SEGMENT DISCLOSURE (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of the Company’s segments for the three months ended March 31, 2024 and 2023 is as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Office:
Revenues	$	14,611	$	13,487
Property expenses:
Operating	6,859		6,523
General and administrative	4		100
Total property expenses	6,863		6,623
Income (loss) from unconsolidated entities	117		(64)
Segment net operating income—office	7,865		6,800
Hotel:
Revenues	11,854		11,492
Property expenses:
Operating	7,785		7,339
General and administrative	7		8
Total property expenses	7,792		7,347
Segment net operating income—hotel	4,062		4,145
Multifamily:
Revenues	4,749		1,223
Property expenses:
Operating	3,337		1,363
General and administrative	52		17
Total property expenses	3,389		1,380
(Loss) income from unconsolidated entity	(443)		832
Segment net operating income—multifamily	917		675
Lending:
Revenues	2,640		2,710
Lending expenses:
Interest expense	920		245
Expense reimbursements to related parties—lending segment	563		608
General and administrative	368		499

Total lending expenses	1,851		1,352
Segment net operating income—lending	789		1,358
Total segment net operating income	$	13,633	$	12,978

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

A reconciliation of segment net operating income to net income attributable to the Company for the three months ended March 31, 2024 and 2023 is as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Total segment net operating income	$	13,633	$	12,978
Interest and other income	144		—
Asset management and other fees to related parties	(394)		(720)
Expense reimbursements to related parties—corporate	(605)		(528)
Interest expense	(8,057)		(5,991)
General and administrative	(1,188)		(1,301)
Transaction-related costs	(690)		(3,360)
Depreciation and amortization	(6,478)		(9,502)


Gain on sale of real estate	—		1,104
Loss before provision for income taxes	(3,635)		(7,320)
Provision for income taxes	(270)		(256)
Net loss	(3,905)		(7,576)
Net loss attributable to non-controlling interests	175		625
Net loss attributable to the Company	$	(3,730)	$	(6,951)

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of March 31, 2024 and December 31, 2023, along with capital expenditures and loan originations for the three months ended March 31, 2024 and 2023, are as follows (in thousands):


	March 31, 2024		December 31, 2023
Condensed assets:
Office	$	420,628	$	419,443
Hotel	98,023		95,998
Multifamily	277,516		278,492
Lending	73,954		76,374
Non-segment assets	17,382		20,893
Total assets	$	887,503	$	891,200

Schedule of Segment Capital Expenditures and Loan Originations


	Three Months Ended March 31,
	2024		2023
Capital expenditures(1) and loan originations:
Office	$	8,582	$	2,156
Hotel	2,360		1,629
Multifamily	2,598		5,327
Total capital expenditures	13,540		9,112
Loan originations	7,733		10,781
Total capital expenditures and loan originations	$	21,273	$	19,893

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