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Note 10 - Segment Reporting
 3 Months Ended
Mar. 31, 2023
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’s income from operations by segment for the three months ended March 31, 2023 and 2022, is as follows (unaudited):

 

Three months ended March 31, 2023

  

Commercial

    

Residential

    

Total

  

Rental income

   $ 9,727     $ 23,940     $ 33,667  

Total revenues

   $ 9,727     $ 23,940     $ 33,667  

Property operating expenses

     1,215       6,884       8,099  

Real estate taxes and insurance

     2,249       6,287       8,536  

General and administrative

     571       2,722       3,293  

Transaction pursuit costs

     —       —       —  

Depreciation and amortization

     1,442       5,383       6,825  

Total operating expenses

     5,477       21,276       26,753  

Income from operations

   $ 4,250     $ 2,664     $ 6,914  

 

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  

 

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

 

   

Commercial

    

Residential

    

Total

  

March 31, 2023 (unaudited)

   $ 314,324     $ 923,074     $ 1,237,398  

December 31, 2022

     312,404       917,227       1,229,631  

 

The Company’s interest expense by segment for the three months ended March 31, 2023 and 2022, is as follows (unaudited):

 

   

Commercial

    

Residential

    

Total

  

Three months ended March 31,

                        

2023

   $ 2,460     $ 7,675     $ 10,135  

2022

   $ 2,494     $ 7,491     $ 9,985  

 

The Company’s capital expenditures, including acquisitions, by segment for the three months ended March 31, 2023 and 2022, are as follows (unaudited):

 

   

Commercial

    

Residential

    

Total

  

Three months ended March 31,

                        

2023

   $ 1,677     $ 9,489     $ 11,166  

2022

   $ 790     $ 15,644     $ 16,434