v3.26.1
Operating Segments
 6 Months Ended
Jun. 30, 2026
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 ("Multifamily 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, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Multifamily Segment
Revenues$8,950 $8,493 $17,383 $17,257 
Segment expenses
Property tax and insurance(3,554)(2,522)(6,668)(5,057)
Repairs and maintenance(1,140)(986)(2,060)(1,626)
Other property expenses(1,423)(1,023)(2,783)(1,888)
NOI from multifamily segment2,833 3,962 5,872 8,686 
Commercial Segment
Revenues3,916 3,667 7,824 6,911 
Segment expenses
Property tax and insurance(489)(608)(890)(1,232)
Repairs and maintenance(376)(368)(690)(642)
Other property expenses(1,194)(1,028)(2,418)(2,067)
NOI from commercial segment1,857 1,663 3,826 2,970 
Total NOI from reportable segments$4,690 $5,625 $9,698 $11,656 
The table below reflects the reconciliation of NOI from reportable segments to net income for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
NOI from reportable segments$4,690 $5,625 $9,698 $11,656 
Other non-segment items of income (expense)
Depreciation and amortization(3,697)(3,062)(7,327)(5,945)
General and administrative(1,351)(1,383)(2,678)(2,735)
Advisory fee to related party(1,986)(2,005)(3,999)(4,436)
Interest income3,155 3,982 7,559 8,610 
Interest expense(2,772)(1,738)(5,706)(3,519)
Gain on sale or write-down of assets, net814 947 1,199 4,838 
Income tax benefit (provision)127 (2,042)558 (3,364)
Net (loss) income$(1,020)$324 $(696)$5,105