Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

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

	December 31, 2021		December 31, 2020
Multifamily properties	$	12,225,256	$	2,738,210
Single-Family Rental properties		1,150,987		—
Hospitality properties		240,326		244,065
Industrial properties		2,145,163		551,898
Office properties		1,599,774		1,186,328
Self-Storage properties		331,024		—
Medical office properties		191,881		196,559
Other properties		332,507		—
Investments in real estate debt		954,077		218,225
Other (Corporate)		800,436		195,531
Total assets	$	19,971,431	$	5,330,816

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

	Multifamily			Single- Family Rental			Hospitality			Industrial			Office			Self- Storage			Medical Office			Other			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	365,052		$	1,158		$	—		$	96,826		$	124,317		$	741		$	14,656		$	1,824		$	—	$	604,574
Hospitality revenue		—			—			33,301			—			—			—			—			—			—		33,301
Other revenue		4,310			—			348			—			331			—			41			—			—		5,030
Total revenues		369,362			1,158			33,649			96,826			124,648			741			14,697			1,824			—		642,905
Expenses:
Rental property operating		151,923			274			—			25,258			43,741			287			6,225			241			—		227,949
Hospitality operating		—			—			20,702			—			—			—			—			—			—		20,702
Total segment expenses		151,923			274			20,702			25,258			43,741			287			6,225			241			—		248,651
Income from investments in real estate debt		—			—			—			—			—			—			—			—			45,156		45,156
Loss from unconsolidated real estate ventures		—			—			(615	)		—			—			—			—			—			—		(615	)
Segment net operating income	$	217,439		$	884		$	12,332		$	71,568		$	80,907		$	454		$	8,472		$	1,583		$	45,156	$	438,795
Depreciation and amortization	$	(189,084	)	$	(2,311	)	$	(8,543	)	$	(58,002	)	$	(61,953	)	$	(429	)	$	(8,437	)	$	(1,696	)	$	—	$	(330,455	)

General and administrative																												(25,404	)
Management fees																												(62,237	)
Performance participation allocation																												(204,225	)
Interest expense																												(124,091	)
Other income, net																												3,174
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			Hospitality			Industrial			Office			Medical Office			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	132,835		$	—		$	30,203		$	97,078		$	13,731		$	—	$	273,847
Hospitality revenue		—			22,200			—			—			—			—		22,200
Other revenue		2,045			146			—			145			40			—		2,376
Total revenues		134,880			22,346			30,203			97,223			13,771			—		298,423
Expenses:
Rental property operating		51,878			—			7,261			32,895			4,908			—		96,942
Hospitality operating		—			16,242			—			—			—			—		16,242
Total segment expenses		51,878			16,242			7,261			32,895			4,908			—		113,184
Income from investments in real estate debt		—			—			—			—			—			7,206		7,206
Loss from unconsolidated real estate ventures		—			(1,462	)		—			—			—			—		(1,462	)
Segment net operating income	$	83,002		$	4,642		$	22,942		$	64,328		$	8,863		$	7,206	$	190,983
Depreciation and amortization	$	(73,365	)	$	(8,403	)	$	(18,323	)	$	(48,477	)	$	(7,296	)	$	—	$	(155,864	)

General and administrative																			(8,624	)
Management fees																			(19,423	)
Performance participation allocation																			(15,061	)
Interest expense																			(88,918	)
Other expense, net																			(1,293	)
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	)

The following table sets forth the financial results by segment for the year ended December 31, 2019 ($ in thousands):

	Multifamily			Hotel			Industrial			Office			Medical Office			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	29,768		$	—		$	2,489		$	19,022		$	511		$	—	$	51,790
Hospitality revenue		—			40,559			—			—			—			—		40,559
Other revenue		1,669			259			—			31			—			—		1,959
Total revenues		31,437			40,818			2,489			19,053			511			—		94,308
Expenses:
Rental property operating		11,396			—			583			6,388			96			—		18,463
Hospitality operating		—			23,507			—			—			—			—		23,507
Total segment expenses		11,396			23,507			583			6,388			96			—		41,970
Income from investments in real estate debt		—			—			—			—			—			10,158		10,158
Earnings from unconsolidated real estate ventures		—			175			—			—			—			—		175
Segment net operating income	$	20,041		$	17,486		$	1,906		$	12,665		$	415		$	10,158	$	62,671
Depreciation and amortization	$	(17,520	)	$	(8,239	)	$	(1,570	)	$	(11,312	)	$	(255	)	$	—	$	(38,896	)

General and administrative																			(4,523	)
Management fees																			(5,469	)
Performance participation allocation																			(10,366	)
Interest expense																			(25,311	)
Other expense net																			916
Net loss																		$	(20,978	)
Net loss attributable to non- controlling interests in consolidated joint ventures																			152
Net loss attributable to stockholders																		$	(20,826	)