v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
GAAP has established guidance for reporting information about a company’s operating segments. The Company monitors and reviews its segment reporting structure in accordance with guidance under FASB ASC Topic 280, Segment Reporting (“ASC 280”) to determine whether any changes have occurred that would impact its reportable segments. The Company currently has two business segments, consisting of multi-family and other.
The Company’s Chief Executive Officer (the “CEO”) evaluates the results of operations and makes decisions about resources to be allocated between the multi-family and other property portfolios and therefore is the Company’s Chief Operating Decision Maker (“CODM”). The operating results are reviewed on an individual property basis, with specific attention to the multi-family portfolio since that is the go-forward strategy.
The CODM evaluates performance based on net operating income (“NOI”). NOI excludes GAAP rent adjustments such as straightline rent and the amortization of intangibles, general and administrative expenses, depreciation and amortization, other
income, interest expense, gains or losses on the sale of investment properties and net income or loss from noncontrolling interests. Prior period segment information has been restated to align with our current segment disclosure format, which is consistent with how our CODM evaluates the business.
The following table summarizes NOI by segment for the years ended December 31, 2025 and 2024.
For the year ended December 31, 2025For the year ended December 31, 2024
TotalMulti-familyOtherTotalMulti-familyOther
Rental income$29,728 $17,343 $12,385 $28,644 $17,989 $10,655 
Tenant recovery income5,751 1,079 4,672 5,201 1,038 4,163 
Other property income895 894 1 1,003 1,003 — 
Total income36,374 19,316 17,058 34,848 20,030 14,818 
Repairs and maintenance2,604 1,648 956 2,552 1,683 869 
Property payroll and benefits1,460 1,284 176 1,427 1,245 182 
Property insurance1,659 756 903 1,458 696 762 
Other property expenses5,326 3,428 1,898 4,338 3,202 1,136 
Real estate taxes5,061 2,116 2,945 4,217 2,234 1,983 
Total expenses16,110 9,232 6,878 13,992 9,060 4,932 
NOI20,264 $10,084 $10,180 20,856 $10,970 $9,886 
Non-allocated expenses (1)
(25,953)(23,548)
Gain on sale of investment properties, net (2)
— 6,869 
Other income751 1,210 
Interest expense(7,191)(7,629)
GAAP adjustments to NOI (3)
1,032 1,232 
Net income (loss)$(11,097)$(1,010)
Balance Sheet Data
Real estate assets, net (4)
$284,504 $186,009 $98,495 $289,575 $191,847 $97,728 
Non-segmented assets (5)
35,741 47,165 
Total assets$320,245 $336,740 
Capital expenditures$9,371 $692 $8,679 $5,645 $695 $4,950 
(1)Non-allocated expenses consist of general and administrative expenses and depreciation and amortization.
(2)Gain on the sale of investment properties is related to the sale of our industrial portfolio.
(3)GAAP adjustments to NOI include straightline rental income and amortization of above and below market lease revenues.
(4)Real estate assets include intangible lease assets, net of amortization.
(5)Non-segmented assets include cash and cash equivalents, restricted cash and escrows, accounts receivable and deferred costs and other assets, net.