Segment Reporting

12 Months Ended

Dec. 31, 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):

	December 31, 2023		December 31, 2022
Multifamily	$	15,161,836	$	16,663,050
Single-family rental		408,097		1,357,576
Industrial		2,820,658		3,180,764
Office		1,651,347		1,589,368
Self-storage		357,724		366,299
Investments in real estate debt		1,589,350		1,657,663
Other properties(1)		1,022,284		1,225,052
Other (Corporate)		102,678		725,081
Total assets	$	23,113,974	$	26,764,853

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

The following table sets forth the financial results by segment for the year ended December 31, 2023 ($ in thousands):

	Multifamily		Single- Family Rental		Industrial		Office		Self- Storage		Other			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	1,215,981	$	54,087	$	203,419	$	157,463	$	27,694	$	37,273		$	—	$	1,695,917
Other revenue		10,394		—		4		285		—		47,718			—		58,401
Total revenues		1,226,375		54,087		203,423		157,748		27,694		84,991			—		1,754,318
Expenses:
Property operating		552,760		32,631		51,163		59,668		10,775		41,525			—		748,522
Total segment expenses		552,760		32,631		51,163		59,668		10,775		41,525			—		748,522
Loss from unconsolidated    real estate ventures		—		—		—		—		—		(11,624	)		—		(11,624	)
Income from investments in    real estate debt		—		—		—		—		—		—			123,138		123,138
Segment net operating income	$	673,615	$	21,456	$	152,260	$	98,080	$	16,919	$	31,842		$	123,138	$	1,117,310
General and administrative																	(45,144	)
Management fees																	(153,411	)
Impairment of investments in real estate																	(188,804	)
Depreciation and amortization																	(811,788	)
Net gain on dispositions of real estate																	289,818
Interest expense																	(583,476	)
Loss on extinguishment of debt																	(93	)
Other expense, net																	(299,930	)
Net loss																$	(675,518	)
Net income attributable to non-controlling interests in consolidated joint ventures																	(3,350	)
Net loss attributable to non-controlling interests in Operating Partnership																	29,165
Net loss attributable to stockholders																$	(649,703	)

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
General and administrative																(44,708	)
Management fees																(167,100	)
Performance participation allocation																(102,348	)
Depreciation and amortization																(848,943	)
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
General and administrative																	(25,404	)
Management fees																	(62,237	)
Performance participation allocation																	(204,225	)
Depreciation and amortization																	(330,455	)
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	)