Note 15. Segment Reporting The Company currently operates in seven reportable segments: multifamily properties, office properties, industrial properties, real estate-related securities, International Affiliated Funds, and mortgage loans. These are operating segments that are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance. The Companys chief executive officer, chief financial officer and head of portfolio management have been identified as the chief operating decision-makers. The Companys chief operating decision-makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company believes that Segment Net Operating Income is the performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Multifamily $ 96,268 $ 97,448 Industrial 89,076 89,963 Office 34,170 34,134 Retail 90,319 90,881 Real Estate-Related Securities 33,952 29,228 International Affiliated Fund 28,051 28,594 Commercial Mortgage Loans 45,134  Other (Corporate) 9,908 6,598 Total assets $ 426,878 $ 376,846 The following table sets forth the financial results by segment for the three months ended March 31, 2019 (in thousands): Multifamily Office Industrial Retail Real Estate- Related Securities International Affiliated Funds Commercial Mortgage Loan Total Revenues: Rental Revenue $ 2,360 $ 810 $ 1,931 $ 1,644 $  $  $  $ 6,745 Interest income from commercial mortgage loan       21 21 Total revenues 2,360 810 1,931 1,644   21 6,766 Expenses: Rental property operating 1,085 255 575 371    2,286 Total expenses 1,085 255 575 371    2,286 Realized and unrealized income from real estate-related securities     4,986   4,986 Income (loss) from equity investment in unconsolidated international affiliated funds      (165 )  (165 ) Segment net operating income $ 1,275 $ 555 $ 1,356 $ 1,273 $ 4,986 $ (165 ) $ 42 $ 9,301 Depreciation and amortization (1,201 ) (280 ) (1,117 ) (789 )    (3,387 ) General and administrative expenses (958 ) Advisory fee due to affiliate (467 ) Interest Income 11 Interest Expense (752 ) Net income 3,748 Net income attributable to series A preferred stock 4 Net income attributable to NREIT stockholders $ 3,744 The following table sets forth the financial results by segment for the three months ended March 31, 2018 (in thousands): Multifamily Industrial Real Estate-Related Securities Total Revenues: Rental revenue $ 1,295 $ 1,527 $  $ 2,822 Total revenues $ 1,295 $ 1,527 $  $ 2,822 Expenses: Rental property operating expenses $ 580 $ 386 $  $ 966 Total expenses $ 580 $ 368 $  $ 966 Realized and unrealized income from real estate-related securities   388 388 Segment net operating income $ 715 $ 1,141 $ 388 $ 2,244 Depreciation and amortization $ 851 $ 922 $  $ 1,773 General and administrative expenses 1,691 Advisory fee due to affiliate 295 Net loss $ (1,515 )