Operating Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Operating Segments

Operating Segments

Segment information is prepared on the same basis that our chief operating decision maker ("CODM") reviews information to assess performance and make resource allocation decisions. Our CODM is our President and Chief Executive Officer. We operate in two reportable segments: (i) the acquisition, development, ownership and management of multifamily properties ("Residential Segment") and (ii) the acquisition, ownership and management of commercial real estate properties ("Commercial Segment"). The services for our segments include rental of property 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,
	2024		2023		2022
Residential Segment
Revenue	$	34,103	$	34,962	$	19,601
Operating expenses	(18,252)		(17,749)		(9,524)
Profit from segment	15,851		17,213		10,077
Commercial Segment
Revenue	12,967		14,943		17,059
Operating expenses	(8,811)		(10,147)		(8,815)
Profit from segment	4,156		4,796		8,244
Total profit from all segments	$	20,007	$	22,009	$	18,321

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

	For the Year Ended December 31,
	2024		2023		2022
Profit from reportable segments	$	20,007	$	22,009	$	18,321
Other non-segment items of income (expense)
Depreciation and amortization	(12,276)		(13,646)		(9,686)
General and administrative	(5,447)		(9,199)		(9,943)
Advisory fee to related party	(8,058)		(9,156)		(7,974)
Interest income	21,886		30,020		24,248
Interest expense	(7,642)		(9,291)		(17,316)
Gain on foreign currency transactions	—		993		20,067
Loss on early extinguishment of debt	—		(1,710)		(2,805)
Equity in income from unconsolidated joint venture	708		1,060		468,086
(Loss) gain on sale, remeasurement or write down of assets, net	(589)		(1,891)		89,196
Income tax provision	(1,930)		(1,939)		(103,190)
Net income	$	6,659	$	7,250	$	469,004

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

	December 31,
	2024		2023
Segment assets	$	523,792	$	462,419
Real estate	59,197		69,139
Notes receivable	128,229		133,837
Receivable from related parties	163,518		136,211
Cash, short-term investments and other non-segment assets	195,809		241,438
Total assets	$	1,070,545	$	1,043,044