1 3 . Segment Reporting The Company operates in six reportable segments: Multifamily properties, Hotel properties, Industrial properties, Office properties, Medical office properties and Real estate-related securities. The Company allocates resources and evaluates 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 following table sets forth the total assets by segment ($ in thousands): September 30, 2020 December 31, 2019 Multifamily $ 1,788,978 $ 1,038,777 Hotel 245,806 253,273 Industrial 381,070 330,110 Office 1,195,562 303,396 Medical office 199,276 39,143 Real estate-related securities 228,524 277,651 Other (Corporate) 211,564 147,972 Total assets $ 4,250,780 $ 2,390,322 The following table sets forth the financial results by segment for the three months ended September 30, 2020 ($ in thousands): Multifamily Hotel Industrial Office Medical Office Real Estate- Related Securities Total Revenues: Rental revenue $ 32,891 $  $ 7,027 $ 28,005 $ 3,973 $  $ 71,896 Hotel revenue  4,420     4,420 Other revenue 531 13  49 11  604 Total revenues 33,422 4,433 7,027 28,054 3,984  76,920 Expenses: Rental property operating 13,186  1,641 9,644 1,444  25,915 Hotel operating  3,589     3,589 Total segment expenses 13,186 3,589 1,641 9,644 1,444  29,504 Income from real estate-related securities, net      11,068 11,068 Loss from unconsolidated real estate ventures  (666 )     (666 ) Segment net operating income $ 20,236 $ 178 $ 5,386 $ 18,410 $ 2,540 $ 11,068 $ 57,818 Depreciation and amortization $ (15,702 ) $ (2,142 ) $ (4,161 ) $ (14,214 ) $ (2,324 ) $  $ (38,543 ) General and administrative (2,023 ) Management fees (5,018 ) Performance participation allocation  Interest expense (22,539 ) Other expense, net (192 ) Net loss $ (10,497 ) Net loss attributable to non- controlling interests in consolidated joint ventures 139 Net loss attributable to non- controlling interests in Operating Partnership 43 Net loss attributable to stockholders $ (10,315 ) The following table sets forth the financial results by segment for the three months ended September 30, 2019 ($ in thousands): Multifamily Hotel Office Real Estate- Related Securities Total Revenues: Rental revenue $ 5,937 $  $ 7,247 $  $ 13,184 Hotel revenue  10,238   10,238 Other revenue 498 95 11  604 Total revenues 6,435 10,333 7,258  24,026 Expenses: Rental property operating 2,483  2,241  4,724 Hotel operating  6,131   6,131 Total segment expenses 2,483 6,131 2,241  10,855 Income from real estate-related securities, net    3,323 3,323 Loss from unconsolidated real estate ventures  (233 )   (233 ) Segment net operating income $ 3,952 $ 3,969 $ 5,017 $ 3,323 $ 16,261 Depreciation and amortization $ (2,297 ) $ (2,065 ) $ (4,082 ) $  $ (8,444 ) General and administrative (1,076 ) Management fees (1,713 ) Performance participation allocation (2,286 ) Interest expense (6,153 ) Other income, net 335 Net loss $ (3,076 ) Net loss attributable to non-controlling interests in consolidated joint ventures 25 Net loss attributable to stockholders $ (3,051 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2020 ($ in thousands): Multifamily Hotel Industrial Office Medical Office Real Estate- Related Securities Total Revenues: Rental revenue $ 87,666 $  $ 20,415 $ 68,777 $ 9,830 $  $ 186,688 Hotel revenue  17,134     17,134 Other revenue 1,376 91  103 30  1,600 Total revenues 89,042 17,225 20,415 68,880 9,860  205,422 Expenses: Rental property operating 33,457  5,003 23,059 3,354  64,873 Hotel operating  12,294     12,294 Total segment expenses 33,457 12,294 5,003 23,059 3,354  77,167 Loss from real estate-related securities, net      (27 ) (27 ) Loss from unconsolidated real estate ventures  (887 )     (887 ) Segment net operating income (loss) $ 55,585 $ 4,044 $ 15,412 $ 45,821 $ 6,506 $ (27 ) $ 127,341 Depreciation and amortization $ (49,826 ) $ (6,284 ) $ (12,489 ) $ (34,319 ) $ (5,075 ) $  $ (107,993 ) General and administrative (6,163 ) Management fees (13,560 ) Performance participation allocation (46 ) Interest expense (65,448 ) Other expense, net (29 ) Net loss $ (65,898 ) Net loss attributable to non- controlling interests in consolidated joint ventures 1,186 Net loss attributable to non- controlling interests in Operating Partnership 458 Net loss attributable to stockholders $ (64,254 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2019 ($ in thousands): Multifamily Hotel Office Real Estate- Related Securities Total Revenues: Rental revenue $ 14,725 $  $ 10,429 $  $ 25,154 Hotel revenue  31,380   31,380 Other revenue 1,448 182 20  1,650 Total revenues 16,173 31,562 10,449  58,184 Expenses: Rental property operating 6,062  3,157  9,219 Hotel operating  17,670   17,670 Total segment expenses 6,062 17,670 3,157  26,889 Income from real estate-related securities, net    6,868 6,868 Loss from unconsolidated real estate ventures  (46 )   (46 ) Segment net operating income $ 10,111 $ 13,846 $ 7,292 $ 6,868 $ 38,117 Depreciation and amortization $ (8,493 ) $ (6,173 ) $ (6,186 ) $  $ (20,852 ) General and administrative (2,877 ) Management fees (2,793 ) Performance participation allocation (5,501 ) Interest expense (15,625 ) Other income, net 389 Net loss $ (9,142 ) Net loss attributable to non-controlling interests in consolidated joint ventures 43 Net loss attributable to stockholders $ (9,099 )