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Note 9 - Segment Reporting
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

9. Segment Reporting

 

The Company is a New York City real estate investment trust that is focused on developing, redeveloping and operating properties in the commercial and residential space.

 

Our Chief Operating Decision Maker (“CODM”), represented by our Co-Chairman and Chief Executive Officer, reviews the results in which the revenue and Income from Operations is divided between the commercial and residential performance. This metric enables the CODM to evaluate how the business is growing, as revenue is the key driver of growth. Additionally, the CODM uses segment income (loss) to allocate resources in the annual budgeting and forecasting process. The CODM considers budget to actual variances when making decisions about allocating capital to each segment.

 

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, Dean Street 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, Dean Street and Aspen properties.

 

Presented below are reconciliations of the reportable segment total revenues to the consolidated revenues, the reportable segment total operating expenses to consolidate operating expenses, the reportable income from operations to the consolidated income from operations, the segment and consolidated income from operations to segment and consolidated net income(loss), the reportable segment assets to the consolidated assets, the reportable segment interest expense to the consolidated interest expense and the reportable segment capital expenditures to the consolidated capital expenditures.

 

Three months ended June 30, 2026

  

Commercial

    

Residential

    

Total

  

Rental income

   $ 6,353     $ 32,222     $ 38,575  

Total revenues

     6,353       32,222       38,575  

Property operating expenses

     962       8,310       9,272  

Real estate taxes and insurance

     3,113       4,316       7,429  

General and administrative

     954       3,299       4,253  

Depreciation and amortization

     1,575       6,448       8,023  

Total operating expenses

     6,604       22,373       28,977  

Litigation Settlement and other

     —       (209 )     (209 )

Income (Loss) from operations

   $ (251 )   $ 9,640     $ 9,389  

Interest Expense

     (4,178 )     (11,476 )     (15,654 )

Net Loss

   $ (4,429 )   $ (1,836 )   $ (6,265 )

 

 

Three months ended June 30, 2025

  

Commercial

    

Residential

    

Total

  

Rental income

   $ 9,982     $ 29,054     $ 39,036  

Total revenues

   $ 9,982     $ 29,054     $ 39,036  

Property operating expenses

     1,333       8,228       9,561  

Real estate taxes and insurance

     2,919       4,599       7,518  

General and administrative

     718       3,101       3,819  

Transaction pursuit costs

     (1 )     (9 )     (10 )

Depreciation and amortization

     1,521       5,793       7,314  

Total operating expenses

     6,490       21,712       28,202  

Litigation settlement and other

     —       (26 )     (26 )

Income from operations

     3,492       7,316       10,808  

Loss on disposal of long-lived assets

     —       (685 )     (685 )

Interest Expense

     (2,541 )     (8,938 )     (11,479 )

Net Income (Loss)

   $ 951     $ (2,307 )   $ (1,356 )

 

Six months ended June 30, 2026

  

Commercial

    

Residential

    

Total

  

Rental income

   $ 12,564     $ 64,126     $ 76,690  

Total revenues

     12,564       64,126       76,690  

Property operating expenses

     2,171       17,431       19,602  

Real estate taxes and insurance

     6,238       8,888       15,126  

General and administrative

     1,821       6,539       8,360  

Transaction pursuit costs

     —       —       —  

Depreciation and amortization

     3,150       12,852       16,002  

Total operating expenses

     13,380       45,710       59,090  

Litigation settlement and other

     —       (3,809 )     (3,809 )

Income from operations

   $ (816 )   $ 14,607     $ 13,791  

Loss on disposal of long-lived assets

     —       —       —  

Interest Expense

     (8,319 )     (22,881 )     (31,200 )

Net Loss

     (9,135 )     (8,274 )     (17,409 )

 

Six months ended June 30, 2025

  

Commercial

    

Residential

    

Total

  

Rental income

   $ 20,190     $ 58,244     $ 78,434  

Total revenues

     20,190       58,244       78,434  

Property operating expenses

     2,692       16,980       19,672  

Real estate taxes and insurance

     5,882       9,263       15,145  

General and administrative

     1,412       6,232       7,644  

Transaction pursuit costs

     (1 )     (9 )     (10 )

Depreciation and amortization

     3,048       11,902       14,950  

Loss on impairment of long lived assets

     —       33,780       33,780  
                         

Total operating expenses

     13,033       78,148       91,181  

Litigation settlement and other

     —       (26 )     (26 )

Income from operations

   $ 7,157     $ (19,930 )   $ (12,773 )

Loss on disposal of long-lived assets

     —       (685 )     (685 )

Interest Expense

     (5,033 )     (17,968 )     (23,001 )
Net Income (Loss)     2,124       (38,583 )     (36,459 )

 

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

 

   

Commercial

    

Residential

    

Total

  

June 30, 2026

   $ 302,418     $ 918,320     $ 1,220,738  

December 31, 2025

     307,926     $ 926,393     $ 1,234,319  

 

The Company’s capital expenditures, including acquisition by segment for the three months ended June 30, 2026 and 2025, is as follows:

 

   

Commercial

    

Residential

    

Total

  

Three months ended June 30,

                        

2026

   $ 120     $ 2,691     $ 2,811  

2025

   $ 788     $ 9,680     $ 10,468  
                         

Six months ended June 30,

                        

2026

   $ 238     $ 4,974     $ 5,212  

2025

   $ 1,422     $ 20,327     $ 21,749  

 

The Company allocates assets, expenses and capital expenditures to each reportable segment by building. For those buildings that are shared between the segment’s allocations are done based on the percentage relative square footage of the building that is used to generate revenue for the segment. All corporate costs are allocated based on the percentage of square footage of the segment.