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Operating Segments
 9 Months Ended
Sep. 30, 2023
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, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Multifamily Segment
Revenues$7,899 $2,850 $22,930 $9,024 
Operating expenses(4,811)(1,966)(12,997)(5,395)
Profit from segment3,088 884 9,933 3,629 
Commercial Segment
Revenues3,939 4,720 11,306 13,286 
Operating expenses(2,632)(2,735)(7,583)(7,146)
Profit from segment1,307 1,985 3,723 6,140 
Total profit from segments$4,395 $2,869 $13,656 $9,769 
The table below reflects the reconciliation of total profit from segments to net income for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Total profit from segments$4,395 $2,869 $13,656 $9,769 
Other non-segment items of income (expense)
Depreciation and amortization(3,313)(2,193)(9,615)(6,840)
General and administrative(1,579)(3,042)(8,424)(7,956)
Advisory fee to related party(2,295)(1,571)(6,883)(7,614)
Other income688 749 2,217 1,925 
Interest income9,008 7,035 25,201 19,937 
Interest expense(1,954)(4,044)(7,574)(13,301)
Gain on foreign currency transaction— 1,533 993 19,437 
Loss on early extinguishment of debt— (1,166)(1,710)(2,805)
Income from unconsolidated joint ventures234 464,143 2,946 471,385 
(Loss) gain on sales or write-down of assets(32)1,539 156 16,580 
Income tax provision(1,127)(81,548)(2,416)(81,616)
Net income$4,025 $384,304 $8,547 $418,901