Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

15.Segment Reporting

The Company operates in seven reportable segments: Multifamily properties, Single-family rental properties, Industrial properties, Office properties, Self-Storage properties, Investments in real estate debt and Other properties. 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 ($ in thousands):

	September 30, 2023		December 31, 2022
Multifamily	$	15,635,689	$	16,663,050
Single-family rental		421,201		1,357,576
Industrial		3,139,497		3,180,764
Office		1,661,947		1,589,368
Self-storage		360,317		366,299
Investments in real estate debt		1,577,948		1,657,663
Other properties(1)		1,197,508		1,225,052
Other (Corporate)		222,088		725,081
Total assets	$	24,216,195	$	26,764,853

(1)Other properties includes hospitality, medical office, retail and net-lease properties and two investments in unconsolidated real estate ventures.

The following table sets forth the financial results by segment for the three months ended September 30, 2023 ($ in thousands):

	Multifamily		Single- Family Rental		Industrial		Office		Self- Storage		Other			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	302,020	$	7,955	$	53,163	$	39,347	$	7,005	$	8,808		$	—	$	418,298
Other revenue		2,816		—		—		54		46		11,834			—		14,750
Total revenues		304,836		7,955		53,163		39,401		7,051		20,642			—		433,048
Expenses:
Property operating		140,635		5,753		14,117		15,445		2,872		10,300			—		189,122
Total segment expenses		140,635		5,753		14,117		15,445		2,872		10,300			—		189,122
Loss from unconsolidated    real estate ventures		—		—		—		—		—		(241	)		—		(241	)
Income from investments in    real estate debt		—		—		—		—		—		—			42,318		42,318
Segment net operating income	$	164,201	$	2,202	$	39,046	$	23,956	$	4,179	$	10,101		$	42,318	$	286,003
General and administrative																	(10,102	)
Management fees																	(37,347	)
Impairment of investments in real estate																	(3,667	)
Depreciation and amortization																	(203,561	)
Net gain on dispositions of real estate																	67,374
Interest expense																	(145,273	)
Other expense, net																	(10,104	)
Net loss																$	(56,677	)
Net income attributable to non-controlling interests in consolidated joint ventures																	(1,127	)
Net loss attributable to non-controlling interests in Operating Partnership																	2,737
Net loss attributable to stockholders																$	(55,067	)

The following table sets forth the financial results by segment for the three months ended September 30, 2022 ($ in thousands):

	Multifamily		Single- Family Rental		Industrial		Office		Self-Storage		Other		Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	292,886	$	19,516	$	50,576	$	37,307	$	7,019	$	9,018	$	—	$	416,322
Other revenue		3,191		—		23		98		—		11,132		—		14,444
Total revenues		296,077		19,516		50,599		37,405		7,019		20,150		—		430,766
Expenses:
Property operating		129,889		9,757		12,060		14,516		2,677		9,788		—		178,687
Total segment expenses		129,889		9,757		12,060		14,516		2,677		9,788		—		178,687
Income from unconsolidated    real estate ventures		—		—		—		—		—		11,054		—		11,054
Income from investments in real    estate debt		—		—		—		—		—		—		63,290		63,290
Segment net operating income	$	166,188	$	9,759	$	38,539	$	22,889	$	4,342	$	21,416	$	63,290	$	326,423
General and administrative																(11,549	)
Management fees																(45,697	)
Performance participation allocation																(36,306	)
Depreciation and amortization																(219,005	)
Interest expense																(120,621	)
Other income, net																241,102
Net income															$	134,347
Net income attributable to non-controlling interests in consolidated joint ventures																(1,390	)
Net income attributable to non-controlling interests in Operating Partnership																(4,282	)
Net income attributable to stockholders															$	128,675

The following table sets forth the financial results by segment for the nine months ended September 30, 2023 ($ in thousands):

	Multifamily		Single- Family Rental		Industrial		Office		Self- Storage		Other			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	919,479	$	48,906	$	155,179	$	114,309	$	20,588	$	27,109		$	—	$	1,285,570
Other revenue		7,538		—		—		241		116		37,671			—		45,566
Total revenues		927,017		48,906		155,179		114,550		20,704		64,780			—		1,331,136
Expenses:
Property operating		417,746		29,979		39,906		44,629		8,160		30,974			—		571,394
Total segment expenses		417,746		29,979		39,906		44,629		8,160		30,974			—		571,394
Loss from unconsolidated    real estate ventures		—		—		—		—		—		(786	)		—		(786	)
Income from investments in    real estate debt		—		—		—		—		—		—			115,841		115,841
Segment net operating income	$	509,271	$	18,927	$	115,273	$	69,921	$	12,544	$	33,020		$	115,841	$	874,797
General and administrative																	(32,538	)
Management fees																	(118,970	)
Impairment of investments in real estate																	(188,804	)
Depreciation and amortization																	(612,924	)
Net gain on dispositions of real estate																	188,632
Interest expense																	(437,898	)
Other expense, net																	(86,455	)
Net loss																$	(414,160	)
Net income attributable to non-controlling interests in consolidated joint ventures																	(1,207	)
Net loss attributable to non-controlling interests in Operating Partnership																	17,504
Net loss attributable to stockholders																$	(397,863	)

The following table sets forth the financial results by segment for the nine months ended September 30, 2022 ($ in thousands):

	Multifamily		Single- Family Rental		Industrial		Office		Self-Storage		Other		Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	764,712	$	53,677	$	128,276	$	101,842	$	19,729	$	28,191	$	—	$	1,096,427
Other revenue		9,067		—		46		300		—		34,779		—		44,192
Total revenues		773,779		53,677		128,322		102,142		19,729		62,970		—		1,140,619
Expenses:
Property operating		330,517		24,378		33,009		39,600		7,310		29,291		—		464,105
Total segment expenses		330,517		24,378		33,009		39,600		7,310		29,291		—		464,105
Income from unconsolidated    real estate ventures		—		—		—		—		—		11,774		—		11,774
Income from investments in real    estate debt		—		—		—		—		—		—		99,634		99,634
Segment net operating income	$	443,262	$	29,299	$	95,313	$	62,542	$	12,419	$	45,453	$	99,634	$	787,922
General and administrative																(32,974	)
Management fees																(122,081	)
Performance participation allocation																(175,776	)
Depreciation and amortization																(649,347	)
Interest expense																(306,743	)
Other income, net																555,352
Net income															$	56,353
Net income attributable to non-controlling interests in consolidated joint ventures																(2,745	)
Net income attributable to non-controlling interests in Operating Partnership																(1,436	)
Net income attributable to stockholders															$	52,172