Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

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

	September 30, 2020		December 31, 2019
Multifamily	$	1,788,978	$	1,038,777
Hotel		245,806		253,273
Industrial		381,070		330,110
Office		1,195,562		303,396
Medical office		199,276		39,143
Real estate-related securities		228,524		277,651
Other (Corporate)		211,564		147,972
Total assets	$	4,250,780	$	2,390,322

The following table sets forth the financial results by segment for the three months ended September 30, 2020 ($ in thousands):

	Multifamily			Hotel			Industrial			Office			Medical Office			Real Estate- Related Securities		Total
Revenues:
Rental revenue	$	32,891		$	—		$	7,027		$	28,005		$	3,973		$	—	$	71,896
Hotel revenue		—			4,420			—			—			—			—		4,420
Other revenue		531			13			—			49			11			—		604
Total revenues		33,422			4,433			7,027			28,054			3,984			—		76,920
Expenses:
Rental property operating		13,186			—			1,641			9,644			1,444			—		25,915
Hotel operating		—			3,589			—			—			—			—		3,589
Total segment expenses		13,186			3,589			1,641			9,644			1,444			—		29,504
Income from real estate-related securities, net		—			—			—			—			—			11,068		11,068
Loss from unconsolidated real estate ventures		—			(666	)		—			—			—			—		(666	)
Segment net operating income	$	20,236		$	178		$	5,386		$	18,410		$	2,540		$	11,068	$	57,818
Depreciation and amortization	$	(15,702	)	$	(2,142	)	$	(4,161	)	$	(14,214	)	$	(2,324	)	$	—	$	(38,543	)

General and administrative																			(2,023	)
Management fees																			(5,018	)
Performance participation allocation																			—
Interest expense																			(22,539	)
Other expense, net																			(192	)
Net loss																		$	(10,497	)
Net loss attributable to non- controlling interests in consolidated joint ventures																			139
Net loss attributable to non- controlling interests in Operating Partnership																			43
Net loss attributable to stockholders																		$	(10,315	)

The following table sets forth the financial results by segment for the three months ended September 30, 2019 ($ in thousands):

	Multifamily			Hotel			Office			Real Estate- Related Securities		Total
Revenues:
Rental revenue	$	5,937		$	—		$	7,247		$	—	$	13,184
Hotel revenue		—			10,238			—			—		10,238
Other revenue		498			95			11			—		604
Total revenues		6,435			10,333			7,258			—		24,026
Expenses:
Rental property operating		2,483			—			2,241			—		4,724
Hotel operating		—			6,131			—			—		6,131
Total segment expenses		2,483			6,131			2,241			—		10,855
Income from real estate-related securities, net		—			—			—			3,323		3,323
Loss from unconsolidated real estate ventures		—			(233	)		—			—		(233	)
Segment net operating income	$	3,952		$	3,969		$	5,017		$	3,323	$	16,261
Depreciation and amortization	$	(2,297	)	$	(2,065	)	$	(4,082	)	$	—	$	(8,444	)

General and administrative													(1,076	)
Management fees													(1,713	)
Performance participation allocation													(2,286	)
Interest expense													(6,153	)
Other income, net													335
Net loss												$	(3,076	)
Net loss attributable to non-controlling interests in consolidated joint ventures													25
Net loss attributable to stockholders												$	(3,051	)

The following table sets forth the financial results by segment for the nine months ended September 30, 2020 ($ in thousands):

	Multifamily			Hotel			Industrial			Office			Medical Office			Real Estate- Related Securities			Total
Revenues:
Rental revenue	$	87,666		$	—		$	20,415		$	68,777		$	9,830		$	—		$	186,688
Hotel revenue		—			17,134			—			—			—			—			17,134
Other revenue		1,376			91			—			103			30			—			1,600
Total revenues		89,042			17,225			20,415			68,880			9,860			—			205,422
Expenses:
Rental property operating		33,457			—			5,003			23,059			3,354			—			64,873
Hotel operating		—			12,294			—			—			—			—			12,294
Total segment expenses		33,457			12,294			5,003			23,059			3,354			—			77,167
Loss from real estate-related securities, net		—			—			—			—			—			(27	)		(27	)
Loss from unconsolidated real estate ventures		—			(887	)		—			—			—			—			(887	)
Segment net operating income (loss)	$	55,585		$	4,044		$	15,412		$	45,821		$	6,506		$	(27	)	$	127,341
Depreciation and amortization	$	(49,826	)	$	(6,284	)	$	(12,489	)	$	(34,319	)	$	(5,075	)	$	—		$	(107,993	)

General and administrative																				(6,163	)
Management fees																				(13,560	)
Performance participation allocation																				(46	)
Interest expense																				(65,448	)
Other expense, net																				(29	)
Net loss																			$	(65,898	)
Net loss attributable to non- controlling interests in consolidated joint ventures																				1,186
Net loss attributable to non- controlling interests in Operating Partnership																				458
Net loss attributable to stockholders																			$	(64,254	)

The following table sets forth the financial results by segment for the nine months ended September 30, 2019 ($ in thousands):

	Multifamily			Hotel			Office			Real Estate- Related Securities		Total
Revenues:
Rental revenue	$	14,725		$	—		$	10,429		$	—	$	25,154
Hotel revenue		—			31,380			—			—		31,380
Other revenue		1,448			182			20			—		1,650
Total revenues		16,173			31,562			10,449			—		58,184
Expenses:
Rental property operating		6,062			—			3,157			—		9,219
Hotel operating		—			17,670			—			—		17,670
Total segment expenses		6,062			17,670			3,157			—		26,889
Income from real estate-related securities, net		—			—			—			6,868		6,868
Loss from unconsolidated real estate ventures		—			(46	)		—			—		(46	)
Segment net operating income	$	10,111		$	13,846		$	7,292		$	6,868	$	38,117
Depreciation and amortization	$	(8,493	)	$	(6,173	)	$	(6,186	)	$	—	$	(20,852	)

General and administrative													(2,877	)
Management fees													(2,793	)
Performance participation allocation													(5,501	)
Interest expense													(15,625	)
Other income, net													389
Net loss												$	(9,142	)
Net loss attributable to non-controlling interests in consolidated joint ventures													43
Net loss attributable to stockholders												$	(9,099	)