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Operating Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Operating Segments 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 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 months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
Multifamily Segment
Revenues$8,053 $7,373 
Operating expenses(4,219)(3,708)
Profit from segment3,834 3,665 
Commercial Segment
Revenues3,226 3,636 
Operating expenses(2,415)(2,398)
Profit from segment811 1,238 
Total profit from segments$4,645 $4,903 
The table below reflects the reconciliation of total profit from segments to net income for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
Total profit from segments$4,645 $4,903 
Other non-segment items of income (expense)
Depreciation and amortization(3,172)(3,102)
General and administrative(1,408)(3,161)
Advisory fee to related party(2,202)(2,405)
Other income620 679 
Interest income5,733 8,295 
Interest expense(1,922)(3,140)
Gain on foreign currency transaction— 971 
Income from unconsolidated joint ventures483 2,419 
Income tax provision(475)(1,240)
Net income$2,302 $4,219