v3.25.2
Operating Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Profit by Reportable Segment
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 
Schedule of Reconciliation of Revenue from Segments to Consolidated
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