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Operating Segments (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and 2024:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Multifamily Segment
Revenues			$	8,528					$	8,266					$	25,785					$	25,451
Segment expenses
Property tax and insurance			(2,679)						(2,424)						(7,736)						(7,830)
Repairs and maintenance			(1,248)						(1,230)						(2,874)						(2,865)
Other property expenses			(1,182)						(988)						(3,070)						(2,663)
NOI from multifamily segment			3,419						3,624						12,105						12,093
Commercial Segment
Revenues			4,307						3,341						11,218						9,828
Segment expenses
Property tax and insurance			(803)						(827)						(2,035)						(2,769)
Repairs and maintenance			(625)						(341)						(1,267)						(941)
Other property expenses			(1,013)						(1,179)						(3,080)						(3,179)
NOI from commercial segment			1,866						994						4,836						2,939
Total NOI from segments			$	5,285					$	4,618					$	16,941					$	15,032

Schedule of Reconciliation of NOI to Net Income

The table below reflects the reconciliation of NOI to net income for the three and nine months ended September 30, 2025 and 2024:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Total NOI from segments			$	5,285					$	4,618					$	16,941					$	15,032
Other non-segment items of income (expense)
Depreciation and amortization			(2,936)						(3,120)						(8,881)						(9,429)
General and administrative			(1,719)						(1,590)						(4,745)						(4,550)
Advisory fee to related party			(2,203)						(1,971)						(6,714)						(5,910)
Interest income			4,099						5,506						11,462						16,033
Interest expense			(1,691)						(2,123)						(5,288)						(5,958)
Income from unconsolidated joint ventures			116						423						(24)						1,407
Gain (loss) on real estate transactions			755						(23,400)						5,593						(23,400)
Income tax provision			(1,386)						4,641						(1,197)						3,552
Net income (loss)			$	320					$	(17,016)					$	7,147					$	(13,223)

X

- 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

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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

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