Segment Reporting (Tables)

The following table summarizes NOI by segment for the years ended December 31, 2025 and 2024.


	For the year ended December 31, 2025						For the year ended December 31, 2024
	Total		Multi-family		Other		Total		Multi-family		Other
Rental income	$	29,728	$	17,343	$	12,385	$	28,644	$	17,989	$	10,655
Tenant recovery income	5,751		1,079		4,672		5,201		1,038		4,163
Other property income	895		894		1		1,003		1,003		—
Total income	36,374		19,316		17,058		34,848		20,030		14,818
Repairs and maintenance	2,604		1,648		956		2,552		1,683		869
Property payroll and benefits	1,460		1,284		176		1,427		1,245		182
Property insurance	1,659		756		903		1,458		696		762
Other property expenses	5,326		3,428		1,898		4,338		3,202		1,136
Real estate taxes	5,061		2,116		2,945		4,217		2,234		1,983
Total expenses	16,110		9,232		6,878		13,992		9,060		4,932

NOI	20,264		$	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 income	751						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.