expense, net		(567	)		(203	)		—		(770	)
Total segment expenses		(1,140	)		(203	)		—		(1,343	)
Income from investments in real estate debt		—			11,114			—		11,114
Segment net operating income	$	2,523		$	10,911		$	—	$	13,434
Depreciation and amortization	$	(1,455	)	$	—		$	—	$	(1,455	)
General and administrative										(1,537	)
Management fee										(1,511	)
Performance participation allocation										(203	)
Other income										908
Net income									$	9,636
Net income attributable to non-controlling interests in the Operating Partnership									$	1,697
Net income attributable to ARIS stockholders									$	7,939

The following table sets forth the financial results by segment for the three months ended March 31, 2023 ($ in thousands):

	Real Estate			Real Estate Debt		Other Corporate		Total
Revenue									—
Rental revenue	$	993		$	—	$	—	$	993
Total revenues		993			—		—		993
Expenses
Rental property operating		(92	)		—		—		(92	)
Total segment expenses		(92	)		—		—		(92	)
Income from investments in real estate debt		—			735		—		735
Segment net operating income	$	901		$	735	$	—	$	1,636
Depreciation and amortization	$	(283	)	$	—	$	—	$	(283	)
General and administrative									(1,105	)
Management fee									(399	)
Other income, net									834
Net income								$	683
Net income attributable to non-controlling interests in the Operating Partnership								$	348
Net income attributable to ARIS stockholders								$	335