| Segment Reporting |
The Company operates in five reportable segments: Multifamily properties, Industrial properties, Office properties, Other properties and Investments in real estate debt. The chief operating decision maker (the “CODM”) is the Company’s Chief Executive Officer, who manages the Company, including allocating resources and evaluating results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The Company allocates resources and evaluates results based on the performance of each segment individually. All property revenue and property operating expenses are disaggregated by operating segment. The CODM does not evaluate general and administrative expenses, management fee expenses, depreciation and amortization expense, interest expense, other income (expense), net, impairment of investments in real estate, net gain (loss) on dispositions of real estate, or losses on extinguishment of debt by segment. The following table sets forth the total assets by segment ($ in thousands):
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March 31, 2026 |
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December 31, 2025 |
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Multifamily |
$ |
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12,835,142 |
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$ |
|
12,993,713 |
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Industrial |
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2,167,136 |
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|
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2,189,423 |
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Office |
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1,572,423 |
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1,593,352 |
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Other properties(1) |
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1,174,564 |
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1,183,005 |
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Investments in real estate debt |
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940,286 |
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|
915,431 |
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Other (Corporate) |
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|
55,008 |
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|
42,938 |
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Total assets |
$ |
|
18,744,559 |
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|
$ |
|
18,917,862 |
|
__________ (1)Other properties includes hospitality, single-family rental, self-storage, medical office and retail properties and two investments in unconsolidated real estate ventures. The following table sets forth the financial results by segment for the three months ended March 31, 2026 ($ in thousands):
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Multifamily |
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Industrial |
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Office |
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Other |
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Investments
in Real
Estate Debt |
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Total |
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Revenues: |
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Rental revenue |
$ |
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287,775 |
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$ |
|
40,692 |
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$ |
|
40,786 |
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|
$ |
|
16,461 |
|
|
$ |
|
— |
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|
$ |
|
385,714 |
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Other revenue |
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|
5,310 |
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|
45 |
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|
46 |
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1,165 |
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— |
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|
6,566 |
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Total revenues |
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293,085 |
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|
40,737 |
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|
40,832 |
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|
17,626 |
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— |
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392,280 |
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Expenses: |
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Property operating |
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127,790 |
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|
9,414 |
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|
15,169 |
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|
7,746 |
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— |
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|
160,119 |
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Total segment expenses |
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127,790 |
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9,414 |
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15,169 |
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7,746 |
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— |
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160,119 |
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Loss from unconsolidated
real estate ventures |
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— |
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— |
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— |
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(2,927 |
) |
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— |
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(2,927 |
) |
Income from investments in
real estate debt, net |
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— |
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— |
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— |
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— |
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20,143 |
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|
20,143 |
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Segment net operating income |
$ |
|
165,295 |
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$ |
|
31,323 |
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$ |
|
25,663 |
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$ |
|
6,953 |
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|
$ |
|
20,143 |
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|
$ |
|
249,377 |
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General and administrative |
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(10,239 |
) |
Management fees |
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(20,427 |
) |
Depreciation and amortization |
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(177,646 |
) |
Net loss on dispositions of real estate |
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(65 |
) |
Interest expense |
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(172,317 |
) |
Loss on extinguishment of debt |
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(2,356 |
) |
Other income, net |
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13,805 |
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Net loss |
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$ |
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(119,868 |
) |
Net loss attributable to non-controlling interests in consolidated joint ventures |
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|
911 |
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Net loss attributable to non-controlling interests in Operating Partnership |
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|
6,103 |
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Net loss attributable to stockholders |
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$ |
|
(112,854 |
) |
The following table sets forth the financial results by segment for the three months ended March 31, 2025 ($ in thousands):
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Multifamily |
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Industrial |
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Office |
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Other |
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Investments
in Real
Estate Debt |
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Total |
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Revenues: |
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Rental revenue |
$ |
|
296,971 |
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$ |
|
38,187 |
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$ |
|
40,704 |
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$ |
|
18,188 |
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$ |
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— |
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$ |
|
394,050 |
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Other revenue |
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|
3,841 |
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|
77 |
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|
62 |
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|
2,235 |
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— |
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|
6,215 |
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Total revenues |
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300,812 |
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|
38,264 |
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|
40,766 |
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|
20,423 |
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— |
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|
400,265 |
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Expenses: |
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Property operating |
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136,115 |
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|
9,647 |
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|
15,606 |
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|
9,737 |
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— |
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|
171,105 |
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Total segment expenses |
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136,115 |
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|
9,647 |
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|
15,606 |
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9,737 |
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— |
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|
171,105 |
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Loss from unconsolidated
real estate ventures |
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— |
|
|
|
|
— |
|
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|
|
— |
|
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|
|
(1,829 |
) |
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|
— |
|
|
|
|
(1,829 |
) |
Income from investments in real
estate debt, net |
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|
— |
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|
|
|
— |
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|
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— |
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— |
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|
19,636 |
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|
19,636 |
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Segment net operating income |
$ |
|
164,697 |
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$ |
|
28,617 |
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$ |
|
25,160 |
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$ |
|
8,857 |
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$ |
|
19,636 |
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$ |
|
246,967 |
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|
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General and administrative |
|
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|
|
|
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|
|
|
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|
(9,654 |
) |
Management fees |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
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(22,766 |
) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(172,850 |
) |
Net gain on dispositions of real estate |
|
|
|
|
|
|
|
|
|
|
|
|
9,690 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(152,227 |
) |
Other expense, net |
|
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|
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|
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|
|
|
|
|
|
|
|
|
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(86,734 |
) |
Net loss |
|
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|
|
|
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|
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|
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|
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|
$ |
|
(187,574 |
) |
Net loss attributable to non-controlling interests in consolidated joint ventures |
|
|
|
|
|
|
|
|
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|
1,079 |
|
Net loss attributable to non-controlling interests in Operating Partnership |
|
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|
|
|
|
|
|
|
|
|
|
9,315 |
|
Net loss attributable to stockholders |
|
|
|
|
|
|
|
|
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|
$ |
|
(177,180 |
) |
|