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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | Note 12 – Segment Reporting We identify our operating segments based on the way we organize and evaluate our business. As a result of the placement of Aster & Links in service and the commencement of operations during the year ended December 31, 2024, we have revised our reportable segments to include two distinct segments as follows:
| ● | Commercial Segment — which includes properties such as office, retail centers, and warehouses (the “Commercial Segment”). For reporting purposes, we aggregate these asset types into the Commercial Segment given their similar characteristics in property management and leasing.
| ● | Mixed-use Segment — which includes properties that blend both residential and retail components within a single real estate asset (the “Mixed-use Segment”). For reporting purposes, we aggregate these business components into the Mixed-use Segment due to their functional integration and the fact that they are evaluated as a unified asset.
Our Chief Executive Officer is our Chief Operating Decision Maker (“CODM”). Our CODM reviews financial information presented on an operating segment basis for purposes of allocating resources, making decisions and assessing financial performance. We believe segment net operating income (loss) (“Segment NOI”) provides a useful measure of our performance of our business, as it reflects the core rental operations of our operating real estate. Segment NOI is calculated as total revenues, less property expenses, excluding corporate level items, such as management fees incurred to our Manager (Note 4 – Related Party Arrangements), depreciation and amortization, general and administrative expenses, interest expense, and other non-operating items. The following table details the results of Segment NOI, reconciled to our consolidated statement of operations for the years ended December 31, 2024, and 2023 (amounts in thousands): Schedule of Segment NOI Reconciled to Consolidated Statement of Operations
|  | Commercial Segment |  |  | Mixed-use Segment |  |  | Total |  |  | Commercial Segment |  |  | Mixed-use Segment |  |  | Total |
|  | Year Ended December 31, 2024 |  |  | Year Ended December 31, 2023 |
|  | Commercial Segment |  |  | Mixed-use Segment |  |  | Total |  |  | Commercial Segment |  |  | Mixed-use Segment |  |  | Total |
Segment NOI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenue |  | $ | 1,099 |  |  | $ | 1,576 |  |  | $ | 2,675 |  |  | $ | 1,769 |  |  | $ | 485 |  |  | $ | 2,254 |
Property expenses |  |  | (1,145 | ) |  |  | (2,989 | ) |  |  | (4,134 | ) |  |  | (730 | ) |  |  | (756 | ) |  |  | (1,486 | )
Total Segment NOI |  | $ | (46 | ) |  | $ | (1,413 | ) |  | $ | (1,459 | ) |  | $ | 1,039 |  |  | $ | (271 | ) |  | $ | 768 |
Non-segment items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees, included in Property expenses |  |  |  |  |  |  |  |  |  |  | (2,705 | ) |  |  |  |  |  |  |  |  |  |  | (2,693 | )
General and administrative |  |  |  |  |  |  |  |  |  |  | (5,111 | ) |  |  |  |  |  |  |  |  |  |  | (6,335 | )
Interest expense |  |  |  |  |  |  |  |  |  |  | (10,006 | ) |  |  |  |  |  |  |  |  |  |  | — |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (4,215 | ) |  |  |  |  |  |  |  |  |  |  | (2,067 | )
Impairment of real estate |  |  |  |  |  |  |  |  |  |  | (777 | ) |  |  |  |  |  |  |  |  |  |  | (4,060 | )
Interest income |  |  |  |  |  |  |  |  |  |  | 646 |  |  |  |  |  |  |  |  |  |  |  | 113 |
Other expense |  |  |  |  |  |  |  |  |  |  | (228 | ) |  |  |  |  |  |  |  |  |  |  | (87 | )
Loss before income taxes |  |  |  |  |  |  |  |  |  |  | (23,855 | ) |  |  |  |  |  |  |  |  |  |  | (14,361 | )
Provision for income taxes |  |  |  |  |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  |  |  |  |  | (1 | )
Net loss |  |  |  |  |  |  |  |  |  |  | (23,856 | ) |  |  |  |  |  |  |  |  |  |  | (14,362 | )
Net loss attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  | 11 |
Net loss attributable to Belpointe PREP, LLC |  |  |  |  |  |  |  |  |  | $ | (23,856 | ) |  |  |  |  |  |  |  |  |  | $ | (14,351 | )
The following table details the significant expense categories by segment for the years ended December 31, 2024, and 2023 (amounts in thousands): Schedule of Significant Expense Categories by Segment
|  | Commercial Segment |  |  | Mixed-use Segment |  |  | Total |  |  | Commercial Segment |  |  | Mixed-use Segment |  |  | Total |
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
|  | Commercial Segment |  |  | Mixed-use Segment |  |  | Total |  |  | Commercial Segment |  |  | Mixed-use Segment |  |  | Total |
Property expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  | $ | 628 |  |  | $ | 423 |  |  | $ | 1,051 |  |  | $ | 406 |  |  | $ | 252 |  |  | $ | 658 |
Management fees |  |  | 45 |  |  |  | 812 |  |  |  | 857 |  |  |  | 44 |  |  |  | 65 |  |  |  | 109 |
Repairs & maintenance |  |  | 159 |  |  |  | 512 |  |  |  | 671 |  |  |  | 103 |  |  |  | 192 |  |  |  | 295 |
Insurance |  |  | 266 |  |  |  | 399 |  |  |  | 665 |  |  |  | 164 |  |  |  | 154 |  |  |  | 318 |
Utilities |  |  | 47 |  |  |  | 394 |  |  |  | 441 |  |  |  | 12 |  |  |  | 64 |  |  |  | 76 |
Other property expenses |  |  | — |  |  |  | 449 |  |  |  | 449 |  |  |  | 1 |  |  |  | 29 |  |  |  | 30 |
Total property expenses |  | $ | 1,145 |  |  | $ | 2,989 |  |  | $ | 4,134 |  |  | $ | 730 |  |  | $ | 756 |  |  | $ | 1,486 |
The following table details our total assets by segment as of December 31, 2024, and 2023 (amounts in thousands): Schedule of Total Assets By Segment
|  | December 31, |
|  | 2024 |  |  | 2023 |
Commercial Segment |  | $ | 97,358 |  |  | $ | 98,711 |
Mixed-use Segment |  |  | 395,642 |  |  |  | 265,301 |
Other non-segment assets (1) |  |  | 24,591 |  |  |  | 18,105 |
Total assets |  | $ | 517,591 |  |  | $ | 382,117 |
| (1) | Other non-segment assets primarily consist of cash and cash equivalents not attributable to specific reportable segments.

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- Definition The entire disclosure for reporting segments including data and tables. 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