Operating Segments

3 Months Ended

Mar. 31, 2025

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 reportable segments for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
Multifamily Segment
Revenues	$	8,764	$	8,510
Operating expenses	(4,040)		(4,219)
Profit from segment	4,724		4,291
Commercial Segment
Revenues	3,244		3,389
Operating expenses	(1,937)		(2,415)
Profit from segment	1,307		974
Total profit from segments	$	6,031	$	5,265

The table below reflects the reconciliation of total profit from segments to net income for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
Total profit from segments	$	6,031	$	5,265
Other non-segment items of income (expense)
Depreciation and amortization	(2,883)		(3,172)
General and administrative	(1,352)		(1,261)
Advisory fee to related party	(2,431)		(2,165)
Interest income	4,628		6,127
Interest expense	(1,781)		(1,869)
Income from unconsolidated joint venture	—		435
Gain on sales or write-down of assets	3,891		—
Income tax provision	(1,322)		(603)
Net income	$	4,781	$	2,757