Operating Segments (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Profit by Reportable Segment

The following table presents our reportable segments for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Multifamily Segment
Revenues	$	2,850	$	3,703	$	9,024	$	11,068
Operating expenses	(1,966)		(2,072)		(5,395)		(6,306)
Profit from segment	884		1,631		3,629		4,762
Commercial Segment
Revenues	4,720		5,925		13,286		19,115
Operating expenses	(2,735)		(3,538)		(7,146)		(10,194)
Profit from segment	1,985		2,387		6,140		8,921
Total profit from segments	$	2,869	$	4,018	$	9,769	$	13,683

Reconciliation of Revenue from Segments to Consolidated

The table below reflects the reconciliation of total profit from segments to net income for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total profit from segments	$	2,869	$	4,018	$	9,769	$	13,683
Other non-segment items of income (expense)
Depreciation and amortization	(2,193)		(2,935)		(6,840)		(9,473)
General and administrative	(2,756)		(2,813)		(7,348)		(8,549)
Advisory fee to related party	(1,434)		(3,234)		(6,885)		(10,144)
Other income	749		406		1,566		2,474
Interest income	8,087		5,155		18,807		14,518
Interest expense	(4,700)		(5,910)		(14,787)		(19,096)
Gain (loss) on foreign currency transaction	1,533		(1,639)		19,437		1,185
Loss on early extinguishment of debt	(1,166)		(1,451)		(2,805)		(1,451)
Income from unconsolidated joint venture	464,085		3,627		470,428		11,535
Gain on sales or write-down of assets	1,539		31,312		16,580		22,970
Income tax provision	(88,037)		(156)		(88,105)		1,037
Net income	$	378,576	$	26,380	$	409,817	$	18,689