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Operating Segments
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Operating Segments
5. Operating Segments

 

Our 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 apartment communities 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 reportable segments for the three and nine months ended September 30, 2020 and 2019:

 

      For the Three Months Ended
September 30,		   For the Nine Months Ended
September 30,
      2020   2019   2020   2019
  Multifamily Segment                
  Revenues   $ 3,683     $ 3,383     $ 10,942     $ 10,077  
  Operating expenses     (2,411 )     (2,722 )     (6,465 )     (6,843 )
  Profit from segment     1,272       661       4,477       3,234  
                                   
  Commercial Segment                                
  Revenues     7,770       8,024       23,518       24,275  
  Operating expenses     (3,976 )     (3,161 )     (12,042 )     (12,360 )
  Profit from segment     3,794       4,863       11,476       11,915  
  Total profit from segments   $ 5,066     $ 5,524     $ 15,953     $ 15,149  

    

The table below reflects the reconciliation of total profit from segments to net income (loss) for the three and nine months ended September 30, 2020 and 2019:

 

  For the Three Months Ended
September 30,		   For the Nine Months Ended
September 30,
    2020   2019   2020   2019
Total profit from segments   $ 5,066     $ 5,524     $ 15,953     $ 15,149  
Other non-segment items of income (expense)                                
Depreciation     (3,526 )     (3,416 )     (10,338 )     (9,964 )
General and administrative     (1,998 )     (2,107 )     (7,958 )     (7,716 )
Advisory fee to related party     (2,329 )     (2,403 )     (7,055 )     (6,807 )
Interest income     5,421       6,856       16,459       19,514  
Other income     484       1,824       5,348       9,679  
Interest expense     (7,622 )     (10,420 )     (26,295 )     (29,796 )
(Loss) gain on foreign currency transaction     (1,470 )     (5,153 )     774       (13,296 )
Loss on extinguishment of debt     —         (5,219 )     —         (5,219 )
Income (losses) from unconsolidated joint ventures     337       (75 )     (642 )     (1,135 )
Gain on sales or write-down of assets     15,325       5,139       24,802       9,792  
Income tax expense     (50 )     —         (346 )     —    
Net income (loss)   $ 9,638     $ (9,450 )   $ 10,702     $ (19,799 )