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Operating Segments
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Multifamily Segment
Revenues$7,967 $7,899 $23,947 $22,930 
Operating expenses(4,642)(4,811)(13,358)(12,997)
Profit from segment3,325 3,088 10,589 9,933 
Commercial Segment
Revenues3,107 3,939 9,594 11,306 
Operating expenses(2,347)(2,632)(6,889)(7,583)
Profit from segment760 1,307 2,705 3,723 
Total profit from segments$4,085 $4,395 $13,294 $13,656 
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,
2024202320242023
Total profit from segments$4,085 $4,395 $13,294 $13,656 
Other non-segment items of income (expense)
Depreciation and amortization(3,120)(3,313)(9,429)(9,615)
General and administrative(1,590)(1,579)(4,550)(8,424)
Advisory fee to related party(1,971)(2,295)(5,910)(6,883)
Other income533 688 1,738 2,217 
Interest income5,506 9,008 16,033 25,201 
Interest expense(2,123)(1,954)(5,958)(7,574)
Gain on foreign currency transaction— — — 993 
Loss on early extinguishment of debt— — — (1,710)
Income from unconsolidated joint ventures423 234 1,407 2,946 
(Loss) gain on real estate transactions(23,400)(32)(23,400)156 
Income tax provision4,641 (1,127)3,552 (2,416)
Net (loss) income$(17,016)$4,025 $(13,223)$8,547