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Operating Segments (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Profit by Reportable segment | The following table presents our reportable segments for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Multifamily Segment |  |  |  |  |  |  |
Revenues | $ | 7,967 |  |  | $ | 7,899 |  |  | $ | 23,947 |  |  | $ | 22,930 |
Operating expenses | (4,642) |  |  | (4,811) |  |  | (13,358) |  |  | (12,997) |
Profit from segment | 3,325 |  |  | 3,088 |  |  | 10,589 |  |  | 9,933 |
Commercial Segment |  |  |  |  |  |  |
Revenues | 3,107 |  |  | 3,939 |  |  | 9,594 |  |  | 11,306 |
Operating expenses | (2,347) |  |  | (2,632) |  |  | (6,889) |  |  | (7,583) |
Profit from segment | 760 |  |  | 1,307 |  |  | 2,705 |  |  | 3,723 |
Total profit from segments | $ | 4,085 |  |  | $ | 4,395 |  |  | $ | 13,294 |  |  | $ | 13,656 |
Schedule of Reconciliation of Revenue from Segments to Consolidated | The table below reflects the reconciliation of total profit from segments to net income for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Total profit from segments | $ | 4,085 |  |  | $ | 4,395 |  |  | $ | 13,294 |  |  | $ | 13,656 |
Other non-segment items of income (expense) |  |  |  |  |  |  |
Depreciation and amortization | (3,120) |  |  | (3,313) |  |  | (9,429) |  |  | (9,615) |
General and administrative | (1,590) |  |  | (1,579) |  |  | (4,550) |  |  | (8,424) |
Advisory fee to related party | (1,971) |  |  | (2,295) |  |  | (5,910) |  |  | (6,883) |
Other income | 533 |  |  | 688 |  |  | 1,738 |  |  | 2,217 |
Interest income | 5,506 |  |  | 9,008 |  |  | 16,033 |  |  | 25,201 |
Interest expense | (2,123) |  |  | (1,954) |  |  | (5,958) |  |  | (7,574) |
Gain on foreign currency transaction | — |  |  | — |  |  | — |  |  | 993 |
Loss on early extinguishment of debt | — |  |  | — |  |  | — |  |  | (1,710) |
Income from unconsolidated joint ventures | 423 |  |  | 234 |  |  | 1,407 |  |  | 2,946 |
(Loss) gain on real estate transactions | (23,400) |  |  | (32) |  |  | (23,400) |  |  | 156 |
Income tax provision | 4,641 |  |  | (1,127) |  |  | 3,552 |  |  | (2,416) |
Net (loss) income | $ | (17,016) |  |  | $ | 4,025 |  |  | $ | (13,223) |  |  | $ | 8,547 |

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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