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Operating Segments
 9 Months Ended
Sep. 30, 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 properties and (ii) the acquisition, ownership and management of commercial 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, 2021 and 2020:
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Multifamily Segment
Revenues$3,703 $3,685 $11,068 $10,943 
Operating expenses(2,072)(2,413)(6,306)(6,466)
Profit from segment1,631 1,272 4,762 4,477 
Commercial Segment
Revenues5,925 7,769 19,115 23,518 
Operating expenses(3,538)(3,975)(10,194)(12,041)
Profit from segment2,387 3,794 8,921 11,477 
Total profit from segments$4,018 $5,066 $13,683 $15,954 
The table below reflects the reconciliation of total profit from segments to net income for the three and nine months ended September 30, 2021 and 2020:
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Total profit from segments$4,018 $5,066 $13,683 $15,954 
Other non-segment items of income (expense)
Depreciation(2,935)(3,526)(9,473)(10,338)
General and administrative(3,698)(1,997)(12,799)(7,958)
Advisory fee to related party(3,419)(2,329)(11,594)(7,055)
Other income6,128 5,421 3,242 5,347 
Interest income866 483 17,388 16,459 
Interest expense(7,057)(7,622)(22,476)(26,295)
(Loss) gain on foreign currency transaction(1,639)(1,470)1,185 774 
Loss on extinguishment of debt(1,451)— (1,451)— 
Income (losses) from unconsolidated joint ventures3,543 337 11,451 (642)
Gain on sales or write-down of assets31,312 15,325 24,265 24,802 
Income tax provision(605)(50)1,196 (346)
Net income$25,063 $9,638 $14,617 $10,702