SEGMENT FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Total Assets by Business Segment

The following table reflects our total consolidated assets by segment as of December 31, 2025 and 2024:


	As of
(in thousands)	December 31, 2025		December 31, 2024 (1)
Assets:
Residential properties	$	2,317,415	$	2,126,453
Industrial properties	2,297,995		1,664,506
Retail properties	485,687		497,184
Office properties	325,218		367,025
Data center properties	688,390		—
Other properties (2)	169,768		149,847
Investments in real estate debt and securities	303,232		353,258
Total segment assets	6,587,705		5,158,273
Corporate	680,819		572,976
Total assets	$	7,268,524	$	5,731,249

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(1)As of December 31, 2024, our debt-related investments classified as held for sale are included in the corporate grouping.

(2)Includes self-storage properties.

Summary of 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 years ended December 31, 2025, 2024 and 2023.


	For the Year Ended December 31,
(in thousands)	2025		2024		2023
Net loss attributable to common stockholders	$	(68,004)	$	(37,135)	$	(62,427)
Real estate-related depreciation and amortization	196,808		152,777		149,985
General and administrative expenses	13,662		12,808		11,824
Advisory fees	51,296		40,786		38,645
Performance participation allocation	16,544		—		—
Acquisition costs and reimbursements	6,868		7,034		7,034
Valuation allowance on debt-related investment	—		—		(1,799)
(Income) loss from unconsolidated joint venture partnerships	(48,568)		(14,531)		3,578
Interest expense	251,369		188,318		148,517
Gain on sale of real estate property	(57,200)		(12,913)		(36,884)
(Gain) loss on financial assets	(407)		17		—
Loss (gain) on financing obligations	54,776		2,034		(932)
(Gain) loss on extinguishment of debt and financing obligations, net	(32,741)		(41,050)		700
Loss (gain) on derivative instruments	7		(402)		(126)
Provision for current expected credit losses	(464)		(1,533)		1,997
Other income and expenses	(11,134)		(6,583)		(4,950)
Income tax expense	17,953		11,842		—
Net loss attributable to redeemable noncontrolling interests	(431)		(273)		(597)
Net loss attributable to noncontrolling interests	(58,751)		(19,935)		(20,189)
Net operating income	$	331,583	$	281,261	$	234,376

Summary of Revenue and Components of Net Operating Income

The following table sets forth consolidated financial results by segment for the years ended December 31, 2025, 2024 and 2023:


(in thousands)	Residential		Industrial		Retail		Office		Data Center		Other Properties		Debt and Securities		Consolidated
2025
Rental revenues	$	177,232	$	150,831	$	60,405	$	48,660	$	2,039	$	13,437	$	—	$	452,604
Debt-related income	—		—		—		—		—		—		46,231		46,231
Rental expenses	(86,490)		(36,061)		(16,030)		(22,932)		(108)		(5,631)		—		(167,252)
Net operating income	$	90,742	$	114,770	$	44,375	$	25,728	$	1,931	$	7,806	$	46,231	$	331,583
2024
Rental revenues	$	140,014	$	112,376	$	61,206	$	50,103	$	—	$	7,152	$	—	$	370,851
Debt-related income	—		—		—		—		—		—		46,642		46,642
Rental expenses	(66,268)		(27,817)		(15,880)		(23,422)		—		(2,845)		—		(136,232)
Net operating income	$	73,746	$	84,559	$	45,326	$	26,681	$	—	$	4,307	$	46,642	$	281,261
2023
Rental revenues	$	120,706	$	91,145	$	58,916	$	51,096	$	—	$	132	$	—	$	321,995
Debt-related income	—		—		—		—		—		—		31,175		31,175
Rental expenses	(57,923)		(20,083)		(15,575)		(25,165)		—		(48)		—		(118,794)
Net operating income	$	62,783	$	71,062	$	43,341	$	25,931	$	—	$	84	$	31,175	$	234,376