Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

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

	September 30, 2021		December 31, 2020
Multifamily properties	$	5,418,160	$	2,738,210
Hospitality properties		243,157		244,065
Industrial properties		2,144,509		551,898
Office properties		1,291,489		1,186,328
Medical office properties		189,953		196,559
Other property		96,252		—
Investments in real estate debt		964,075		218,225
Other (Corporate)		1,476,016		195,531
Total assets	$	11,823,611	$	5,330,816

The following table sets forth the financial results by segment for the three months ended September 30, 2021 ($ in thousands):

	Multifamily				Hospitality				Industrial				Office				Medical Office				Other				Investments in Real Estate Debt			Total
Revenues:
Rental revenue	$		89,742		$	—			$		29,261		$		29,272		$		3,615		$		317		$		—	$	152,207
Hospitality revenue		—					9,364			—				—				—				—					—		9,364
Other revenue			654				94			—					106				10				—				—		864
Total revenues			90,396				9,458				29,261				29,378				3,625				317				—		162,435
Expenses:
Rental property operating			40,032			—					7,169				10,223				1,664				26				—		59,114
Hospitality operating		—					5,653			—				—				—				—					—		5,653
Total segment expenses			40,032				5,653				7,169				10,223				1,664				26				—		64,767
Loss from unconsolidated real estate ventures		—					(447	)		—				—				—				—				—			(447	)
Income from investments in real estate debt		—				—				—				—				—				—					19,268		19,268
Segment net operating income	$		50,364		$		3,358		$		22,092		$		19,155		$		1,961		$		291		$		19,268	$	116,489
Depreciation and amortization	$		(44,908	)	$		(2,138	)	$		(17,560	)	$		(15,546	)	$		(2,065	)	$		(236	)	$		—	$	(82,453	)

General and administrative																													(6,588	)
Management fees																													(17,653	)
Performance participation allocation																													(79,552	)
Interest expense																													(38,887	)
Other expense, net																													(1,449	)
Net loss																												$	(110,093	)
Net loss attributable to non- controlling interests in consolidated joint ventures																													176
Net loss attributable to non- controlling interests in Operating Partnership																													665
Net loss attributable to stockholders																												$	(109,252	)

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

	Multifamily			Hospitality			Industrial			Office			Medical Office			Real Estate- Related Securities		Total
Revenues:
Rental revenue	$	32,891		$	—		$	7,027		$	28,005		$	3,973		$	—	$	71,896
Hospitality 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
Hospitality operating		—			3,589			—			—			—			—		3,589
Total segment expenses		13,186			3,589			1,641			9,644			1,444			—		29,504
Loss from unconsolidated real estate ventures		—			(666	)		—			—			—			—		(666	)
Income from investments in real estate-related securities, net		—			—			—			—			—			11,068		11,068
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 nine months ended September 30, 2021 ($ in thousands):

	Multifamily			Hospitality			Industrial			Office			Medical Office			Other			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	202,402		$	—		$	61,260		$	91,505		$	11,066		$	317		$	—	$	366,550
Hospitality revenue		—			24,817			—			—			—			—			—		24,817
Other revenue		1,872			260			—			230			31			—			—		2,393
Total revenues		204,274			25,077			61,260			91,735			11,097			317			—		393,760
Expenses:
Rental property operating		86,839			—			15,960			32,352			4,720			26			—		139,897
Hospitality operating		—			15,026			—			—			—			—			—		15,026
Total segment expenses		86,839			15,026			15,960			32,352			4,720			26			—		154,923
Loss from unconsolidated real estate ventures		—			(448	)		—			—			—			—			—		(448	)
Income from investments in real estate debt		—			—			—			—			—			—			37,898		37,898
Segment net operating income	$	117,435		$	9,603		$	45,300		$	59,383		$	6,377		$	291		$	37,898	$	276,287
Depreciation and amortization	$	(102,176	)	$	(6,401	)	$	(36,470	)	$	(46,273	)	$	(6,378	)	$	(236	)	$	—	$	(197,934	)

General and administrative																						(15,210	)
Management fees																						(36,364	)
Performance participation allocation																						(111,934	)
Interest expense																						(88,994	)
Other expense, net																						(527	)
Net loss																					$	(174,676	)
Net loss attributable to non- controlling interests in consolidated joint ventures																						319
Net loss attributable to non- controlling interests in Operating Partnership																						1,235
Net loss attributable to stockholders																					$	(173,122	)

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

	Multifamily			Hospitality			Industrial			Office			Medical Office			Investments in Real Estate Debt			Total
Revenues:
Rental revenue	$	87,666		$	—		$	20,415		$	68,777		$	9,830		$	—		$	186,688
Hospitality 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
Hospitality operating		—			12,294			—			—			—			—			12,294
Total segment expenses		33,457			12,294			5,003			23,059			3,354			—			77,167
Loss from unconsolidated real estate ventures		—			(887	)		—			—			—			—			(887	)
Loss from investments in real estate- related securities, net		—			—			—			—			—			(27	)		(27	)
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	)