Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Total Assets by Segment

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


	December 31, 2024					December 31, 2023
Multifamily	$		14,451,751			$		15,161,836
Industrial			2,442,951					2,820,658
Office			1,571,229					1,651,347
Other properties(1)			1,519,640					1,788,105
Investments in real estate debt			852,461					1,589,350
Other (Corporate)			153,957					102,678
Total assets	$		20,991,989			$		23,113,974

(1)

Other properties includes hospitality, single-family rental, self-storage, medical office and retail properties and two investments in unconsolidated real estate ventures.

Summary of Financial Results by Segment

The following table sets forth the financial results by segment for the year ended December 31, 2024 ($ in thousands):


	Multifamily					Industrial					Office					Other					Investments in Real Estate Debt					Total
Revenues:
Rental revenue	$		1,218,669			$		183,244			$		166,586			$		80,792			$		—			$		1,649,291
Other revenue			15,133					663					212					22,486					—					38,494
Total revenues			1,233,802					183,907					166,798					103,278					—					1,687,785
Expenses:
Property operating			559,566					46,071					60,784					48,570					—					714,991
Total segment expenses			559,566					46,071					60,784					48,570					—					714,991
Loss from unconsolidated real estate ventures			—					—					—					(13,435	)				—					(13,435	)
Income from investments in real estate debt, net			—					—					—					—					95,755					95,755
Segment net operating income	$		674,236			$		137,836			$		106,014			$		41,273			$		95,755			$		1,055,114

General and administrative																												(47,048	)
Management fees																												(105,356	)
Impairment of investments in real estate																												(150,392	)
Depreciation and amortization																												(742,220	)
Net gain on dispositions of real estate																												87,108
Interest expense																												(641,420	)
Other expense, net																												(179,994	)
Net loss																										$		(724,208	)
Net loss attributable to non-controlling interests in consolidated joint ventures																												3,228
Net loss attributable to non-controlling interests in Operating Partnership																												36,097
Net loss attributable to stockholders																										$		(684,883	)

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


	Multifamily					Industrial					Office					Other					Investments in Real Estate Debt					Total
Revenues:
Rental revenue	$		1,215,981			$		203,419			$		157,463			$		119,054			$		—			$		1,695,917
Other revenue			10,394					4					285					47,718					—					58,401
Total revenues			1,226,375					203,423					157,748					166,772					—					1,754,318
Expenses:
Property operating			552,760					51,163					59,668					84,931					—					748,522
Total segment expenses			552,760					51,163					59,668					84,931					—					748,522
Loss from unconsolidated real estate ventures			—					—					—					(11,624	)				—					(11,624	)
Income from investments in real estate debt, net			—					—					—					—					123,138					123,138
Segment net operating income	$		673,615			$		152,260			$		98,080			$		70,217			$		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					Industrial					Office					Other					Investments in Real Estate Debt					Total
Revenues:
Rental revenue	$		1,068,277			$		177,998			$		136,185			$		138,195			$		—			$		1,520,655
Other revenue			11,114					42					416					47,121					—					58,693
Total revenues			1,079,391					178,040					136,601					185,316					—					1,579,348
Expenses:
Property operating			467,413					44,983					52,972					85,226					—					650,594
Total segment expenses			467,413					44,983					52,972					85,226					—					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			$		133,057			$		83,629			$		112,279			$		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	)