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Note 10 - Segment Reporting
 3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

10. Segment Reporting

 

The Company has classified its reporting segments into commercial and residential rental properties. The commercial reporting segment includes 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, the Clover House property, the 10 West 65th Street property, the 1010 Pacific Street property and portions of the 250 Livingston Street, Tribeca House and Aspen properties.

 

The Company paid legal and advisory fees to firms in which two of our directors were principals or partners of $404 for the three months ended March 31, 2021.

 

Three months ended March 31, 2022

 

Commercial

  

Residential

  

Total

 

Rental income

 $10,588  $21,462  $32,050 

Total revenues

 $10,588  $21,462  $32,050 

Property operating expenses

  1,143   6,396   7,539 

Real estate taxes and insurance

  2,020   5,911   7,931 

General and administrative

  524   2,418   2,942 

Transaction pursuit costs

  79   345   424 

Depreciation and amortization

  1,356   5,349   6,705 

Total operating expenses

  5,122   20,419   25,541 

Income from operations

 $5,466  $1,043  $6,509 

 

 

Three months ended March 31, 2021

 

Commercial

  

Residential

  

Total

 

Rental income

 $9,047  $21,604  $30,651 

Total revenues

  9,047   21,604   30,651 

Property operating expenses

  1,119   7,523   8,642 

Real estate taxes and insurance

  1,896   5,416   7,312 

General and administrative

  299   1,994   2,293 

Transaction pursuit costs

  60   —   60 

Depreciation and amortization

  1,243   4,984   6,227 

Total operating expenses

  4,617   19,917   24,534 

Income from operations

 $4,430  $1,687  $6,117 

 

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

 

  

Commercial

  

Residential

  

Total

 

March 31, 2022 (unaudited)

 $310,782  $915,997  $1,226,779 

December 31, 2021

  310,423   923,324   1,233,657 

 

The Company’s interest expense by segment for the three months ended March 31, 2022 and 2021, is as follows (unaudited):

 

  

Commercial

  

Residential

  

Total

 

Three months ended March 31,

            

2022

 $2,494  $7,491  $9,985 

2021

  2,076   8,141   10,217 

 

 

The Company’s capital expenditures by segment for the three months ended March 31, 2022 and 2021, are as follows (unaudited):

 

  

Commercial

  

Residential

  

Total

 

Three months ended March 31,

            

2022

 $790  $15,644  $16,434 

2021

 $2,370  $3,172  $5,542