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Operating Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Operating Segments | Operating Segments Segment information is prepared on the same basis that our chief operating decision maker ("CODM") reviews information to assess performance and make resource allocation decisions. Our CODM is our President and Chief Executive Officer. We operate in two reportable segments: (i) the acquisition, development, ownership and management of multifamily properties ("Residential Segment") and (ii) the acquisition, ownership and management of commercial real estate properties ("Commercial Segment"). The services for our segments include property rentals 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 profit by reportable segment:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Residential Segment |  |  |  |  |
Revenue | $ | 34,103 |  |  | $ | 34,962 |  |  | $ | 19,601 |
Operating expenses | (18,252) |  |  | (17,749) |  |  | (9,524) |
Profit from segment | 15,851 |  |  | 17,213 |  |  | 10,077 |
Commercial Segment |  |  |  |  |
Revenue | 12,967 |  |  | 14,943 |  |  | 17,059 |
Operating expenses | (8,811) |  |  | (10,147) |  |  | (8,815) |
Profit from segment | 4,156 |  |  | 4,796 |  |  | 8,244 |
Total profit from segments | $ | 20,007 |  |  | $ | 22,009 |  |  | $ | 18,321 |
The following table reconciles our profit by reportable segment to net income (loss):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Profit from reportable segments | $ | 20,007 |  |  | $ | 22,009 |  |  | $ | 18,321 |
Other non-segment items of income (expense) |  |  |  |  |
Depreciation and amortization | (12,276) |  |  | (13,646) |  |  | (9,686) |
General and administrative | (6,395) |  |  | (10,011) |  |  | (10,033) |
Advisory fee to related party | (8,225) |  |  | (10,187) |  |  | (8,753) |
Other income | 248 |  |  | 595 |  |  | 884 |
Interest income | 19,973 |  |  | 26,847 |  |  | 26,559 |
Interest expense | (7,838) |  |  | (9,502) |  |  | (17,529) |
Gain on foreign currency transactions | — |  |  | 993 |  |  | 20,067 |
Loss on early extinguishment of debt | — |  |  | (1,710) |  |  | (2,805) |
Equity in income from unconsolidated joint ventures | 1,449 |  |  | 3,242 |  |  | 469,268 |
(Loss) gain on real estate transactions | (23,989) |  |  | (1,923) |  |  | 87,132 |
Income tax provision | 3,607 |  |  | (1,456) |  |  | (98,108) |
Net (loss) income | $ | (13,439) |  |  | $ | 5,251 |  |  | $ | 475,317 |
The table below reconciles the segment information to the corresponding amounts in the consolidated balance sheets:
| December 31,
| 2024 |  | 2023
Segment assets | $ | 523,792 |  |  | $ | 462,419 |
Real estate | 59,197 |  |  | 69,139 |
Investments in unconsolidated joint ventures | 10,246 |  |  | 10,060 |
Notes receivable | 138,349 |  |  | 144,142 |
Receivable from related parties | 97,544 |  |  | 96,533 |
Cash, short-term investments and other non-segment assets | 203,674 |  |  | 241,191 |
Total assets | $ | 1,032,802 |  |  | $ | 1,023,484 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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