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SEGMENT DISCLOSURE (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of Segment Net Operating Income (Loss) | The net operating income (loss) of the Company’s segments for the years ended December 31, 2022 and 2021 is as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  |
| (in thousands)
Office: |  |  |  |  |
Revenues | $ | 55,928 |  |  | $ | 53,289 |  |  |
Property expenses: |  |  |  |  |
Operating | 26,537 |  |  | 23,431 |  |  |
General and administrative | 225 |  |  | 347 |  |  |
Total property expenses | 26,762 |  |  | 23,778 |  |  |
Income from unconsolidated entity | 164 |  |  | — |  |  |
Segment net operating income—office | 29,330 |  |  | 29,511 |  |  |
Hotel: |  |  |  |  |
Revenues | 35,213 |  |  | 17,849 |  |  |
Property expenses: |  |  |  |  |
Operating | 23,989 |  |  | 15,841 |  |  |
General and administrative | 110 |  |  | 128 |  |  |
Total property expenses | 24,099 |  |  | 15,969 |  |  |
Segment net operating income—hotel | 11,114 |  |  | 1,880 |  |  |
Lending: |  |  |  |  |
Revenues | 10,765 |  |  | 19,787 |  |  |
Lending expenses: |  |  |  |  |
Interest expense | 552 |  |  | 408 |  |  |
Expense reimbursements to related parties—lending segment | 1,929 |  |  | 1,921 |  |  |
General and administrative | 1,904 |  |  | 1,788 |  |  |
Total lending expenses | 4,385 |  |  | 4,117 |  |  |
Segment net operating income—lending | 6,380 |  |  | 15,670 |  |  |
Total segment net operating income | $ | 46,824 |  |  | $ | 47,061 |  |  |
Schedule of Reconciliation of Segment Net Operating Income to Net Income Attributable to the Company | A reconciliation of the Company’s segment net operating income to net income attributable to the Company for the years ended December 31, 2022 and 2021 is as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  |
| (in thousands)
Total segment net operating income | $ | 46,824 |  |  | $ | 47,061 |  |  |
Interest and other income | — |  |  | 1 |  |  |
Asset management and other fees to related parties | (3,570) |  |  | (9,030) |  |  |
Expense reimbursements to related parties—corporate | (1,925) |  |  | (2,050) |  |  |
Interest expense | (9,052) |  |  | (9,005) |  |  |
General and administrative | (4,630) |  |  | (4,581) |  |  |
Transaction costs | (223) |  |  | (143) |  |  |
Depreciation and amortization | (20,348) |  |  | (20,112) |  |  |
Income before provision for income taxes | 7,076 |  |  | 2,141 |  |  |
Provision for income taxes | (1,131) |  |  | (2,992) |  |  |
Net income (loss) | 5,945 |  |  | (851) |  |  |
Net (income) loss attributable to noncontrolling interests | (27) |  |  | 1 |  |  |
Net income (loss) attributable to the Company | $ | 5,918 |  |  | $ | (850) |  |  |
Schedule of Segment Condensed Assets | The condensed assets for each of the segments as of December 31, 2022 and 2021, along with capital expenditures and loan originations for the years ended December 31, 2022 and 2021 are as follows:
| December 31,
| 2022 |  | 2021
| (in thousands)
Condensed assets: |  |  |
Office | $ | 471,677 |  |  | $ | 449,843 |
Hotel | 99,082 |  |  | 101,308 |
Lending | 76,148 |  |  | 96,729 |
Non-segment assets(1) | 43,341 |  |  | 12,986 |
Total assets | $ | 690,248 |  |  | $ | 660,866 |
Schedule of Segment Capital Expenditures and Loan Originations |
| Year Ended December 31,
| 2022 |  | 2021 |  |
| (in thousands)
Capital expenditures (2) and loan originations: |  |  |  |  |
Office | $ | 9,094 |  |  | $ | 5,714 |  |  |
Hotel | 414 |  |  | 193 |  |  |
Total capital expenditures | 9,508 |  |  | 5,907 |  |  |
Loan originations | 40,619 |  |  | 133,290 |  |  |
Total capital expenditures and loan originations | $ | 50,127 |  |  | $ | 139,197 |  |  |
(1)Includes investments in real estate of $9.9 million representing three development sites which the Company intends to develop into multifamily assets. (2)Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.

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