XML 21 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Operating Segments
 3 Months Ended
Mar. 31, 2021
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 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 months ended March 31, 2021 and 2020:
Three Months Ended March 31,
20212020
Multifamily Segment
Revenues$3,836 $3,556 
Operating expenses(2,123)(1,945)
Profit from segment1,713 1,611 
Commercial Segment
Revenues6,525 7,886 
Operating expenses(3,709)(4,364)
Profit from segment2,816 3,522 
Total profit from segments$4,529 $5,133 
The table below reflects the reconciliation of total profit from segments to net income for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31,
20212020
Total profit from segments$4,529 $5,133 
Other non-segment items of income (expense)
Depreciation(3,327)(3,394)
General and administrative(3,235)(4,292)
Advisory fee to related party(2,436)(2,373)
Other income1,467 1,688 
Interest income5,644 5,754 
Interest expense(7,738)(9,602)
Gain on foreign currency transaction7,617 7,843 
Income (losses) from unconsolidated joint ventures3,336 (260)
Gain on sales or write-down of assets17,398 4,138 
Income tax expense(40)(247)
Net income$23,215 $4,388