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Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has two reportable segments, real estate and debt and preferred equity investments. We evaluate real estate performance and allocate resources based on earnings contributions.
The primary sources of revenue are generated from tenant rents, escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, insurance, real estate taxes and, at certain properties, ground rent expense. See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments.
Selected consolidated results of operations for the three and nine months ended September 30, 2023 and 2022, and selected asset information as of September 30, 2023 and December 31, 2022, regarding our operating segments are as follows (in thousands):
Real Estate SegmentDebt and Preferred Equity SegmentTotal Company
Total revenues
Three months ended:
September 30, 2023$163,531 $9,689 $173,220 
September 30, 2022$182,943 $29,513 $212,456 
Nine months ended:
September 30, 2023$590,016 $27,849 $617,865 
September 30, 2022$532,057 $69,808 $601,865 
Net (loss) income
Three months ended:
September 30, 2023$(22,282)$588 $(21,694)
September 30, 2022$(8,934)$21,145 $12,211 
Nine months ended:
September 30, 2023$(446,005)$6,726 $(439,279)
September 30, 2022$(65,824)$53,571 $(12,253)
Total assets
As of:
September 30, 2023$9,354,243 $336,339 $9,690,582 
December 31, 2022$11,727,418 $628,376 $12,355,794 
We also allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses to the debt and preferred equity segment because that segment does not have dedicated personnel and the use of personnel and resources is dependent on transaction volume between the two segments and varies between periods. In addition, we base performance on the individual segments prior to allocating marketing, general and administrative expenses. For the three and nine months ended September 30, 2023, marketing, general and administrative expenses totaled $22.9 million and $69.1 million. For the three months ended September 30, 2022, marketing, general and administrative expenses totaled $21.3 million and $69.6 million. All other expenses, except interest, relate entirely to the real estate assets.
There were no transactions between the above two segments.