SEGMENT FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Summary of Total Assets by Business Segment

The following table reflects our total consolidated assets by business segment as of June 30, 2022 and December 31, 2021:

	As of
(in thousands)	June 30, 2022		December 31, 2021 (1)
Assets:
Office properties	$	365,378	$	335,811
Retail properties		558,072		639,584
Residential properties		1,514,570		837,491
Industrial properties		1,277,062		826,353
Corporate		326,981		351,732
Total assets	$	4,042,063	$	2,990,971

(1) As of December 31, 2021, amounts held for sale are included in the corporate grouping. Refer to “Note 3” for further detail.

Revenue and Components of Net Operating Income

The following table sets forth consolidated financial results by segment for the three and six months ended June 30, 2022 and 2021:

(in thousands)	Office		Retail		Residential		Industrial		Consolidated
For the Three Months Ended June 30, 2022
Rental revenues	$	13,148	$	16,509	$	25,824	$	18,013	$	73,494
Rental expenses		(5,772)		(3,776)		(11,059)		(4,289)		(24,896)
Net operating income	$	7,376	$	12,733	$	14,765	$	13,724	$	48,598
Real estate-related depreciation and amortization	$	4,243	$	4,474	$	16,038	$	12,148	$	36,903
For the Three Months Ended June 30, 2021
Rental revenues	$	15,953	$	17,010	$	7,008	$	8,658	$	48,629
Rental expenses		(7,496)		(4,292)		(3,167)		(1,959)		(16,914)
Net operating income	$	8,457	$	12,718	$	3,841	$	6,699	$	31,715
Real estate-related depreciation and amortization	$	5,000	$	4,482	$	2,589	$	5,103	$	17,174
For the Six Months Ended June 30, 2022
Rental revenues	$	26,780	$	33,576	$	42,178	$	33,465	$	135,999
Rental expenses		(11,963)		(8,405)		(18,004)		(7,838)		(46,210)
Net operating income	$	14,817	$	25,171	$	24,174	$	25,627	$	89,789
Real estate-related depreciation and amortization	$	8,240	$	9,128	$	24,392	$	22,594	$	64,354
For the Six Months Ended June 30, 2021
Rental revenues	$	32,776	$	34,921	$	13,648	$	17,716	$	99,061
Rental expenses		(15,005)		(9,194)		(6,409)		(3,868)		(34,476)
Net operating income	$	17,771	$	25,727	$	7,239	$	13,848	$	64,585
Real estate-related depreciation and amortization	$	9,869	$	9,109	$	5,329	$	9,600	$	33,907

Reconciliation of Net Operating Income to Reported Net Income (Loss)

The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
(in thousands)	2022		2021		2022		2021
Net (loss) income attributable to common stockholders	$	(5,588)	$	(8,583)	$	15,423	$	8,982
Debt-related income		(846)		(2,319)		(4,314)		(4,443)
Real estate-related depreciation and amortization		36,903		17,174		64,354		33,907
General and administrative expenses		2,594		2,181		4,631		4,399
Advisory fees, related party		8,227		5,085		15,370		9,909
Performance participation allocation		6,186		2,246		18,379		3,995
Acquisition costs and reimbursements		1,093		346		2,722		713
Impairment of real estate property		—		—		—		758
Equity in income from unconsolidated joint venture partnerships		(1,718)		—		(708)		—
Other income		(1,413)		(476)		(3,540)		(750)
Interest expense		33,774		17,048		58,184		33,611
Gain on sale of real estate property		(29,643)		—		(83,524)		(27,342)
Gain on extinguishment of debt and financing commitments, net		8		—		8		—
Net (loss) income attributable to redeemable noncontrolling interests		(60)		(64)		186		70
Net (loss) income attributable to noncontrolling interests		(919)		(923)		2,618		776
Net operating income	$	48,598	$	31,715	$	89,789	$	64,585