Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of Total Assets by Segment

The following table sets forth the total assets by segment ($ in thousands):

	December 31, 2022		December 31, 2021
Multifamily	$	16,663,050	$	12,225,256
Single-family rental		1,357,576		1,150,987
Industrial		3,180,764		2,145,163
Office		1,589,368		1,599,774
Self-storage		366,299		331,024
Investments in real estate debt		1,657,663		954,077
Other properties		1,225,052		764,714
Other (Corporate)		725,081		800,436
Total assets	$	26,764,853	$	19,971,431

Summary of Financial Results by Segment

The following table sets forth the financial results by segment for the year ended December 31, 2022 ($ in thousands):

	Multifamily			Single- Family Rental			Industrial			Office			Self- Storage			Other			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	1,068,277		$	73,558		$	177,998		$	136,185		$	26,614		$	38,023		$	—	$	1,520,655
Other revenue		11,114			—			42			416			—			47,121			—		58,693
Total revenues		1,079,391			73,558			178,040			136,601			26,614			85,144			—		1,579,348
Expenses:
Property operating		467,413			36,575			44,983			52,972			9,866			38,785			—		650,594
Total segment expenses		467,413			36,575			44,983			52,972			9,866			38,785			—		650,594
Income from unconsolidated    real estate ventures		—			—			—			—			—			12,189			—		12,189
Income from investments in    real estate debt		—			—			—			—			—			—			99,787		99,787
Segment net operating income	$	611,978		$	36,983		$	133,057		$	83,629		$	16,748		$	58,548		$	99,787	$	1,040,730
Depreciation and amortization	$	(595,718	)	$	(46,864	)	$	(101,484	)	$	(64,869	)	$	(10,080	)	$	(29,928	)	$	—	$	(848,943	)
General and administrative																						(44,708	)
Management fees																						(167,100	)
Performance participation allocation																						(102,348	)
Interest expense																						(428,853	)
Loss on extinguishment of debt																						(313	)
Other income, net																						485,608
Net loss																					$	(65,927	)
Net income attributable to non-controlling interests in consolidated joint ventures																						(1,927	)
Net loss attributable to non-controlling interests in Operating Partnership																						2,146
Net loss attributable to stockholders																					$	(65,708	)

The following table sets forth the financial results by segment for the year ended December 31, 2021 ($ in thousands):

	Multifamily			Single- Family Rental			Industrial			Office			Self-Storage			Other			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	365,052		$	1,158		$	96,826		$	124,317		$	741		$	16,480		$	—	$	604,574
Other revenue		4,310			—			—			331			—			33,690			—		38,331
Total revenues		369,362			1,158			96,826			124,648			741			50,170			—		642,905
Expenses:
Property operating		151,923			274			25,258			43,741			287			27,168			—		248,651
Total segment expenses		151,923			274			25,258			43,741			287			27,168			—		248,651
Loss from unconsolidated    real estate ventures		—			—			—			—			—			(615	)		—		(615	)
Income from investments in real    estate debt		—			—			—			—			—			—			45,156		45,156
Segment net operating income	$	217,439		$	884		$	71,568		$	80,907		$	454		$	22,387		$	45,156	$	438,795
Depreciation and amortization	$	(189,084	)	$	(2,311	)	$	(58,002	)	$	(61,953	)	$	(429	)	$	(18,676	)	$	—	$	(330,455	)
General and administrative																						(25,404	)
Management fees																						(62,237	)
Performance participation allocation																						(204,225	)
Interest expense																						(134,127	)
Other income, net																						13,210
Net loss																					$	(304,443	)
Net loss attributable to non-controlling interests in consolidated joint ventures																						434
Net loss attributable to non-controlling interests in Operating Partnership																						1,758
Net loss attributable to stockholders																					$	(302,251	)

The following table sets forth the financial results by segment for the year ended December 31, 2020 ($ in thousands):

	Multifamily			Industrial			Office			Other			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	132,835		$	30,203		$	97,078		$	13,731		$	—	$	273,847
Other revenue		2,045			—			145			22,386			—		24,576
Total revenues		134,880			30,203			97,223			36,117			—		298,423
Expenses:
Property operating		51,878			7,261			32,895			21,150			—		113,184
Total segment expenses		51,878			7,261			32,895			21,150			—		113,184
Loss from unconsolidated    real estate ventures		—			—			—			(1,462	)		—		(1,462	)
Income from investments in real    estate debt		—			—			—			—			7,206		7,206
Segment net operating income	$	83,002		$	22,942		$	64,328		$	13,505		$	7,206	$	190,983
Depreciation and amortization	$	(73,365	)	$	(18,323	)	$	(48,477	)	$	(15,699	)	$	—	$	(155,864	)
General and administrative																(8,624	)
Management fees																(19,423	)
Performance participation allocation																(15,061	)
Interest expense																(80,808	)
Other expense, net																(9,403	)
Net loss															$	(98,200	)
Net loss attributable to non-controlling interests in consolidated joint ventures																1,300
Net loss attributable to non-controlling interests in Operating Partnership																642
Net loss attributable to stockholders															$	(96,258	)