SEGMENT FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summary of Total Assets by Business Segment

The following table reflects our total consolidated assets by business segment as of June 30, 2023 and December 31, 2022:

	As of
(in thousands)	June 30, 2023		December 31, 2022
Assets:
Office properties	$	379,863	$	377,546
Retail properties		514,625		537,147
Residential properties		1,479,797		1,495,532
Industrial properties		1,273,746		1,248,255
Investments in real estate debt and securities		353,879		275,335
Corporate		282,581		240,909
Total assets	$	4,284,491	$	4,174,724

Reconciliation of Net Operating Income to Reported Net Income (Loss)

The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three and six months ended June 30, 2023 and 2022:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
(in thousands)	2023		2022		2023		2022
Net (loss) income attributable to common stockholders	$	(22,750)	$	(5,588)	$	(24,754)	$	15,423
Real estate-related depreciation and amortization		33,858		36,903		67,055		64,354
General and administrative expenses		2,973		2,594		6,017		4,631
Advisory fees		9,623		8,227		19,161		15,370
Performance participation allocation		—		6,186		—		18,379
Acquisition costs and reimbursements		1,849		1,093		3,018		2,722
Impairment loss on debt-related investment held for sale		1,260		—		3,780		—
Equity in loss (income) from unconsolidated joint venture partnerships		203		(1,718)		2,649		(708)
Interest expense		37,882		33,774		75,427		58,184
Gain on sale of real estate property		—		(29,643)		(36,884)		(83,524)
Loss on extinguishment of debt and financing commitments, net		—		—		700		—
Gain on derivative instruments		(192)		(982)		(89)		(2,532)
Provision for current expected credit losses		(1,632)		—		3,998		—
Other income		(1,016)		(423)		(2,032)		(1,000)
Net (loss) income attributable to redeemable noncontrolling interests		(226)		(60)		(244)		186
Net (loss) income attributable to noncontrolling interests		(6,278)		(919)		(6,827)		2,618
Net operating income	$	55,554	$	49,444	$	110,975	$	94,103

Revenue and Components of Net Operating Income

The following table sets forth consolidated financial results by segment for the three and six months ended June 30, 2023 and 2022:

									Debt and
(in thousands)	Office		Retail		Residential		Industrial		Securities		Consolidated
For the Three Months Ended June 30, 2023
Rental revenues	$	13,001	$	14,288	$	28,823	$	21,092	$	—	$	77,204
Debt-related income		—		—		—		—		7,189		7,189
Rental expenses		(6,442)		(3,775)		(14,070)		(4,552)		—		(28,839)
Net operating income	$	6,559	$	10,513	$	14,753	$	16,540	$	7,189	$	55,554
Real estate-related depreciation and amortization	$	4,203	$	4,043	$	9,950	$	15,662	$	—	$	33,858
For the Three Months Ended June 30, 2022
Rental revenues	$	13,148	$	16,509	$	25,824	$	18,013	$	—	$	73,494
Debt-related income		—		—		—		—		846		846
Rental expenses		(5,772)		(3,776)		(11,059)		(4,289)		—		(24,896)
Net operating income	$	7,376	$	12,733	$	14,765	$	13,724	$	846	$	49,444
Real estate-related depreciation and amortization	$	4,243	$	4,474	$	16,038	$	12,148	$	—	$	36,903
For the Six Months Ended June 30, 2023
Rental revenues	$	26,350	$	28,806	$	57,671	$	42,337	$	—	$	155,164
Debt-related income		—		—		—		—		12,950		12,950
Rental expenses		(13,072)		(7,359)		(27,260)		(9,448)		—		(57,139)
Net operating income	$	13,278	$	21,447	$	30,411	$	32,889	$	12,950	$	110,975
Real estate-related depreciation and amortization	$	8,166	$	8,078	$	19,439	$	31,372	$	—	$	67,055
For the Six Months Ended June 30, 2022
Rental revenues	$	26,780	$	33,576	$	42,178	$	33,465	$	—	$	135,999
Debt-related income		—		—		—		—		4,314		4,314
Rental expenses		(11,963)		(8,405)		(18,004)		(7,838)		—		(46,210)
Net operating income	$	14,817	$	25,171	$	24,174	$	25,627	$	4,314	$	94,103
Real estate-related depreciation and amortization	$	8,240	$	9,128	$	24,392	$	22,594	$	—	$	64,354