| Summary of Total Assets by Segment |
The following table sets forth the total assets by segment ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Multifamily |
$ |
|
12,835,142 |
|
|
$ |
|
12,993,713 |
|
Industrial |
|
|
2,167,136 |
|
|
|
|
2,189,423 |
|
Office |
|
|
1,572,423 |
|
|
|
|
1,593,352 |
|
Other properties(1) |
|
|
1,174,564 |
|
|
|
|
1,183,005 |
|
Investments in real estate debt |
|
|
940,286 |
|
|
|
|
915,431 |
|
Other (Corporate) |
|
|
55,008 |
|
|
|
|
42,938 |
|
Total assets |
$ |
|
18,744,559 |
|
|
$ |
|
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.
|
| Summary of Financial Results by Segment |
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 |
|
|
Industrial |
|
|
Office |
|
|
Other |
|
|
Investments
in Real
Estate Debt |
|
|
Total |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
$ |
|
287,775 |
|
|
$ |
|
40,692 |
|
|
$ |
|
40,786 |
|
|
$ |
|
16,461 |
|
|
$ |
|
— |
|
|
$ |
|
385,714 |
|
Other revenue |
|
|
5,310 |
|
|
|
|
45 |
|
|
|
|
46 |
|
|
|
|
1,165 |
|
|
|
|
— |
|
|
|
|
6,566 |
|
Total revenues |
|
|
293,085 |
|
|
|
|
40,737 |
|
|
|
|
40,832 |
|
|
|
|
17,626 |
|
|
|
|
— |
|
|
|
|
392,280 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating |
|
|
127,790 |
|
|
|
|
9,414 |
|
|
|
|
15,169 |
|
|
|
|
7,746 |
|
|
|
|
— |
|
|
|
|
160,119 |
|
Total segment expenses |
|
|
127,790 |
|
|
|
|
9,414 |
|
|
|
|
15,169 |
|
|
|
|
7,746 |
|
|
|
|
— |
|
|
|
|
160,119 |
|
Loss from unconsolidated
real estate ventures |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(2,927 |
) |
|
|
|
— |
|
|
|
|
(2,927 |
) |
Income from investments in
real estate debt, net |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
20,143 |
|
|
|
|
20,143 |
|
Segment net operating income |
$ |
|
165,295 |
|
|
$ |
|
31,323 |
|
|
$ |
|
25,663 |
|
|
$ |
|
6,953 |
|
|
$ |
|
20,143 |
|
|
$ |
|
249,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,239 |
) |
Management fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,427 |
) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(177,646 |
) |
Net loss on dispositions of real estate |
|
|
|
|
|
|
|
|
|
|
|
|
(65 |
) |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(172,317 |
) |
Loss on extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
(2,356 |
) |
Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,805 |
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
(119,868 |
) |
Net loss attributable to non-controlling interests in consolidated joint ventures |
|
|
|
|
|
|
|
|
|
|
911 |
|
Net loss attributable to non-controlling interests in Operating Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
6,103 |
|
Net loss attributable to stockholders |
|
|
|
|
|
|
|
|
|
|
$ |
|
(112,854 |
) |
The following table sets forth the financial results by segment for the three months ended March 31, 2025 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
|
Industrial |
|
|
Office |
|
|
Other |
|
|
Investments
in Real
Estate Debt |
|
|
Total |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
$ |
|
296,971 |
|
|
$ |
|
38,187 |
|
|
$ |
|
40,704 |
|
|
$ |
|
18,188 |
|
|
$ |
|
— |
|
|
$ |
|
394,050 |
|
Other revenue |
|
|
3,841 |
|
|
|
|
77 |
|
|
|
|
62 |
|
|
|
|
2,235 |
|
|
|
|
— |
|
|
|
|
6,215 |
|
Total revenues |
|
|
300,812 |
|
|
|
|
38,264 |
|
|
|
|
40,766 |
|
|
|
|
20,423 |
|
|
|
|
— |
|
|
|
|
400,265 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating |
|
|
136,115 |
|
|
|
|
9,647 |
|
|
|
|
15,606 |
|
|
|
|
9,737 |
|
|
|
|
— |
|
|
|
|
171,105 |
|
Total segment expenses |
|
|
136,115 |
|
|
|
|
9,647 |
|
|
|
|
15,606 |
|
|
|
|
9,737 |
|
|
|
|
— |
|
|
|
|
171,105 |
|
Loss from unconsolidated
real estate ventures |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(1,829 |
) |
|
|
|
— |
|
|
|
|
(1,829 |
) |
Income from investments in real
estate debt, net |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
19,636 |
|
|
|
|
19,636 |
|
Segment net operating income |
$ |
|
164,697 |
|
|
$ |
|
28,617 |
|
|
$ |
|
25,160 |
|
|
$ |
|
8,857 |
|
|
$ |
|
19,636 |
|
|
$ |
|
246,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,654 |
) |
Management fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,766 |
) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(172,850 |
) |
Net gain on dispositions of real estate |
|
|
|
|
|
|
|
|
|
|
|
|
9,690 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(152,227 |
) |
Other expense, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(86,734 |
) |
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
(187,574 |
) |
Net loss attributable to non-controlling interests in consolidated joint ventures |
|
|
|
|
|
|
|
|
|
|
1,079 |
|
Net loss attributable to non-controlling interests in Operating Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
9,315 |
|
Net loss attributable to stockholders |
|
|
|
|
|
|
|
|
|
|
$ |
|
(177,180 |
) |
|