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Operating Segments | 3 Months Ended
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Mar. 31, 2025
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 rental of property 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, 2025 and 2024:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Multifamily Segment |  |  |  |  |  |  |
Revenues |  |  |  |  | $ | 8,764 |  |  | $ | 8,510 |
Operating expenses |  |  |  |  | (4,040) |  |  | (4,219) |
Profit from segment |  |  |  |  | 4,724 |  |  | 4,291 |
Commercial Segment |  |  |  |  |  |  |
Revenues |  |  |  |  | 3,244 |  |  | 3,389 |
Operating expenses |  |  |  |  | (1,937) |  |  | (2,415) |
Profit from segment |  |  |  |  | 1,307 |  |  | 974 |
Total profit from segments |  |  |  |  | $ | 6,031 |  |  | $ | 5,265 |
The table below reflects the reconciliation of total profit from segments to net income for the three months ended March 31, 2025 and 2024:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Total profit from segments |  |  |  |  | $ | 6,031 |  |  | $ | 5,265 |
Other non-segment items of income (expense) |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  | (2,883) |  |  | (3,172) |
General and administrative |  |  |  |  | (1,492) |  |  | (1,408) |
Advisory fee to related party |  |  |  |  | (2,469) |  |  | (2,202) |
Interest income |  |  |  |  | 4,010 |  |  | 5,733 |
Interest expense |  |  |  |  | (1,820) |  |  | (1,922) |
Income from unconsolidated joint ventures |  |  |  |  | (159) |  |  | 483 |
Gain on real estate transactions |  |  |  |  | 3,891 |  |  | — |
Income tax provision |  |  |  |  | (1,146) |  |  | (475) |
Net income |  |  |  |  | $ | 3,963 |  |  | $ | 2,302 |

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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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