Reportable Segments

12 Months Ended

Dec. 31, 2019

As described previously, the Company invests the net proceeds from its public offerings into its portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s current business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets, and all of the Company’s consolidated revenues and property operating expenses are from these real estate properties.

Management evaluates the operating performance of each of its real estate properties at an individual investment level and considers each investment to be an operating segment. The Company has aggregated its operating segments into seven reportable segments: domestic office investments, domestic residential/living investments, domestic retail investments, domestic industrial investments, international industrial investments, international office investments and international residential/living investments.

The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments.



	Years Ended December 31,
	2019		2018		2017
Total Revenue
Domestic office investments	$	16,538	$	16,398	$	15,437
Domestic residential/living investments	12,050		6,637		4,671
Domestic retail investments	23,142		20,235		19,507
Domestic industrial investments	4,408		5,698		7,619
International industrial investments	28,997		3,630		—
International office investments	8,931		7,731		8,711
International residential/living investments	9,817		8,740		3,779
Total Revenue	$	103,883	$	69,069	$	59,724

For the years ended December 31, 2019, 2018 and 2017, the Company’s total revenue was attributable to the following countries:



	Years Ended December 31,
	2019		2018		2017
Total Revenue
United States	55	%	71	%	79	%
The Netherlands	21	%	5	%	—	%
Ireland	12	%	17	%	19	%
United Kingdom	7	%	7	%	2	%
Germany	3	%	—	%	—	%
Poland	2	%	—	%	—	%

For the years ended December 31, 2019, 2018 and 2017, the Company’s property revenues in excess of expenses by segment were as follows (in thousands):



	Years Ended December 31,
	2019		2018		2017
Property revenues in excess of expenses⁽¹⁾
Domestic office investments	$	11,022	$	11,076	$	10,497
Domestic residential/living investments	6,151		4,008		2,977
Domestic retail investments	13,405		12,400		10,889
Domestic industrial investments	3,300		4,363		5,862
International industrial investments	16,261		1,645		—
International office investments	6,235		5,919		6,922
International residential/living investments	6,522		5,438		2,466
Property revenues in excess of expenses	$	62,896	$	44,849	$	39,613


(1)	Revenues less property operating expenses, real property taxes and property management fees.

For the years ended December 31, 2019 and 2018, the Company’s total assets by segment were as follows (in thousands):



	December 31, 2019		December 31, 2018
Total Assets
Domestic office investments	$	124,144	$	130,021
Domestic residential/living investments	220,988		126,175
Domestic retail investments	292,526		199,819
Domestic industrial investments	51,520		51,103
International industrial investments	494,268		190,001
International office investments	122,342		122,471
International residential/living investments	211,785		111,803
Corporate-level accounts	55,972		17,436
Total Assets	$	1,573,545	$	948,829

For the years ended December 31, 2019 and 2018, the Company’s total assets were attributable to the following countries:



	December 31, 2019		December 31, 2018
Total Assets
United States	47	%	55	%
United Kingdom	18	%	7	%
The Netherlands	17	%	15	%
Ireland	11	%	18	%
Poland	4	%	—	%
Germany	3	%	5	%

For the years ended December 31, 2019, 2018 and 2017, the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands):



	Years Ended December 31,
	2019			2018			2017
Reconciliation to property revenue in excess of expenses
Net income (loss)	$	(19,548	)	$	(879	)	$	(17,186	)
Depreciation and amortization	46,193			32,478			29,687
Acquisition related expenses	161			144			3,212
Asset management and acquisition fees	7,985			5,004			11,681
Performance participation allocation	7,713			5,954			251
General and administrative expenses	3,652			3,131			2,803
(Gain) loss on derivative instruments	2,292			272			372
(Gain) loss on real estate-related securities	(2,317		)	401			—
Gain on sale of real estate	—			(14,491		)	—
Foreign currency (gains) losses	617			438			(494		)
Interest expense	18,608			12,649			9,453
Interest and other income	(1,480		)	(261		)	(83		)
(Benefit) provision for income taxes	(980		)	9			(83		)
Total property revenues in excess of expenses	$	62,896		$	44,849		$	39,613