Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Summary of Total Assets by Segment

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

	March 31, 2022		December 31, 2021
Multifamily properties	$	12,305,156	$	12,225,256
Single-family rental properties		1,207,827		1,150,987
Industrial properties		2,275,565		2,145,163
Office properties		1,482,714		1,599,774
Self-storage properties		371,255		331,024
Other properties		761,348		764,714
Investments in real estate debt		1,031,340		954,077
Other (Corporate)		2,231,896		800,436
Total assets	$	21,667,101	$	19,971,431

Summary of Financial Results by Segment

The following table sets forth the financial results by segment for the three months ended March 31, 2022 ($ in thousands):

	Multifamily				Single-Family Rental				Industrial				Office				Self-Storage				Other			Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$		215,683		$		16,466		$		36,434		$		33,324		$		6,007		$	9,456		$	—	$	317,370
Other revenue			1,160				—			—					105				—			12,010			—		13,275
Total revenues			216,843				16,466				36,434				33,429				6,007			21,466			—		330,645
Expenses:
Property operating			90,936				6,014				10,685				12,916				2,016			10,431			—		132,998
Total segment expenses			90,936				6,014				10,685				12,916				2,016			10,431			—		132,998
Income from unconsolidated    real estate ventures		—					—			—				—				—				929			—		929
Income from investments in real    estate debt		—				—				—				—				—				—			2,821		2,821
Segment net operating income	$		125,907		$		10,452		$		25,749		$		20,513		$		3,991		$	11,964		$	2,821	$	201,397
Depreciation and amortization	$		(164,534	)	$		(11,362	)	$		(21,276	)	$		(16,351	)	$		(3,693	)	$	(7,543	)	$	—	$	(224,759	)
General and administrative																											(8,417	)
Management fees																											(34,155	)
Performance participation    allocation																											(87,126	)
Interest expense																											(77,869	)
Other income, net																											257,294
Net income																										$	26,365
Net income attributable to non-    controlling interests in    consolidated joint ventures																											(923	)
Net income attributable to non-    controlling interests in    Operating Partnership																											(582	)
Net income attributable to    stockholders																										$	24,860

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

	Multifamily			Industrial			Office			Other			Real Estate- Related Securities		Total
Revenues:
Rental revenue	$	54,379		$	10,579		$	29,569		$	3,580		$	—	$	98,107
Other revenue		555			—			49			7,040			—		7,644
Total revenues		54,934			10,579			29,618			10,620			—		105,751
Expenses:
Property operating		23,030			2,919			10,918			6,013			—		42,880
Total segment expenses		23,030			2,919			10,918			6,013			—		42,880
Loss from unconsolidated real    estate ventures		—			—			—			(22	)		—		(22	)
Income from investments in real    estate-related securities, net		—			—			—			—			8,794		8,794
Segment net operating income	$	31,904		$	7,660		$	18,700		$	4,585		$	8,794	$	71,643
Depreciation and amortization	$	(29,247	)	$	(6,063	)	$	(15,167	)	$	(4,319	)	$	—	$	(54,796	)
General and administrative																(2,706	)
Management fees																(7,420	)
Performance participation allocation																(8,708	)
Interest expense																(25,549	)
Other income, net																7,405
Net loss															$	(20,131	)
Net loss attributable to non-    controlling interests in    consolidated joint ventures																21
Net loss attributable to non-    controlling interests in Operating    Partnership																221
Net loss attributable to    stockholders															$	(19,889	)