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SEGMENT DISCLOSURE (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Net Operating Income (Loss) | The net operating income (loss) of the Company’s segments for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Office: |  |  |  |  |  |  |  |
Revenues |  | $ | 14,101 |  |  | $ | 13,975 |  |  | $ | 28,712 |  |  | $ | 27,462 |
Property expenses: |  |  |  |  |  |  |  |
Operating |  | 6,331 |  |  | 6,369 |  |  | 13,190 |  |  | 12,892 |
General and administrative |  | 66 |  |  | 57 |  |  | 70 |  |  | 157 |
Total property expenses |  | 6,397 |  |  | 6,426 |  |  | 13,260 |  |  | 13,049 |
Income (loss) from unconsolidated entities |  | 1,204 |  |  | (710) |  |  | 1,321 |  |  | (774) |
Segment net operating income—office |  | 8,908 |  |  | 6,839 |  |  | 16,773 |  |  | 13,639 |
Hotel: |  |  |  |  |  |  |  |
Revenues |  | 12,155 |  |  | 11,668 |  |  | 24,009 |  |  | 23,160 |
Property expenses: |  |  |  |  |  |  |  |
Operating |  | 7,831 |  |  | 7,543 |  |  | 15,616 |  |  | 14,882 |
General and administrative |  | 4 |  |  | 12 |  |  | 11 |  |  | 20 |
Total property expenses |  | 7,835 |  |  | 7,555 |  |  | 15,627 |  |  | 14,902 |
Segment net operating income—hotel |  | 4,320 |  |  | 4,113 |  |  | 8,382 |  |  | 8,258 |
Multifamily: |  |  |  |  |  |  |  |
Revenues |  | 5,449 |  |  | 4,078 |  |  | 10,198 |  |  | 5,301 |
Property expenses: |  |  |  |  |  |  |  |
Operating |  | 3,034 |  |  | 3,067 |  |  | 6,371 |  |  | 4,430 |
General and administrative |  | 82 |  |  | 295 |  |  | 134 |  |  | 312 |
Total property expenses |  | 3,116 |  |  | 3,362 |  |  | 6,505 |  |  | 4,742 |
(Loss) income from unconsolidated entity |  | (81) |  |  | (194) |  |  | (524) |  |  | 638 |
Segment net operating income—multifamily |  | 2,252 |  |  | 522 |  |  | 3,169 |  |  | 1,197 |
Lending: |  |  |  |  |  |  |  |
Revenues |  | 2,564 |  |  | 2,963 |  |  | 5,204 |  |  | 5,673 |
Lending expenses: |  |  |  |  |  |  |  |
Interest expense |  | 880 |  |  | 1,315 |  |  | 1,800 |  |  | 1,560 |
Expense reimbursements to related parties—lending segment |  | 673 |  |  | 910 |  |  | 1,236 |  |  | 1,518 |
General and administrative |  | 268 |  |  | 214 |  |  | 636 |  |  | 713 |
Total lending expenses |  | 1,821 |  |  | 2,439 |  |  | 3,672 |  |  | 3,791 |
Segment net operating income—lending |  | 743 |  |  | 524 |  |  | 1,532 |  |  | 1,882 |
Total segment net operating income |  | $ | 16,223 |  |  | $ | 11,998 |  |  | $ | 29,856 |  |  | $ | 24,976 |
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 and six months ended June 30, 2024 and 2023 is as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Total segment net operating income |  | $ | 16,223 |  |  | $ | 11,998 |  |  | $ | 29,856 |  |  | $ | 24,976 |
Interest and other income |  | 170 |  |  | 76 |  |  | 314 |  |  | 76 |
Asset management and other fees to related parties |  | (425) |  |  | (627) |  |  | (819) |  |  | (1,347) |
Expense reimbursements to related parties—corporate |  | (612) |  |  | (677) |  |  | (1,217) |  |  | (1,205) |
Interest expense |  | (8,346) |  |  | (7,394) |  |  | (16,403) |  |  | (13,385) |
General and administrative |  | (983) |  |  | (1,106) |  |  | (2,171) |  |  | (2,407) |
Transaction-related costs |  | (135) |  |  | — |  |  | (825) |  |  | (3,360) |
Depreciation and amortization |  | (6,456) |  |  | (20,472) |  |  | (12,934) |  |  | (29,974) |
Gain on sale of real estate |  | — |  |  | — |  |  | — |  |  | 1,104 |
Loss before provision for income taxes |  | (564) |  |  | (18,202) |  |  | (4,199) |  |  | (25,522) |
Provision for income taxes |  | (288) |  |  | (159) |  |  | (558) |  |  | (415) |
Net loss |  | (852) |  |  | (18,361) |  |  | (4,757) |  |  | (25,937) |
Net loss attributable to non-controlling interests |  | 56 |  |  | 1,002 |  |  | 231 |  |  | 1,627 |
Net loss attributable to the Company |  | $ | (796) |  |  | $ | (17,359) |  |  | $ | (4,526) |  |  | $ | (24,310) |
Schedule of Segment Condensed Assets | The condensed assets for each of the segments as of June 30, 2024 and December 31, 2023 are as follows (in thousands):
|  | June 30, 2024 |  | December 31, 2023
Condensed assets: |  |  |  |
Office |  | $ | 418,985 |  |  | $ | 419,443 |
Hotel |  | 102,067 |  |  | 95,998 |
Multifamily |  | 273,951 |  |  | 278,492 |
Lending |  | 75,663 |  |  | 76,374 |
Non-segment assets |  | 20,562 |  |  | 20,893 |
Total assets |  | $ | 891,228 |  |  | $ | 891,200 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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