SEGMENT FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021:

	As of
(in thousands)	September 30, 2022		December 31, 2021 (1)
Assets:
Office properties	$	367,711	$	335,811
Retail properties		541,881		639,584
Residential properties		1,504,078		837,491
Industrial properties		1,265,691		826,353
Corporate		394,316		351,732
Total assets	$	4,073,677	$	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 nine months ended September 30, 2022 and 2021:

(in thousands)	Office		Retail		Residential		Industrial		Consolidated
For the Three Months Ended September 30, 2022
Rental revenues	$	13,065	$	15,303	$	28,047	$	20,573	$	76,988
Rental expenses		(6,296)		(4,421)		(12,261)		(5,117)		(28,095)
Net operating income	$	6,769	$	10,882	$	15,786	$	15,456	$	48,893
Real estate-related depreciation and amortization	$	3,746	$	4,140	$	13,490	$	15,337	$	36,713
For the Three Months Ended September 30, 2021
Rental revenues	$	16,887	$	18,679	$	7,237	$	10,793	$	53,596
Rental expenses		(7,111)		(4,660)		(3,257)		(2,814)		(17,842)
Net operating income	$	9,776	$	14,019	$	3,980	$	7,979	$	35,754
Real estate-related depreciation and amortization	$	4,945	$	5,336	$	2,283	$	6,257	$	18,821
For the Nine Months Ended September 30, 2022
Rental revenues	$	39,845	$	48,879	$	70,225	$	54,038	$	212,987
Rental expenses		(18,259)		(12,826)		(30,265)		(12,955)		(74,305)
Net operating income	$	21,586	$	36,053	$	39,960	$	41,083	$	138,682
Real estate-related depreciation and amortization	$	11,986	$	13,268	$	37,882	$	37,931	$	101,067
For the Nine Months Ended September 30, 2021
Rental revenues	$	49,663	$	53,600	$	20,885	$	28,509	$	152,657
Rental expenses		(22,116)		(13,854)		(9,666)		(6,682)		(52,318)
Net operating income	$	27,547	$	39,746	$	11,219	$	21,827	$	100,339
Real estate-related depreciation and amortization	$	14,814	$	14,445	$	7,612	$	15,857	$	52,728

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 nine months ended September 30, 2022 and 2021:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Net (loss) income attributable to common stockholders	$	(24,872)	$	13,940	$	(9,449)	$	22,922
Debt-related income		(1,548)		(2,298)		(5,862)		(6,741)
Real estate-related depreciation and amortization		36,713		18,821		101,067		52,728
General and administrative expenses		3,155		2,183		7,786		6,582
Advisory fees		8,980		5,480		24,351		15,389
Performance participation allocation		3,710		3,774		22,088		7,769
Acquisition costs and reimbursements		1,176		738		3,898		1,451
Impairment of real estate property		—		—		—		758
Equity in income from unconsolidated joint venture partnerships		(1,590)		—		(2,298)		—
Interest expense		42,255		17,866		100,439		51,477
Gain on sale of real estate property		(11,303)		(25,979)		(94,827)		(53,321)
Loss on extinguishment of debt and financing commitments, net		—		—		8		—
Other income		(2,534)		(524)		(6,074)		(1,274)
Net (loss) income attributable to redeemable noncontrolling interests		(253)		99		(67)		169
Net (loss) income attributable to noncontrolling interests		(4,996)		1,654		(2,378)		2,430
Net operating income	$	48,893	$	35,754	$	138,682	$	100,339