Operating Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Operating Segments

Operating SegmentsOur segments are based on the internal reporting that we review for operational decision-making purposes. We operate in two reportable segments: (i) the acquisition, development, ownership and management of multifamily properties and (ii) the acquisition, ownership and management of commercial real estate properties. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, advisory fees, interest income and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level.

The following table presents our profit by reportable segment:

	For the Year Ended December 31,
	2020		2019		2018
Multifamily Segment
Revenue	$	14,686	$	13,517	$	80,821
Operating expenses	(8,482)		(8,824)		(42,588)
Profit from segment	6,204		4,693		38,233
Commercial Segment
Revenue	37,223		32,714		33,123
Operating expenses	(15,878)		(16,389)		(16,832)
Profit from segment	21,345		16,325		16,291
Total profit from all segments	$	27,549	$	21,018	$	54,524

The following table reconciles our profit by reportable segment to net income (loss):

	For the Year Ended December 31,
	2020		2019		2018
Profit from reportable segments	$	27,549	$	21,018	$	54,524
Other non-segment items of income (expense)
Depreciation and amortization	(14,755)		(13,379)		(22,761)
General and administrative	(9,287)		(8,704)		(11,359)
Advisory fee to related party	(8,648)		(8,410)		(11,294)
Other income	5,113		1,823		35,161
Interest income	18,660		19,607		15,793
Interest expense	(29,374)		(31,816)		(58,872)
(Loss) gain on foreign currency transactions	(13,378)		(15,108)		12,399
Loss on extinguishment of debt	—		(5,219)		—
Equity in (loss) income from unconsolidated joint ventures	(519)		(2,758)		1,129
Gain on sale or write-down of assets, net	32,107		14,809		171,530
Income tax provision	(4)		2,000		(3,210)
Net income (loss)	$	7,464	$	(26,137)	$	183,040

The table below reconciles our segment information to the corresponding amounts in our consolidated balance sheets:

	December 31,
	2020		2019
Segment assets	$	342,965	$	348,404
Real estate	65,149		70,006
Investment in unconsolidated joint ventures	51,786		81,780
Notes receivable	123,556		112,357
Receivable from related parties	159,777		141,541
Cash and other non-segment assets	135,849		111,830
Total assets	$	879,082	$	865,918