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Operating Segments
 9 Months Ended
Sep. 30, 2022
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, 2022 and 2021:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Multifamily Segment
Revenues$2,850 $3,703 $9,024 $11,068 
Operating expenses(1,966)(2,072)(5,395)(6,306)
Profit from segment884 1,631 3,629 4,762 
Commercial Segment
Revenues4,720 5,925 13,286 19,115 
Operating expenses(2,735)(3,538)(7,146)(10,194)
Profit from segment1,985 2,387 6,140 8,921 
Total profit from segments$2,869 $4,018 $9,769 $13,683 
The table below reflects the reconciliation of total profit from segments to net income for the three and nine months ended September 30, 2022 and 2021:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Total profit from segments$2,869 $4,018 $9,769 $13,683 
Other non-segment items of income (expense)
Depreciation and amortization(2,193)(2,935)(6,840)(9,473)
General and administrative(3,042)(3,698)(7,956)(12,799)
Advisory fee to related party(1,571)(3,419)(7,614)(11,594)
Other income749 866 1,925 3,242 
Interest income9,482 6,128 25,683 17,388 
Interest expense(6,491)(7,057)(19,047)(22,476)
Gain (loss) on foreign currency transaction1,533 (1,639)19,437 1,185 
Loss on early extinguishment of debt(1,166)(1,451)(2,805)(1,451)
Income from unconsolidated joint ventures464,143 3,543 471,385 11,451 
Gain on sales or write-down of assets1,539 31,312 16,580 24,265 
Income tax provision(81,548)(605)(81,616)1,196 
Net income$384,304 $25,063 $418,901 $14,617