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Note 12 - Segment Reporting

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

12.

Segment Reporting

The Company has classified its reporting segments into commercial and residential rental properties. The commercial properties include the

141

Livingston Street property and portions of the

250

Livingston Street, Tribeca House, and Aspen properties. The residential reporting segment includes the Flatbush Gardens property and a portion of the

250

Livingston Street, Tribeca House, and Aspen properties. Interest expense related to the commercial and residential segments for the

three

months ended

March

31,

2017

is

$1,881

and

$

6,771

and for the

three

months ended

March

31,

2016

is

1,844

and

$7,367,

respectively.

The Company’s income from operations by segment for the

three

months ended

March

31,

2017

and

2016

is as follows:

Three months ended March 31, 2017		Commercial				Residential				Total
Rental revenues		$	5,471			$	18,037			$	23,508
Tenant recoveries			1,044				—				1,044
Garage and other revenue income			212				499				711
Total revenues			6,727				18,536				25,263
Property operating expenses			1,081				6,024				7,105
Real estate taxes and insurance			1,057				3,595				4,652
General and administrative			188				2,008				2,196
Acquisition costs			—				21				21
Depreciation and amortization			768				3,167				3,935
Total operating expenses			3,094				14,815				17,909
Income from operations		$	3,633			$	3,721			$	7,354

Three months ended March 31, 2016		Commercial				Residential				Total
Rental revenues		$	4,439			$	15,827			$	20,266
Tenant recoveries			813				—				813
Garage and other revenue income			395				252				647
Total revenues			5,647				16,079				21,726
Property operating expenses			960				5,582				6,542
Real estate taxes and insurance			968				3,083				4,051
General and administrative			157				1,675				1,832
Acquisition costs			—				6				6
Depreciation and amortization			638				2,652				3,290
Total operating expenses			2,723				12,998				15,721
Income from operations		$	2,924			$	3,081			$	6,005

The Company’s total assets by segment are as follows as of:

		Commercial				Residential				Total
March 31, 2017		$	226,120			$	755,163			$	981,283
December 31, 2016		$	225,608			$	679,600			$	905,208

The Company’s capital expenditures are

$3,102

and

$3,358

for the

three

months ended

March

31,

2017

and

2016,

respectively

($1,011

and

$30

in the commercial segment and

$2,091

and

3,328

in the residential segment for the

three

months ended

March

31,

2017

and

2016,

respectively).

X

- References

No definition available.

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X

- 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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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