XML 22 R12.htm IDEA: XBRL DOCUMENT v3.25.3
Operating Segments
 9 Months Ended
Sep. 30, 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. The key operating metric that the CODM utilizes to evaluate the segments is net operating income ("NOI"), which we defined as property revenue less direct property operating expenses. NOI excludes depreciation, interest income and expenses, general and administrative expenses, advisory fees and income taxes.
The following table presents our reportable segments for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Multifamily Segment
Revenues$8,528 $8,266 $25,785 $25,451 
Segment expenses
Property tax and insurance(2,679)(2,424)(7,736)(7,830)
Repairs and maintenance(1,248)(1,230)(2,874)(2,865)
Other property expenses(1,182)(988)(3,070)(2,663)
NOI from multifamily segment3,419 3,624 12,105 12,093 
Commercial Segment
Revenues4,307 3,341 11,218 9,828 
Segment expenses
Property tax and insurance(803)(827)(2,035)(2,769)
Repairs and maintenance(625)(341)(1,267)(941)
Other property expenses(1,013)(1,179)(3,080)(3,179)
NOI from commercial segment1,866 994 4,836 2,939 
Total NOI from segments$5,285 $4,618 $16,941 $15,032 
The table below reflects the reconciliation of NOI to net income for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total NOI from segments$5,285 $4,618 $16,941 $15,032 
Other non-segment items of income (expense)
Depreciation and amortization(2,936)(3,120)(8,881)(9,429)
General and administrative(1,594)(1,223)(4,329)(3,898)
Advisory fee to related party(2,151)(1,944)(6,587)(5,789)
Interest income4,748 5,917 13,358 17,244 
Interest expense(1,651)(2,075)(5,170)(5,806)
Income from unconsolidated joint venture— 283 — 827 
Gain on sales or write-down of assets755 — 5,593 — 
Income tax provision(1,572)(546)(4,936)(1,818)
Net income$884 $1,910 $5,989 $6,363