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SEGMENT DISCLOSURE (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Net Operating Income (Loss) | The net operating income (loss) of the Company’s segments for the three months ended March 31, 2024 and 2023 is as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Office: |  |  |  |  |  |  |  |
Revenues |  | $ | 14,611 |  |  | $ | 13,487 |  |  |  |  |
Property expenses: |  |  |  |  |  |  |  |
Operating |  | 6,859 |  |  | 6,523 |  |  |  |  |
General and administrative |  | 4 |  |  | 100 |  |  |  |  |
Total property expenses |  | 6,863 |  |  | 6,623 |  |  |  |  |
Income (loss) from unconsolidated entities |  | 117 |  |  | (64) |  |  |  |  |
Segment net operating income—office |  | 7,865 |  |  | 6,800 |  |  |  |  |
Hotel: |  |  |  |  |  |  |  |
Revenues |  | 11,854 |  |  | 11,492 |  |  |  |  |
Property expenses: |  |  |  |  |  |  |  |
Operating |  | 7,785 |  |  | 7,339 |  |  |  |  |
General and administrative |  | 7 |  |  | 8 |  |  |  |  |
Total property expenses |  | 7,792 |  |  | 7,347 |  |  |  |  |
Segment net operating income—hotel |  | 4,062 |  |  | 4,145 |  |  |  |  |
Multifamily: |  |  |  |  |  |  |  |
Revenues |  | 4,749 |  |  | 1,223 |  |  |  |  |
Property expenses: |  |  |  |  |  |  |  |
Operating |  | 3,337 |  |  | 1,363 |  |  |  |  |
General and administrative |  | 52 |  |  | 17 |  |  |  |  |
Total property expenses |  | 3,389 |  |  | 1,380 |  |  |  |  |
(Loss) income from unconsolidated entity |  | (443) |  |  | 832 |  |  |  |  |
Segment net operating income—multifamily |  | 917 |  |  | 675 |  |  |  |  |
Lending: |  |  |  |  |  |  |  |
Revenues |  | 2,640 |  |  | 2,710 |  |  |  |  |
Lending expenses: |  |  |  |  |  |  |  |
Interest expense |  | 920 |  |  | 245 |  |  |  |  |
Expense reimbursements to related parties—lending segment |  | 563 |  |  | 608 |  |  |  |  |
General and administrative |  | 368 |  |  | 499 |  |  |  |  |
Total lending expenses |  | 1,851 |  |  | 1,352 |  |  |  |  |
Segment net operating income—lending |  | 789 |  |  | 1,358 |  |  |  |  |
Total segment net operating income |  | $ | 13,633 |  |  | $ | 12,978 |  |  |  |  |
Schedule of Reconciliation of Segment Net Operating Income to Net Income Attributable to the Company | A reconciliation of segment net operating income to net income attributable to the Company for the three months ended March 31, 2024 and 2023 is as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Total segment net operating income |  | $ | 13,633 |  |  | $ | 12,978 |  |  |  |  |
Interest and other income |  | 144 |  |  | — |  |  |  |  |
Asset management and other fees to related parties |  | (394) |  |  | (720) |  |  |  |  |
Expense reimbursements to related parties—corporate |  | (605) |  |  | (528) |  |  |  |  |
Interest expense |  | (8,057) |  |  | (5,991) |  |  |  |  |
General and administrative |  | (1,188) |  |  | (1,301) |  |  |  |  |
Transaction-related costs |  | (690) |  |  | (3,360) |  |  |  |  |
Depreciation and amortization |  | (6,478) |  |  | (9,502) |  |  |  |  |
Gain on sale of real estate |  | — |  |  | 1,104 |  |  |  |  |
Loss before provision for income taxes |  | (3,635) |  |  | (7,320) |  |  |  |  |
Provision for income taxes |  | (270) |  |  | (256) |  |  |  |  |
Net loss |  | (3,905) |  |  | (7,576) |  |  |  |  |
Net loss attributable to non-controlling interests |  | 175 |  |  | 625 |  |  |  |  |
Net loss attributable to the Company |  | $ | (3,730) |  |  | $ | (6,951) |  |  |  |  |
Schedule of Segment Condensed Assets | The condensed assets for each of the segments as of March 31, 2024 and December 31, 2023, along with capital expenditures and loan originations for the three months ended March 31, 2024 and 2023, are as follows (in thousands):
|  | March 31, 2024 |  | December 31, 2023
Condensed assets: |  |  |  |
Office |  | $ | 420,628 |  |  | $ | 419,443 |
Hotel |  | 98,023 |  |  | 95,998 |
Multifamily |  | 277,516 |  |  | 278,492 |
Lending |  | 73,954 |  |  | 76,374 |
Non-segment assets |  | 17,382 |  |  | 20,893 |
Total assets |  | $ | 887,503 |  |  | $ | 891,200 |
Schedule of Segment Capital Expenditures and Loan Originations |
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Capital expenditures(1) and loan originations: |  |  |  |
Office |  | $ | 8,582 |  |  | $ | 2,156 |
Hotel |  | 2,360 |  |  | 1,629 |
Multifamily |  | 2,598 |  |  | 5,327 |
Total capital expenditures |  | 13,540 |  |  | 9,112 |
Loan originations |  | 7,733 |  |  | 10,781 |
Total capital expenditures and loan originations |  | $ | 21,273 |  |  | $ | 19,893 |
______________________ (1)Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.

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