SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of the Company’s segments for the years ended December 31, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Office:
Revenues	$	55,033	$	55,928
Property expenses:
Operating	25,731		26,537
General and administrative	344		225
Total property expenses	26,075		26,762
(Loss) income from unconsolidated entities	(582)		164
Segment net operating income—office	28,376		29,330
Hotel:
Revenues	41,096		35,213
Property expenses:
Operating	27,959		23,989
General and administrative	33		110
Total property expenses	27,992		24,099
Segment net operating income—hotel	13,104		11,114
Multifamily:
Revenues	11,224		—
Property expenses:
Operating	8,803		—
General and administrative	661		—
Total property expenses	9,464		—
Income from unconsolidated entity	155
Segment net operating income—multifamily	1,915		—
Lending:
Revenues	11,458		10,765
Lending expenses:
Interest expense	3,692		552
Expense reimbursements to related parties—lending segment	2,579		1,929
General and administrative	1,628		1,904
Total lending expenses	7,899		4,385
Segment net operating income—lending	3,559		6,380
Total segment net operating income	$	46,954	$	46,824

Schedule of Reconciliation of Segment Net Operating Income to Net Income Attributable to the Company

A reconciliation of the Company’s segment net operating income to net income attributable to the Company for the years ended December 31, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Total segment net operating income	$	46,954	$	46,824
Interest and other income	447		—
Asset management and other fees to related parties	(2,627)		(3,570)
Expense reimbursements to related parties—corporate	(2,342)		(1,925)
Interest expense	(31,406)		(9,052)
General and administrative	(5,453)		(4,630)
Transaction costs	(4,421)		(223)
Depreciation and amortization	(52,484)		(20,348)


Gain on sale of real estate	1,104		—
(Loss) income before provision for income taxes	(50,228)		7,076
Provision for income taxes	(1,228)		(1,131)
Net (loss) income	(51,456)		5,945
Net loss (income) attributable to noncontrolling interests	2,971		(27)
Net (loss) income attributable to the Company	$	(48,485)	$	5,918

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of December 31, 2023 and 2022, along with capital expenditures and loan originations for the years ended December 31, 2023 and 2022 are as follows:


	December 31,
	2023		2022
	(in thousands)
Condensed assets:
Office	$	419,443	$	471,677
Hotel	95,998		99,082
Multifamily	278,492		—
Lending	76,374		76,148
Non-segment assets	20,893		43,341
Total assets	$	891,200	$	690,248

Schedule of Segment Capital Expenditures and Loan Originations


	Year Ended December 31,
	2023		2022
	(in thousands)
Capital expenditures (1) and loan originations:
Office	$	7,395	$	9,094
Hotel	2,098		414
Multifamily	1,476		—
Total capital expenditures	10,969		9,508
Loan originations	45,188		40,619
Total capital expenditures and loan originations	$	56,157	$	50,127

(1)Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.