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SEGMENT DISCLOSURE
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT DISCLOSURE 17. SEGMENT DISCLOSURE
The Company’s reportable segments during the three and six months ended June 30, 2024 and June 30, 2023 consist of three types of commercial real estate properties, namely, office, hotel and multifamily, as well as a segment for the Company’s lending business. Management internally evaluates the operating performance and financial results of the segments based on net operating income. The Company also has certain general and administrative level activities, including public company expenses, legal, accounting, and tax preparation that are not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in the notes to the Company’s audited consolidated financial statements for the year ended December 31, 2023 included in the 2023 Form 10-K.
For the Company’s real estate segments, the Company defines net operating income (loss) as rental and other property income and expense reimbursements less property related expenses, and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision (benefit) for income taxes. For the Company’s lending segment, the Company defines net operating income as interest income net of interest expense and general overhead expenses.
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,
 2024202320242023
Office: 
Revenues$14,101 $13,975 $28,712 $27,462 
Property expenses:    
Operating6,331 6,369 13,190 12,892 
General and administrative66 57 70 157 
Total property expenses6,397 6,426 13,260 13,049 
Income (loss) from unconsolidated entities1,204 (710)1,321 (774)
Segment net operating income—office8,908 6,839 16,773 13,639 
Hotel:    
Revenues12,155 11,668 24,009 23,160 
Property expenses:    
Operating7,831 7,543 15,616 14,882 
General and administrative4 12 11 20 
Total property expenses7,835 7,555 15,627 14,902 
Segment net operating income—hotel4,320 4,113 8,382 8,258 
Multifamily:
Revenues5,449 4,078 10,198 5,301 
Property expenses:
Operating3,034 3,067 6,371 4,430 
General and administrative82 295 134 312 
Total property expenses3,116 3,362 6,505 4,742 
(Loss) income from unconsolidated entity(81)(194)(524)638 
Segment net operating income—multifamily2,252 522 3,169 1,197 
Lending:
Revenues2,564 2,963 5,204 5,673 
Lending expenses:  
Interest expense880 1,315 1,800 1,560 
Expense reimbursements to related parties—lending segment673 910 1,236 1,518 
General and administrative268 214 636 713 
Total lending expenses1,821 2,439 3,672 3,791 
Segment net operating income—lending743 524 1,532 1,882 
Total segment net operating income$16,223 $11,998 $29,856 $24,976 
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,
 2024202320242023
Total segment net operating income$16,223 $11,998 $29,856 $24,976 
Interest and other income170 76 314 76 
Asset management and other fees to related parties(425)(627)(819)(1,347)
Expense reimbursements to related parties—corporate(612)(677)(1,217)(1,205)
Interest expense(8,346)(7,394)(16,403)(13,385)
General and administrative(983)(1,106)(2,171)(2,407)
Transaction-related costs(135)— (825)(3,360)
Depreciation and amortization(6,456)(20,472)(12,934)(29,974)
Gain on sale of real estate— — — 1,104 
Loss before provision for income taxes(564)(18,202)(4,199)(25,522)
Provision for income taxes(288)(159)(558)(415)
Net loss(852)(18,361)(4,757)(25,937)
Net loss attributable to non-controlling interests56 1,002 231 1,627 
Net loss attributable to the Company$(796)$(17,359)$(4,526)$(24,310)
The condensed assets for each of the segments as of June 30, 2024 and December 31, 2023 are as follows (in thousands):
 June 30, 2024December 31, 2023
Condensed assets:  
Office$418,985 $419,443 
Hotel102,067 95,998 
Multifamily273,951 278,492 
Lending75,663 76,374 
Non-segment assets20,562 20,893 
Total assets$891,228 $891,200