v3.25.2
Operating Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Operating Segments Operating Segments
Segment information is prepared on the same basis that our chief operating decision maker ("CODM") reviews information to assess performance and make resource allocation decisions. Our CODM is our President and Chief Executive Officer. We operate in two reportable segments: (i) the acquisition, development, ownership and management of multifamily properties ("Residential Segment") and (ii) the acquisition, ownership and management of commercial real estate properties ("Commercial Segment"). The services for our segments include rental of property and other tenant services, including parking and storage space rental. The key operating metric that the CODM utilizes to evaluate the segments is net operating income ("NOI"), which we defined as property revenue less direct property operating expenses. NOI excludes depreciation, interest income and expenses, general and administrative expenses, advisory fees and income taxes.
The following table presents our reportable segments for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Multifamily Segment
Revenues$8,493 $8,675 $17,257 $17,185 
Segment expenses
Property tax and insurance(2,522)(2,665)(5,057)(5,406)
Repairs and maintenance(986)(994)(1,626)(1,635)
Other property expenses(1,023)(839)(1,888)(1,675)
Profit from segment3,962 4,177 8,686 8,469 
Commercial Segment
Revenues3,667 3,098 6,911 6,487 
Segment expenses
Property tax and insurance(608)(843)(1,232)(1,942)
Repairs and maintenance(368)(290)(642)(600)
Other property expenses(1,028)(993)(2,067)(2,000)
Profit from segment1,663 972 2,970 1,945 
Total profit from segments$5,625 $5,149 $11,656 $10,414 
The table below reflects the reconciliation of NOI to net income for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total profit from segments$5,625 $5,149 $11,656 $10,414 
Other non-segment items of income (expense)
Depreciation and amortization(3,062)(3,137)(5,945)(6,309)
General and administrative(1,383)(1,414)(2,735)(2,675)
Advisory fee to related party(2,005)(1,680)(4,436)(3,845)
Interest income3,982 5,200 8,610 11,327 
Interest expense(1,738)(1,862)(3,519)(3,731)
Income from unconsolidated joint venture— 109 — 544 
Gain on sales or write-down of assets947 — 4,838 — 
Income tax provision(2,042)(669)(3,364)(1,272)
Net income$324 $1,696 $5,105 $4,453