Segment Reporting

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segment Reporting

14. Segment Reporting

The Company operates in five reportable segments: Multifamily properties, Industrial properties, Hotel properties, Retail properties, and Real Estate-Related Securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment.

The following table sets forth the total assets by segment as of June 30, 2017 ($ in thousands):  

	Multifamily		Industrial		Hotel		Retail		Real Estate- Related Securities		Other (Corporate)		Total
Total assets	$	932,689	$	456,639	$	102,225	$	56,780	$	292,074	$	94,191	$	1,934,598

The following table sets forth the financial results by segment for the three months ended June 30, 2017 ($ in thousands):  

	Multifamily		Industrial		Hotel		Retail		Real Estate- Related Securities		Total
Revenues:
Rental revenue	$	14,036	$	6,260	$	—	$	934	$	—	$	21,230
Tenant reimbursement income		482		1,626		—		98		—		2,206
Hotel revenue		—		—		3,748		—		—		3,748
Other revenue		1,149		—		—		6		—		1,155
Total revenues		15,667		7,886		3,748		1,038		—		28,339
Expenses:
Rental property operating		6,667		2,549		—		173		—		9,389
Hotel operating		—		—		2,109		—		—		2,109
Total expenses		6,667		2,549		2,109		173		—		11,498
Income from real estate-related securities		—		—		—		—		2,543		2,543
Segment net operating income	$	9,000	$	5,337	$	1,639	$	865	$	2,543	$	19,384
Depreciation and amortization	$	18,240	$	4,217	$	763	$	476	$	—	$	23,696
Other income (expense):
General and administrative												(1,567	)
Interest income												117
Interest expense												(5,541	)
Performance participation allocation												(5,241	)
Other expenses												(28	)
Income tax expense												(129	)
Net loss											$	(16,701	)

The following table sets for the financial results by segment for the six months ended June 30, 2017 ($ in thousands):  

	Multifamily		Industrial		Hotel		Retail		Real Estate- Related Securities		Total
Revenues:
Rental revenue	$	14,556	$	6,619	$	—	$	953	$	—	$	22,128
Tenant reimbursement income		508		1,667		—		98		—		2,273
Hotel revenue		—		—		5,174		—		—		5,174
Other revenue		1,202		—		—		6		—		1,208
Total revenues		16,266		8,286		5,174		1,057		—		30,783
Expenses:
Rental property operating		6,885		2,635		—		174		—		9,694
Hotel operating		—		—		2,949		—		—		2,949
Total expenses		6,885		2,635		2,949		174		—		12,643
Income from real estate-related securities		—		—		—		—		3,409		3,409
Segment net operating income	$	9,381	$	5,651	$	2,225	$	883	$	3,409	$	21,549
Depreciation and amortization	$	18,599	$	4,444	$	1,257	$	486	$	—	$	24,786
Other income (expense):
General and administrative												(4,253	)
Interest income												382
Interest expense												(5,547	)
Performance participation allocation												(5,241	)
Other expenses												(28	)
Income tax expense												(44	)
Net loss											$	(17,968	)